Poland’s MiCA Veto Sparks Regulatory Uncertainty for Crypto Firms Ahead of 2026 Deadline
Poland’s President Karol Nawrocki has vetoed a second draft law aligning national crypto regulations with the EU’s Markets in Crypto-Assets (MiCA) framework, leaving local trading platforms in limbo. The decision, mirroring a December 2023 rejection, intensifies debates over balancing investor protection with innovation as the July 2026 compliance deadline looms.
The rejected Bill 2064—a near-replica of earlier Bill 1424—faced criticism for proposed overreach, including granting Poland’s KNF watchdog sweeping powers to halt trading and impose fines up to 10 million zloty ($2.5 million). Nawrocki deemed these measures disproportionate, while the KNF warns that without a designated regulator, Polish VASPs risk losing transitional status and being forced to seek foreign licenses or cease operations.
The impasse creates a regulatory vacuum, disadvantaging domestic firms against foreign competitors who may secure MiCA licenses elsewhere in the EU. Market participants now face heightened uncertainty as Poland’s crypto ecosystem grapples with the prospect of fragmented oversight or abrupt closures.
