Poland’s President Karol Nawrocki has once again vetoed a bill aimed at aligning the country’s cryptocurrency regulations with the European Union’s Markets in Crypto-Assets (MiCA) framework, intensifying the debate over how to govern the digital asset sector. The veto of Bill 2064, which closely mirrors a previous bill Nawrocki vetoed in December, underscores the deep divisions within Poland’s government on the issue of crypto regulation.
A Divisive Veto
Nawrocki’s decision to veto the bill has reignited criticism from both crypto supporters and policymakers. In a statement, the president emphasized his commitment to fostering innovation rather than stifling it. “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. His stance reflects a broader skepticism toward what he views as overregulation.
Impact on Local Crypto Platforms
The veto has left local crypto platforms in a state of uncertainty, particularly as the MiCA transition deadline of July 1, 2026, approaches. The Polish Financial Supervision Authority (KNF) has already warned that Poland has not designated a competent authority to supervise the crypto market, a critical requirement under MiCA.
“This does not change our strategy. 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,” said Sławek Zawadzki, co-CEO of Kanga Exchange.
Regulatory Asymmetry and Market Dynamics
The lack of a clear regulatory framework in Poland creates a significant imbalance, especially when compared to foreign entities like Coinbase, which recently expanded its operations in Poland after securing a MiCA license in Luxembourg. “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,” Zawadzki noted.
Industry Reactions and Future Outlook
Przemysław Kral, CEO of Zonda Crypto, a Polish exchange now registered in Estonia, expressed concern about the regulatory uncertainty. “The lack of a clear regulatory path is likely to push many smaller local crypto companies out of the market,” Kral said. Zonda Crypto, despite its Polish roots, has adopted a strategy to obtain a MiCA license outside Poland and plans to passport it back to the country.
Polish economist Krzysztof Piech is working on a new, more crypto-friendly proposal to implement MiCA. “We are finalizing a draft that aims to strike a better balance between regulatory oversight and fostering innovation,” Piech stated on social media.
Conclusion
The repeated vetoes highlight the ongoing tension between regulatory caution and the need to support a burgeoning crypto industry. As the MiCA deadline looms, the Polish government must navigate these complexities to ensure that local companies are not left at a disadvantage in the global crypto landscape. The coming months will be crucial in determining whether Poland can find a regulatory path that balances oversight with innovation.
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