Poland’s president Karol Nawrocki has vetoed a second government effort to regulate cryptocurrency firms under the European Union’s Markets in Crypto Assets (MiCA) framework, deepening uncertainty for local digital asset companies and driving some to consider licensing in other EU countries.
Nawrocki rejected the bill in mid-February 2026, saying it was too similar to an earlier version he blocked in December 2025. The proposed law would have given the Polish Financial Supervision Authority (KNF) responsibility for overseeing crypto markets in line with MiCA. But after two attempts, the president concluded the legislation still had significant flaws.
The repeated rejection leaves Poland without a clear domestic path for crypto firms to obtain a MiCA license. That could put Polish companies at a competitive disadvantage compared with peers in EU states that have already adopted implementing measures.
Veto Highlights Gaps in Poland’s Crypto Strategy
The vetoed bill was designed to formally align Poland’s rules with MiCA, the EU regulation due to take full effect in mid-2026. It outlined requirements for reporting, supervision, and penalties for noncompliance, and it empowered the KNF to monitor activities of crypto asset service providers.
Parliament made one notable change from the previous draft by reducing the cap on annual supervision fees levied by the KNF from 0.4% of revenue to 0.1%. Lawmakers said the cut would make Poland more attractive to businesses. But Nawrocki said trimming the fee did not address what he described as deeper structural issues in the text.
The president also reiterated concerns about ambiguities in enforcement powers and potential legal conflicts with existing Polish law. His office has urged lawmakers and the government to revise the bill more thoroughly before sending it back.
Industry Reactions and License Shifts
Poland’s failure to enact MiCA-aligned regulation has already affected local crypto firms. A deputy finance minister warned that without an official supervisory authority designated by July 1, 2026, companies could be barred from registering in Poland under MiCA’s regime.
As a result, some Polish crypto businesses are exploring licenses in other EU jurisdictions, such as Lithuania, Malta and France, where regulators have moved faster to implement MiCA guidelines. Securing an EU license outside Poland would allow those firms to continue serving EU customers without legal interruptions.
Government officials have not ruled out another attempt to pass a revised crypto law, but overcoming a presidential veto requires a three-fifths majority in parliament — a high bar in Poland’s fractured political climate. Analysts say swift action is needed if Warsaw hopes to retain a competitive domestic market for digital asset companies.
