Poland's Second MiCA Veto Creates Regulatory Void for Crypto Firms

President Vetoes Second MiCA Bill, Citing 'Overregulation'

Poland’s crypto industry faces deepening uncertainty after President Karol Nawrocki vetoed a second bill intended to align the country with the European Union's Markets in Crypto-Assets (MiCA) framework. The president declined to sign Bill 2064, describing it as "almost identical" to Bill 1424, which he previously vetoed in December. The move signals a clear division within the government over how to regulate digital assets.

Nawrocki justified the veto by arguing the legislation represented harmful overreach that would hinder the market. He stated, "I will not sign a wrong law just because it was passed again by the parliamentary majority. A wrong law that passed a hundred times still remains a wrong law." His firm stance rejects the proposed strict regulatory path, emphasizing that "Poland should attract innovation, not push it away."

Regulatory Gap Puts Polish Firms at Disadvantage Before 2026 Deadline

The absence of a national MiCA law leaves Polish crypto platforms in a precarious position. The Polish Financial Supervision Authority (KNF) has warned that the country has not yet designated a competent authority to supervise the market ahead of the final MiCA transition deadline of July 1, 2026. This creates a significant competitive imbalance, or "regulatory asymmetry," as described by industry leaders. Foreign entities, such as Coinbase which secured a MiCA license in Luxembourg, can legally offer services in Poland, while domestic firms have no formal path to begin the licensing process at home.

This forces local companies to look for solutions abroad. “Foreign entities that obtain a MiCA license in their home countries will be able to provide services in Poland, while Polish companies currently have no formal path to begin the licensing process domestically,” Kanga Exchange co-CEO Sławek Zawadzki explained. Przemysław Kral, CEO of Zonda Crypto, an exchange with Polish roots now registered in Estonia, echoed this sentiment, stating the company implemented a strategy to obtain a MiCA license outside Poland to passport it back into the country.

Industry Warns of Small Firm Collapse as New Bill is Drafted

The regulatory vacuum is expected to disproportionately impact smaller players. While larger, established exchanges like Kanga and Zonda Crypto have contingency plans to operate from other jurisdictions, the situation could be fatal for smaller local businesses. “Many small Polish crypto companies will lose the opportunity to operate on the market,” warned Zonda Crypto's CEO. This potential market consolidation highlights the immediate economic consequences of the legislative stalemate.

In response to the veto, there are signs of a new legislative effort. Polish economist Krzysztof Piech announced he is finalizing a new, more crypto-friendly proposal to implement MiCA. While the draft is still in progress, it represents a potential path forward for an industry caught between presidential opposition and looming EU deadlines.