Poland president blocks crypto bill again

TLDR

Polands President Karol Nawrocki has again blocked a major crypto oversight bill, leaving the country without a MiCA-style supervisor for its crypto market.

1. Lawmakers failed to override Nawrockis third veto of a bill that would put crypto under the Polish Financial Supervision Authority (KNF), despite EU-wide MiCA rules.
2. The stalemate creates a regulatory vacuum for Polish exchanges and service providers, even as the Zondacrypto scandal exposes major fraud and money laundering risks.
3. Next steps hinge on whether Parliament and the president can agree on a lighter-touch bill, and on pressure from Brussels as MiCA licensing deadlines bite.

Deep Dive

1. What Was Blocked This Time

Polands Sejm voted 241 to 198 (with three abstentions) to override Nawrockis veto but fell 25 votes short of the three fifths majority needed to push the bill through, upholding his third veto of crypto oversight legislation. Reports note this latest bill would have formally placed Polish crypto firms under KNF supervision and created Polands framework for applying the EU Markets in Crypto Assets Regulation (MiCA). Nawrocki says he supports regulation in principle but argues the governments version is too restrictive, warning that heavy costs and powers to block websites could drive Polish crypto businesses abroad.

2. Why It Matters For Crypto Users And Firms

Because MiCA already applies across the EU, each member state is expected to designate a national supervisor and licensing framework for crypto asset service providers. KNF has publicly stated that Poland still lacks such a designated authority despite MiCA being in force, meaning exchanges and platforms operating from Poland face uncertainty about who licenses and polices them under EU rules. At the same time, prosecutors are investigating the defunct exchange Zondacrypto, with estimated losses of at least 350 million Polish zlotys and allegations of political influence and payments around 2 million zlotys, making the lack of clear oversight more politically sensitive.

3. What To Watch Next

Nawrocki submitted an alternative proposal that focuses more on fraud safeguards and lower compliance costs, but Parliament has not backed it so far. Prime Minister Donald Tusk is pushing hard for tighter rules in response to the widening Zondacrypto probe, so further drafts are likely. From a European angle, MiCAs transition period has ended, so pressure will grow on Poland to align with other member states that already have licensed providers and functioning supervisors. Any eventual compromise bill that clarifies KNFs powers and licensing standards will be a key signal for the future of the Polish crypto industry.

Conclusion

Polands repeated blocking of its crypto bill leaves the country out of step with EU MiCA implementation and prolongs uncertainty for local exchanges and users. The combination of a major exchange scandal and an unresolved regulatory framework means the next agreed bill, when it arrives, could significantly reshape how crypto businesses operate from Poland and how safe or risky that jurisdiction looks for crypto activity.