Poland President vetoes MiCA crypto bill again

TLDR

Polands president has again vetoed a law needed to bring the country in line with the EUs MiCA crypto rules.

1. President Karol Nawrocki vetoed a MiCA implementation bill for the third time, citing excessive powers and costs for the national regulator.
2. The veto leaves Poland as the only EU member without MiCA-aligned domestic crypto law, creating a regulatory vacuum for local firms and users.
3. The key next step is whether parliament amends the bill or tries to override the veto before the EU licensing deadline, or risk firms relocating abroad.

Deep Dive

1. What Exactly Happened

President Karol Nawrocki has vetoed Polands Crypto-Asset Market Act for the third time, blocking a bill that would implement the EU Markets in Crypto-Assets (MiCA) framework nationally.

The bill, passed by the Sejm in May, would empower the Polish Financial Supervision Authority (KNF) to license and police crypto-asset service providers, with fines up to 10 million zloty and the ability to halt trading and block crypto-related websites.

Nawrocki says he supports regulating crypto but argues this draft gives KNF too much power, burdens small domestic firms with fees, and allows website blocking with minimal oversight, and has demanded specific amendments before he will sign it.

2. How It Affects Polish Crypto Users And Firms

Because of the veto, Poland remains the only EU state without domestic MiCA legislation in force, even as the blocs licensing deadline approaches.

Domestic exchanges and startups lack a clear path to MiCA-recognised licensing at home, while foreign firms that already hold MiCA licences in other EU countries can passport services into Poland, potentially giving them a competitive edge.

The finance ministry warns this gap increases consumer exposure to scams and market abuse, since there is no tailored Polish supervisory regime, even though EU-level rules expect one.

3. Deadlines, EU Pressure, And What To Watch

MiCA requires member states to have a designated supervisor and domestic rules in place by an early July licensing deadline, and Poland now has only a short window to respond.

Under Polands constitution, the Sejm can try to override the veto with a three fifths majority, or it can rework the bill to address the presidents objections and pass a revised version.

Officials have warned that, without a solution, some Polish crypto companies may relocate and the European Commission could open infringement proceedings, adding pressure on both the government and the presidency to find a compromise.

Confidence: high because multiple independent reports and official statements describe the same veto, objections, and EU timing.

Conclusion

Polands latest veto keeps its crypto sector in a rare regulatory limbo inside the EU, even as MiCA is rolling out elsewhere. The real driver is not whether to regulate crypto, but how strict and centralised that regulation should be. Over the next weeks, the balance between consumer protection, innovation, and national versus EU pressure will be set by whether lawmakers can amend the bill or muster the votes to override the president.