Poland Stands Alone: MiCA Bill Vetoed
- Poland remains the only EU country without a MiCA law due to a presidential veto.
- Ineffective attempts to override the veto highlight governance challenges.
- Future regulatory framework uncertain, affecting Poland’s crypto market competitiveness.
Poland remains the sole EU nation without a MiCA-implementing law following President Karol Nawrocki’s veto and the parliamentary failure to override it.
This development may alter Poland’s crypto landscape, affecting domestic startups and potentially redirecting tax revenue and crypto registrations to compliant EU countries.
The Polish parliament’s failure to override the presidential veto of the crypto-asset bill leaves Poland as the sole EU country without a MiCA law. This political stalemate impedes alignment with EU crypto regulations.
President Karol Nawrocki vetoed the bill citing threats to freedoms and market stability. Opposed by Prime Minister Donald Tusk, who advocated for regulatory measures addressing foreign influence and criminal activity.
The veto leaves Poland’s crypto industry without alignment to EU-wide regulations. Businesses may face uncertainties due to high regulatory fees and lack of clear oversight guidelines.
Without MiCA legislation, Poland risks losing revenue and influence over crypto firms. As Jurand Drop, Deputy Finance Minister, warns, “Without such a law, crypto firms will not be able to register in Poland and will instead register in other EU states.” Potentially impairing domestic innovation.
The veto maintains the status quo under existing national rules, delaying comprehensive MiCA implementation. This situation creates regulatory arbitrage opportunities, challenging Poland’s ability to remain competitive within the EU crypto space.
The lack of national MiCA legislation might see financial regulations being imposed externally, which could shift the industry’s landscape through competitiveness and liquidity challenges. Market relocations are likely unless a new framework emerges by 2026.
