Polish President Issues Second Veto of MiCA Implementation Legislation, Forcing Crypto Firms Overseas
Karol Nawrocki, Poland's President, has rejected MiCA crypto legislation for the second time, creating a situation where domestic companies lack a licensing framework while regulators emphasize the approaching July 2026 compliance date.
The Polish president has rejected a second attempt at legislation designed to bring the nation's cryptocurrency regulations into compliance with the European Union's Markets in Crypto-Assets Regulation framework, creating additional uncertainty for domestic platforms as an important transition deadline draws near.
Last week, President Karol Nawrocki refused to approve Bill 2064, representing the second rejection of proposed legislation aimed at implementing the EU's Markets in Crypto-Assets Regulation (MiCA), according to Thursday's announcement from the president's office. A similar piece of legislation was vetoed by Nawrocki back in December.
The rejection came after the Polish Financial Supervision Authority (KNF) issued an announcement cautioning that Poland has failed to identify a competent authority for cryptocurrency market oversight, emphasizing the MiCA transition deadline of July 1, 2026.
"This does not change our strategy," Kanga Exchange co-CEO Sławek Zawadzki told Cointelegraph.
"From the beginning, we considered the possibility that the MiCA-implementing law in Poland might not enter into force in time, and we prepared alternative jurisdictional solutions accordingly," Zawadzki said.
Bills faced heavy criticism from crypto supporters
The rejection highlights continuing debate and disagreements within Poland's government regarding digital asset regulation, with Nawrocki indicating a more industry-supportive position through his rejection of the restrictive legislation.
Bill 2064 was characterized by Nawrocki as "practically identical" to the initial Bill 1424 that was vetoed in December. Crypto market supporters criticized both proposals, with Polish politician Tomasz Mentzen characterizing the legislation as excessive "overregulation" with the potential to harm the sector.
"I will not sign a wrong law just because it was passed again by the parliamentary majority. A wrong law that passed a hundred times still remains a wrong law," Nawrocki said, adding: "Poland should attract innovation, not push it away."
Still, no law creates a regulatory imbalance under MiCA
While industry advocates have praised the president's veto decision, the lack of MiCA-implementing legislation places domestic crypto platforms in a vulnerable situation as this summer's transition deadlines approach.
The circumstances also generate a regulatory disparity between Polish businesses and international firms, including the US crypto exchange Coinbase, which recently broadened its operations in Poland following the acquisition of a MiCA license in Luxembourg in 2025.
"Foreign entities that obtain a MiCA license in their home countries will be able to provide services in Poland, while Polish companies currently have no formal path to begin the licensing process domestically," Kanga's Zawadzki told Cointelegraph. "This results in regulatory asymmetry," he added.
Przemysław Kral, CEO of Zonda Crypto — an exchange initially established in Poland but currently registered in Estonia — indicated the regulatory uncertainty will probably force numerous smaller domestic crypto companies from the market.
"Although we are a company with Polish roots and the largest player in the crypto industry on the Polish market, we have been operating outside Poland for years," Kral told Cointelegraph. The company has put in place a strategy to secure a MiCA license outside Poland and intends to passport the license to the country.
"We are confident that we will remain a key player on the market. However, many small Polish crypto companies will lose the opportunity to operate on the market," the CEO said.
Following the most recent veto, Polish economist Krzysztof Piech announced he is developing a new, more crypto-friendly proposal for implementing MiCA in Poland. Piech stated on social media over the weekend that a draft is in existence and is currently being finalized.
Cointelegraph approached professor Piech for comment regarding the draft bill, but had not received a response by publication.