Poland’s president stalls MiCA rollout with third veto, leaving industry in limbo
Polish President Karol Nawrocki has vetoed the country’s crypto assets bill for the third time, once again postponing Poland’s alignment with the EU’s Markets in Crypto-Assets (MiCA) framework just weeks ahead of the bloc’s July compliance deadline, Reuters reports.
Nawrocki said the version of the law passed by parliament in May still fails to resolve issues his office flagged earlier. While he reiterated his support for regulating the crypto sector and protecting consumers, he argued the bill lacks sufficient safeguards and grants excessive powers that could harm local businesses. “I support regulating this market. I support consumer protection, but it must be done effectively. The bill will be signed into law if it is amended,” he said.
What the rejected bill would have done
- Gave Poland’s Financial Supervision Authority (KNF) regulatory authority over crypto-asset service providers
- Required licensing, reporting obligations and new operational standards for crypto firms
- Introduced criminal penalties for serious breaches related to token issuance and exchange activity
Why Nawrocki objected
- He warned that broad supervisory powers and proposed fees for the KNF might stifle innovation and push crypto companies out of Poland
- He said the bill didn’t adequately address the structural risks highlighted by his office
The veto continues a months-long tug-of-war. Earlier MiCA-aligned measures were also blocked after similar presidential objections about regulator powers and burdens on the domestic industry. Lawmakers accelerated the latest draft following the collapse of Zondacrypto — widely described as Poland’s largest exchange — which exposed gaps in oversight and intensified public pressure for stronger rules.
Broader context and implications
Across the EU, MiCA implementation is moving forward, forcing crypto companies to prepare for uniform rules on licenses, transparency and consumer protections. Poland’s repeated delays inject uncertainty into how quickly the country can complete the transition and whether domestic firms will face a disruptive regulatory gap.
Outside Europe, the U.S. remains occupied with its own crypto policy debates. Industry players such as Ripple and Coinbase have backed the CLARITY Act, but progress is stalled amid disagreements among U.S. lawmakers.
Next steps
Nawrocki signaled willingness to approve a revised bill if parliament incorporates his administration’s recommendations. For now, Polish crypto firms, investors and regulators face weeks of uncertainty as the EU’s implementation date approaches. Reuters is the source for this report.
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