Poland’s crypto industry has been thrown back into uncertainty after President Karol Nawrocki vetoed a second bill designed to align national law with the European Union’s Markets in Crypto-Assets Regulation. The move leaves domestic crypto companies without a clear licensing route as a key EU transition deadline approaches.
Nawrocki declined to sign Bill 2064 last week, only months after rejecting a similar proposal in December. His office said the latest bill was nearly identical to the earlier draft and failed to address concerns raised during the first veto. With no revised framework in place, Poland remains without domestic legislation to implement MiCA, despite the regulation already applying across the EU.
Regulator warns of looming deadline
The veto followed a warning from the Polish Financial Supervision Authority, which said Poland has yet to designate a competent authority to oversee the crypto market. The regulator highlighted July 1, 2026, as the end of the MiCA transition period, after which firms will need proper authorization to operate legally.
Source: President Karol Nawrocki
Without national implementing rules, Polish crypto platforms cannot start the licensing process at home. This gap increases legal risk and complicates long term planning, particularly for exchanges and service providers that want to continue serving customers in Poland under EU rules.
Industry reaction split between relief and concern
Some industry leaders welcomed the president’s decision, arguing that the proposed laws went too far. Sławek Zawadzki, co-CEO of Kanga Exchange, said the company had anticipated delays and prepared alternatives.
“This does not change our strategy,” Zawadzki said, noting that Kanga had already considered other jurisdictions in case Poland failed to act in time. Still, he acknowledged that the lack of a domestic pathway creates uncertainty for firms that want to remain licensed locally.
Critics of the bills argue they would have imposed excessive obligations on smaller players. Polish politician Tomasz Mentzen was among those who described the legislation as overregulation that could suffocate innovation rather than encourage it.
Foreign firms gain advantage under EU passporting
While Polish companies wait, foreign firms are moving ahead. Under MiCA’s passporting system, crypto companies licensed in one EU member state can offer services across the bloc. This has created an uneven playing field in Poland.
US based exchange Coinbase recently expanded operations in Poland after obtaining a MiCA license in Luxembourg in 2025. Zawadzki said this creates regulatory asymmetry, as foreign firms can legally serve Polish users while domestic companies lack a formal route to authorization.
The imbalance may push more Polish firms to seek licenses abroad. Zonda Crypto offers a clear example. The exchange was founded in Poland but is now registered in Estonia, where it is pursuing MiCA authorization.
Smaller players face risk of exit
According to Przemysław Kral, CEO of Zonda Crypto, prolonged uncertainty could force many local startups out of the market. While larger companies can afford to relocate or navigate foreign licensing regimes, smaller firms may not survive the added cost and complexity.
Polish economist Krzysztof Piech is finalizing a crypto-friendly MiCA implementation bill. Source: Krzysztof Piech
“We are confident that we will remain a key player,” Kral said, “but many small Polish crypto companies will lose the opportunity to operate.” His comments reflect broader concern that Poland could lose homegrown innovation if the regulatory vacuum continues.
Search for a new proposal
In the wake of the latest veto, Polish economist Krzysztof Piech said he is working on a new draft to implement MiCA in a more crypto friendly way. He stated on social media that a proposal exists and is being finalized, though details remain limited.
Whether a revised bill can bridge the divide between consumer protection, regulatory clarity, and industry growth remains uncertain. For now, Poland’s crypto sector is stuck between EU level rules and the absence of national law, watching the clock tick toward the 2026 deadline.
