Poland vetoes EU MiCA crypto law again

TLDR

Poland's president has vetoed, for the second time, a bill to implement the EUs MiCA crypto rules in national law, leaving local firms in a regulatory gap.

1. The veto targets Polands MiCA implementation bill, not MiCA itself, which still applies at EU level.
2. Without local rules or a supervisor, Polish crypto firms lack a domestic path to a MiCA license while foreign firms can still passport in.
3. The key risks are Poland missing the July 1, 2026 MiCA transition deadline, more firms moving abroad, and eventual pressure to pass a more crypto?friendly bill.

Deep Dive

1. What Was Vetoed

President Karol Nawrocki rejected bill 2064, which was meant to align Polands crypto regime with the EU Markets in Crypto Assets (MiCA) framework and designate a national supervisor, for the second time. He called the draft overregulation and said he would not sign a wrong law even if parliament passed it repeatedly, according to a Cointelegraph report.

MiCA itself is an EU regulation, so it is in force at the European level, but member states must pass implementing laws to set up licensing procedures and a competent authority. Poland has not done that yet, even as a MiCA transition deadline of 1 July 2026 approaches.

2. Impact On Polish Firms

Because Poland has not implemented MiCA, local crypto companies currently have no clear domestic process to apply for a MiCA license or to be supervised under the new regime.

Meanwhile, foreign providers that obtain a MiCA license in another EU country can passport their services into Poland. For example, Coinbase reportedly secured a MiCA license in Luxembourg in 2025 and then expanded into Poland, creating what one exchange executive called a regulatory asymmetry where foreign firms have a route to operate, but Polish firms do not, as highlighted in a CoinsKid community article.

3. What To Watch Next

Some in Polands crypto community welcomed the veto as blocking an overly strict bill, and a local economist is reportedly working on a more crypto?friendly MiCA implementation proposal.

The main near term questions are whether parliament can agree a revised law in time for the 2026 transition date, and how many Polish platforms choose to re?domicile or obtain licenses in countries like Estonia or Luxembourg. If Poland continues to lag, it risks EU pressure over non?implementation and further erosion of its domestic crypto industry.

Conclusion

Polands repeat veto does not stop MiCA in Europe, but it delays Polands ability to host licensed crypto businesses on its own terms. Until a workable implementation passes, the most competitive Polish projects are likely to seek licenses elsewhere in the EU, leaving local users increasingly served by foreign platforms instead of domestically regulated exchanges.