Poland vetoes MiCA crypto law for the third time

Polish President Karol Nawrocki has vetoed a bill for the third time that aimed to incorporate the European Union’s Markets in Crypto-Assets (MiCA) Regulation into Polish law, further delaying the country’s alignment with EU-wide rules for cryptocurrencies.

Reasons for veto and political disputes

Nawrocki, in a statement released Thursday, reaffirmed his support for regulating the cryptocurrency market but stressed that only one out of the 16 amendments proposed by his office made it into the latest draft. In his view, the bill remains almost identical to two previous versions he had already rejected.

The president’s move has deepened existing political disagreements over how to oversee digital assets in Poland. It follows parliament’s previous failure, nearly two months ago, to override Nawrocki’s second veto, as lawmakers fell short of the required 263 votes in the April session.

Uncertainty grows as MiCA deadline nears

This third veto comes just weeks ahead of MiCA’s July 1 transition deadline. After that date, crypto asset service providers will be required either to secure a MiCA license or cease serving customers within the European Union.

Mini glossary: MiCA is the European Union’s regulatory framework that sets common rules for crypto asset issuers and service providers, aiming to harmonize licensing, consumer protection, and oversight standards across the EU.

Poland remains the only EU member state yet to transpose MiCA into national law. Without implementation by July 1, Polish-based crypto service providers may no longer have the legal basis to serve EU customers without a MiCA license.

Impact on government and the crypto industry

Reports regarding Nawrocki’s veto suggest the president is concerned about overregulation, limited transparency, and the potential for an undue burden on small businesses. Meanwhile, government officials warn that delays in regulation expose both consumers and companies to higher risks of fraud and abuse.

The decision comes at a time of heightened scrutiny over Poland’s crypto sector. Prosecutors are reportedly investigating Zonda, one of the country’s major crypto exchanges, over alleged fraud and money laundering involving approximately 2,000 customers, with suspicions of links to Russian organized crime networks.

Zonda CEO Przemysław Kral has denied any wrongdoing regarding the alleged misuse of client funds. Zonda remains one of Poland’s leading cryptocurrency trading platforms.

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