The President of Poland vetoes the encryption regulatory bill, the crypto world praises the government for the uproar.

[Chain News] On December 2nd, there was a big commotion in Poland — President Karol Nawrocki directly refused to sign a regulatory bill targeting the crypto market. This caused a wave of cheers in the crypto world, but the government was in an uproar.

The presidential office issued a statement on Monday that was quite straightforward: this bill “truly threatens the freedom, property, and national stability of the Polish people.” What is most frustrating? The bill grants authorities a power—to easily shut down the domain names of crypto platforms. The presidential office criticized this aspect as “opaque and prone to abuse.”

Apart from this, the bill itself is written like a foot-binding cloth, both stinky and lengthy. The content is so complicated that it is incomprehensible, with basically zero transparency, a textbook example of “overregulation.” Compared to the concise framework established by neighboring Czech Republic, the gap is not trivial. Nawrocki also mentioned that high regulatory costs will corner local startups, making it cheaper for foreign companies and banks.

This bill was proposed in June, and at that time, many industry insiders criticized it. Polish politician Tomasz Mentzen had long predicted that the president would veto it—what does it matter if the parliament passes it? The crypto world sees this veto as a temporary victory, while government officials are extremely upset, accusing the president of “choosing chaos” and stating that he must take responsibility for the consequences.