Polish President Vetoes Crypto Bill for Third Time Ahead of MiCA

Poland’s president, Karol Nawrocki, has vetoed the nation’s crypto‑regulation bill for the third time, leaving the country without a domestic law to implement the EU’s Markets in Crypto‑Assets (MiCA) framework just weeks before the July 1 deadline [2]. The move intensifies uncertainty for Polish crypto firms that need a MiCA licence to continue serving EU customers.

Key takeaways

• Nawrocki’s veto is the third rejection of the same bill, citing insufficient consumer protections and excessive regulatory burden [2].
• The bill would have enabled Polish crypto‑service providers to obtain EU‑wide MiCA licences, a prerequisite after July 1 [2].
• Poland’s parliament previously passed the bill, but an earlier attempt to override a veto failed to secure the required 263 votes [2].
• Industry analysts warn that without a national MiCA law, Polish firms may have to relocate or seek licences in other EU states [2].
• Across the EU, only about 210 firms hold MiCA licences, a small fraction of the roughly 2,747 VASP registrations recorded in 2024 [1].

President’s objections and legislative backdrop

President Nawrocki’s office argued that the draft law incorporated only one of the 16 amendments it proposed, and that the final text resembled earlier versions he had already rejected [2]. He highlighted “risks of excessive regulation, limited transparency in some provisions and potential burdens on small businesses” as reasons for the veto [2]. While he expressed support for regulation, he said the bill “does not go far enough in addressing structural risks” and lacks effective consumer protection [3].

Prime Minister Donald Tusk, who championed the legislation, criticised the veto on social media, describing it as “unbelievable” and suggesting the president was “more entangled in it than everyone thought” [2]. The parliamentary vote that passed the bill in May was narrow—241 to 200—and came after the collapse of Zonda, Poland’s largest crypto exchange, which sparked public concern and intensified calls for tighter oversight [4].

EU MiCA context and potential fallout for Poland

The MiCA regulation requires each EU member state to transpose its rules into national law before July 1, when unlicensed providers must either obtain a MiCA licence or cease EU operations [1]. Across Europe, only about 210 firms have secured such licences, representing roughly 7‑8 % of the 2,747 VASP registrations recorded in 2024 [1]. Smaller firms often struggle with the capital, governance, and cybersecurity requirements imposed by MiCA [1].

If Poland fails to adopt its own MiCA‑compliant legislation, firms registered in the country could lose the legal basis to operate across the bloc, potentially facing relocation, service suspension, or the need to apply for licences in other member states [2]. Regulators and industry participants have warned that delays may leave Polish consumers exposed to fraud and legal uncertainty, especially as investigations into Zonda’s alleged money‑laundering activities continue [2].