Poland's parliament has failed to override a presidential veto on a key crypto regulation bill for a second time, leaving the country as the only EU member state yet to implement the bloc's Markets in Crypto-Assets (MiCA) framework. The deadline for the transitionary period ends on July 1.
President Karol Nawrocki vetoed the 'Crypto-Asset Market Act,' citing concerns over excessive, disproportionate regulation that could harm small businesses. The proposed law, over 300 pages long, would grant the Polish Financial Supervision Authority (KNF) sweeping powers, including the ability to block websites and levy heavy fines. Critics argue the KNF is notoriously slow, having issued only two brokerage licenses in the last decade.
The political impasse shows no signs of resolution, with multiple parties drafting competing bills. Prime Minister Donald Tusk has accused local exchange Zonda Crypto of illicit funding and ties to Russian networks, further politicizing the debate.
With the July deadline approaching, Polish crypto firms are already relocating. The Kanga exchange is considering a move to Latvia, while industry representatives report 70-80% of companies have already moved operations abroad to countries like the Czech Republic, Lithuania, or Malta. Experts say it is now 'very late' for a new law to prevent a mass exodus, leaving the domestic crypto sector at a severe structural disadvantage.