In a video message posted on social media platform X, Nawrocki said the government was focused on what he called a fight against a "crypto shadow" rather than solving real problems in the market.
"Bad law does not become good law simply because it is passed a hundred times," he said.
Nawrocki noted that he had submitted his own proposal for regulating the crypto-assets market, which he said largely overlaps with the government's bill but contains additional provisions aimed at better protecting consumers from fraud and financial crime.
"Only political stubbornness and the weakness of the government explain its reluctance toward the presidential proposal and responsible regulation of this market," he said.
The president said he supports the idea of regulating the crypto business but insisted that such a move must be effective.
He argued that only one of 16 key modifications proposed by his office during the legislative process had been incorporated into the bill.
"The law that reached my desk is almost identical to the draft I vetoed twice before," he said, adding that he would sign the legislation if it were revised.
Nawrocki has repeatedly opposed the government-backed legislation, arguing that it could drive Polish cryptocurrency businesses abroad through excessive regulation.
Prime Minister Donald Tusk questioned Nawrocki's decision, saying on X that "the president has once again vetoed the cryptocurrency bill however unbelievable it may sound."
“He's probably more implicated in this than anyone thought," Tusk wrote, without elaborating.
The dispute over crypto regulation has been politically contentious since late last year, when the government argued that the legislation would provide authorities with tools to monitor parts of the cryptocurrency market vulnerable to Russian and Belarusian influence.
Tusk in December warned that Poland’s crypto market was being "infiltrated by entities linked to Russia, Belarus and other former Soviet states." In April, he accused right-wing opposition politicians of links to a possible cryptocurrency scam.
Nawrocki dismissed those allegations on Thursday, saying they were based on unverified information provided by a person accused of involvement in an organized crime group.
"Government-controlled agencies, instead of verifying the credibility of the informant, decided to use the story to attack political opponents," he said.
Finance and Economy Minister Andrzej Domański criticised Thursday's veto, saying the president had once again failed to support measures aimed at protecting consumers.
"For the third time, the president had a chance to stand on the side of the financial security of Poles, and for the third time he chose otherwise," Domański wrote on X.
The vetoed legislation was intended to implement the European Union’s Markets in Crypto-Assets (MiCA) regulation in Poland and designate the Polish Financial Supervision Authority (KNF) as the market regulator.
Under the proposed law, the KNF would have been empowered to supervise crypto-asset service providers, impose financial penalties, block accounts or suspend transactions, and maintain a register of websites operating illegally in the sector.
The bill also included provisions allowing the regulator to block accounts or halt transactions for up to 96 hours, with possible extensions of up to six months in certain cases.
One new provision accepted from the president’s office would have required the KNF, in cooperation with the finance ministry, to publish annual reports on the functioning of the cryptocurrency market.
Other presidential proposals—including stronger judicial oversight of regulatory actions, shorter account-freeze periods and expanded state liability for unlawful account freezes—were rejected by parliament.
The KNF warned earlier this year that, without new legislation in place, Polish crypto firms could lose the ability to obtain licences required under EU law after July 1.
In that scenario, cryptocurrency services in Poland could be provided only by companies licenced in other EU member states, potentially weakening the position of domestic operators, state news agency PAP reported.
(gs)
Source: IAR, PAP