Today in crypto: Polish lawmakers fell short of the votes needed to override President Karol Nawrocki’s veto of the Crypto-Asset Market Act. Italy’s markets regulator set a firm MiCA deadline requiring virtual asset service providers to obtain authorization or leave the market by Dec. 30. And Bitwise’s Matt Hougan said Strategy will not need to sell its Bitcoin to remain solvent.
Polish lawmakers fail to revive controversial crypto bill after presidential veto
The lower house of Poland’s parliament failed to secure the required three-fifths majority to override President Karol Nawrocki’s veto of the Crypto-Asset Market Act, pushing the country further away from regulating its digital-asset sector at a moment when lawmakers argue that oversight is increasingly urgent.
As Bloomberg reported Friday, the legislation — advanced by Prime Minister Donald Tusk’s government — was intended to align Poland with the European Union’s MiCA framework for crypto markets. The bill was introduced in June but did not survive the president’s veto.
Nawrocki blocked the measure last week, arguing it would “threaten the freedoms of Poles, their property, and the stability of the state,” as Cointelegraph previously reported.
With the president’s veto upheld, the bill will not move forward, forcing the government to restart its crypto lawmaking process.
The proposal has sharply divided lawmakers and the crypto industry. Supporters framed the bill as a national security priority, saying that comprehensive rules are necessary to curb fraud and prevent potential misuse of crypto assets by foreign actors, including Russia, according to Bloomberg.
However, several crypto-industry groups opposed the legislation, warning that its requirements were overly burdensome and could drive startups out of the country.
Critics pointed to stringent licensing rules, high compliance costs and criminal-liability provisions for service-provider executives, arguing that the bill risked stifling innovation and creating an uncompetitive business environment.
Italy sets hard MiCA deadline for crypto platforms to comply
Italy’s securities regulator set a firm timetable for applying the European Union’s Markets in Crypto-Assets Regulation (MiCA) in the country, warning that unlicensed crypto platforms face a deadline to either seek authorization or leave the market.
The move directly affects virtual asset service providers (VASPs) currently operating under Italy’s regime and the retail investors who use them.
In a news release published Thursday, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the market that Dec. 30 is the last day VASPs registered with the Organismo Agenti e Mediatori (OAM) can operate under the existing national framework.
After that date, only entities authorized as crypto asset service providers (CASPs) under MiCA, including firms passporting into Italy from another EU member state, will be allowed to offer crypto‑asset services in the coun
Strategy won’t be forced to sell Bitcoin, says Bitwise CIO
Strategy (MSTR) won’t be forced to sell Bitcoin (BTC) to stay afloat if its share price drops, and those who say otherwise are “just flat wrong,” Bitwise chief investment officer Matt Hougan said on Thursday.
Fears that Strategy could sell its massive Bitcoin haul flared after its CEO Phong Le said last week that it could offload some of its stash as a “last resort” if Strategy’s market value slipped below the value of its Bitcoin holdings.
But Hougan said Strategy has a lot of leeway even if its stock drops below its NAV as it has “no debt due until 2027 and enough cash to cover interest payments for the foreseeable future.”
He explained that Strategy “needs to pay about $800 million a year in interest, and it needs to convert or roll over specific debt instruments as they come due,” but the company has $1.4 billion in cash “meaning it can make its dividend payments easily for a year and a half.”
He added that Bitcoin trading around its current price of $92,000 is “24% above the average price at which Strategy acquired its stash ($74,436).”
“I just don’t see it happening,” Hougan said.