Poland's parliament, the Sejm, has failed to override a presidential veto on a key crypto regulation bill. The president, Karol Nawrocki, defended his veto citing concerns over excessive regulation that could harm small businesses and make the Polish market vulnerable to fraud. The current law allows for the implementation of the EU's Markets in Crypto-Assets (MiCA) regulatory framework, which is set to expire on July 1. Local firms are already looking abroad for a solution. The Polish Financial Supervision Authority (KNF) would be the sole regulator of the entire crypto market under the new regime, which could potentially impose heavy fines and enforce a blacklist of “unreliable” crypto domains. Critics argue that the KNF's authorization times are the slowest in Europe.