Poland is sinking deeper into an unprecedented regulatory deadlock. Following a first presidential veto in December 2025, President Karol Nawrocki issued a second refusal on February 12, 2026, blocking the national implementation law for the European MiCA regulation. With the July 1, 2026 EU deadline fast approaching, Polish crypto firms are left without a clear legal framework — and some are already relocating to more welcoming jurisdictions.
MiCA: A European Obligation, A National Implementation Necessity
The MiCA regulation (Markets in Crypto-Assets) applies directly across all EU member states. However, each country must designate a competent authority, establish licensing procedures, and set the fees applicable to Crypto-Asset Service Providers (CASPs).
Without a national implementing law, Polish companies cannot obtain a MiCA license on home soil. They therefore lose access to the crucial European passporting mechanism — the system that allows any CASP licensed in one member state to offer services across the entire EU without additional authorization.
A Second Veto Plunges the Reform Back Into Deadlock
On December 2, 2025, President Nawrocki had already vetoed a first implementation bill, condemning what he described as disproportionate website-blocking powers granted to the financial supervisory authority KNF, as well as excessive oversight fees that would burden startups in the sector.
On February 12, 2026, he issued a second veto against Bill 2064, declaring it « essentially the same » as the previously rejected text. Prime Minister Donald Tusk’s government is now forced back to square one, lacking the three-fifths majority in the Sejm needed to override the veto.
What began as a technical legislative challenge has now escalated into a full-blown institutional standoff between the government and the presidency.
The Presidency’s Objections: Digital Freedoms, Costs, and Proportionality
The presidential vetoes rest on several key objections:
- Excessive administrative powers: The law would have allowed the KNF to block access to crypto company websites by simple administrative decision, without adequate procedural safeguards — potentially leaving users cut off from their funds overnight with no immediate recourse.
- Disproportionate financial burdens: Supervisory fees and fines of up to 10 million zlotys (approximately €2.3 million) were criticized as tilting the playing field in favor of established financial groups at the expense of young, innovative companies.
- Political dimension: Beyond the technical arguments, the file has become a political battleground. The government frames the law as essential for investor protection and economic security, while the presidency accuses the executive of seeking excessive control over the digital sector.
Direct Consequences for Polish Crypto Firms and Investors
The absence of a national law leaves the sector in a damaging legal vacuum on several fronts.
Large, internationally structured platforms such as Zonda Crypto can fall back on other EU jurisdictions to obtain their MiCA licenses, then re-enter the Polish market through passporting. For them, the blockage is inconvenient but workable.
Smaller players, however, face far steeper challenges: higher compliance costs, limited access to banking services, and legal uncertainty that deters investment and institutional partnerships. For many, relocation is simply not a viable short-term option.
On the consumer side, more than one million Polish retail investors now operate in a less protected environment than their EU neighbors, as there is no nationally designated authority to supervise the market and enforce MiCA-level standards.
A Golden Opportunity for Competing Jurisdictions
While Poland stalls, other member states have moved decisively. Germany, Malta, Lithuania, and the Netherlands are already issuing CASP licenses under MiCA, actively positioning themselves as regional crypto hubs for European services.
Latvia stands out in particular: it is openly courting Polish platforms by promoting a predictable licensing process, competitive fees, and its positioning as a « MiCA gateway. » Lithuania, Czechia, and Malta round out the list of preferred destinations for Polish firms racing to secure their credentials ahead of the July 2026 deadline.
The risk for Warsaw is stark: a permanent drain of liquidity, tax revenues, and skilled jobs to its neighbors — a self-inflicted competitive disadvantage at the worst possible moment.
July 2026: A Deadline Closing Fast
Poland’s Ministry of Finance is sounding the alarm: if no legislative solution is found before July 1, 2026, companies will be unable to register in Poland, tax flows tied to the sector will migrate abroad, and consumers will have to turn to foreign-licensed providers for any dispute resolution or consumer protection needs.
In the short term, the ongoing stalemate risks accelerating consolidation around players already established in MiCA-aligned jurisdictions, leaving Poland on the sidelines of Europe’s crypto innovation drive. The gap between its domestic crypto scene and that of its neighbors could widen significantly — and prove difficult to reverse.
Sources: CoinTelegraph, FinanceFeeds, Notes from Poland, TradersUnion, AInvest, CoinSpeaker, Two Birds
