On December 1, 2025, Polish President Karol Nawrocki vetoed the national cryptocurrency bill. While the law was highly restrictive, its rejection has pushed Poland’s crypto sector into temporary legal uncertainty.
MiCA Still Applies Despite the veto, the EU’s MiCA regulation is already in force. As an EU regulation, MiCA applies directly in Poland—no local approval needed. The vetoed Polish law was meant only to align domestic rules with MiCA.
Uneven Playing Field Foreign crypto firms can obtain MiCA licenses in countries like France or Ireland and operate legally across the EU, including Poland. Polish companies, however, cannot be licensed locally without a national law—leaving them disadvantaged or forced to consider relocation.
Why the President Vetoed
Excessive powers for the regulator (KNF), including blocking company accounts for up to 96 hours without court approval, extendable to 6 months
Harsh and unclear criminal penalties, including up to 5 years in prison for operating without a license
Measures went beyond MiCA requirements, risking damage to local businesses
What Happens Next The government plans to resubmit the bill, likely in a softer form aligned strictly with MiCA. Without compromise, Poland risks losing crypto firms to more crypto-friendly EU jurisdictions.
Bottom Line Polish crypto is caught in political deadlock. Without swift, balanced regulation, local companies face uncertainty—while foreign players move ahead under MiCA.
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