Poland president vetoes crypto bill, stalls MiCA alignment

Poland’s president, Karol Nawrocki, vetoed a draft law on Thursday that would have implemented the EU’s Markets in Crypto Assets (MiCA) rules in Polish law. The veto is the third rejection of the measure and comes weeks before MiCA’s July 1 licensing deadline.

The bill would have allowed crypto-asset service providers based in Poland to obtain EU-wide MiCA licences required to serve customers across the bloc after July 1. After that date, providers must hold a MiCA licence or stop servicing EU customers.

Nawrocki argued his office proposed 16 amendments and only one was included in the government’s draft, and he said the latest text closely matched the two earlier drafts he rejected. The president’s office also cited risks of excessive regulation, limited transparency in some provisions and potential burdens on small businesses.

Prime Minister Donald Tusk criticised the veto on social media, writing: “It sounds unbelievable, but the president has vetoed the cryptocurrency bill again. He seems more entangled in it than everyone thought.”

Parliament failed in April to secure the 263 votes needed to override an earlier presidential veto, leaving the measure in limbo. The government has argued the law is needed to align Poland with EU rules and to provide legal clarity for consumers and firms.

Regulators and industry participants have warned that delays could leave Polish customers and firms exposed to fraud and legal uncertainty. Prosecutors have increased scrutiny of the sector: one of Poland’s largest exchanges, Zonda, is reported to be under investigation for suspected fraud and money laundering involving about 2,000 customers alleged to have links to Russian organised crime. Zonda’s chief executive, Przemysław Kral, has denied the allegations of misappropriating funds.

If Poland lacks domestic MiCA implementation after July 1, firms registered in the country may no longer have a legal basis to operate across the EU and could face relocations, service suspensions or the need to seek licences in other member states. Other EU states have already moved to incorporate MiCA into national law ahead of the deadline.

With days remaining before July 1, lawmakers and regulators face a tight timetable to address the president’s objections while meeting the EU compliance requirements.