SKN | Poland’s President Vetoes MiCA Bill Again, Leaving Crypto Firms Seeking Licenses Abroad

Poland’s crypto sector faces mounting uncertainty as President Karol Nawrocki vetoed a second attempt to implement the European Union’s Markets in Crypto-Assets (MiCA) regulation. The repeated rejection comes with just months to go before the EU-mandated transition deadline of July 1, 2026, forcing domestic crypto firms to explore foreign licensing options while foreign competitors gain a foothold in the Polish market.

Rejected Legislation and the MiCA Deadline

Last week, President Nawrocki declined to sign Bill 2064, a legislative proposal intended to align Poland’s crypto regulations with the EU’s MiCA framework. This marked the second veto in two months, following his December rejection of Bill 1424. In both cases, Nawrocki cited minimal differences between the proposals and criticized the measures as overly rigid.

“I will not sign a wrong law just because it was passed again by the parliamentary majority,” Nawrocki said. “Poland should attract innovation, not push it away.” His decision reflects ongoing internal debate over the balance between regulatory oversight and fostering a competitive crypto ecosystem.

The Polish Financial Supervision Authority (KNF) recently warned that the country has yet to designate a competent authority to supervise the crypto market. With the MiCA transition deadline approaching in July, local companies face uncertainty regarding compliance, licensing, and legal recognition.

Industry Response and Strategic Shifts

Crypto executives largely welcomed the veto but acknowledge the resulting operational challenges. Sławek Zawadzki, co-CEO of Kanga Exchange, noted that the firm had prepared contingency plans for foreign licensing well before the latest bill was vetoed. “From the beginning, we considered the possibility that the MiCA-implementing law in Poland might not enter into force in time,” he said, highlighting that alternative jurisdictions provide a lifeline for maintaining operations.

Other firms are already pursuing cross-border solutions. Zonda Crypto, originally founded in Poland but now registered in Estonia, obtained a MiCA license abroad and plans to passport it back into Poland. CEO Przemysław Kral warned that while large companies may navigate these workarounds, smaller domestic players could be forced out of the market due to regulatory asymmetry.

Regulatory Imbalance and Foreign Competition

Poland’s failure to implement MiCA leaves a significant gap in domestic oversight. Foreign exchanges, such as Coinbase, have already expanded into the Polish market after securing MiCA licenses in other EU countries, placing local companies at a competitive disadvantage. Analysts warn that this could accelerate capital and talent migration abroad, undermining the development of a robust local crypto ecosystem.

Economist Krzysztof Piech has announced he is finalizing a new, more crypto-friendly draft to implement MiCA in Poland. While details remain sparse, the proposal aims to balance regulatory compliance with market innovation. The timeline for its introduction and potential passage will be critical in shaping whether Poland can retain its domestic crypto businesses or cede ground to foreign operators.

Navigating Uncertainty and Strategic Implications

From a strategic standpoint, Polish crypto firms face a bifurcated path: pursue foreign licenses and maintain market access or risk exiting a growing EU market. Investor psychology is likely to be cautious in the interim, as uncertainty can depress local trading volumes and inhibit innovation. Conversely, companies that successfully secure foreign licenses may gain a first-mover advantage, benefiting from early access to both domestic and EU-wide markets under MiCA rules.

The coming months will test Poland’s ability to reconcile regulatory rigor with industry competitiveness. For domestic crypto firms, securing operational certainty is paramount, whether through legislative reform or strategic licensing abroad. How the government responds to these challenges could set the tone for the country’s broader position in the European digital asset economy.