Poland remains the only EU nation without MiCA-aligned crypto laws after President Nawrocki vetoed the Crypto-Asset Market Act and the Sejm failed to override the decision.
The veto leaves Poland's crypto regulatory status unresolved, risking the migration of digital asset firms abroad and complicating consumer protection under EU guidelines.
Poland remains the only EU member state yet to implement MiCA regulations after President Karol Nawrocki vetoed a significant crypto bill, leaving the country in a state of regulatory uncertainty.
This delay has put the Polish crypto market in a precarious position, threatening entrepreneurial confidence and prompting businesses to consider exits.
Poland's Unique EU Stand: MiCA Regulation Delay
Poland is the only EU member yet to implement MiCA regulations, following President Karol Nawrocki's veto of a crucial crypto bill. The Sejm's failure to overturn the veto has placed the nation in regulatory limbo.
The vetoed bill aimed to establish MiCA-style rules, designate the KNF as a supervisory authority, and ensure compliance. President Nawrocki cited concerns over civil liberties and economic stability as primary reasons for rejecting the bill. He stated,
Karol Nawrocki, President of Poland - "The law posed a real threat to the freedoms of Poles, their property and the stability of the state."
Crypto Entities Threaten to Exit Without Regulatory Clarity
The regulatory lag risks pushing crypto firms to relocate, as warned by Deputy Finance Minister Jurand Drop. He cautioned that failing to appoint a supervisory authority could result in entities seeking registration in other EU states.
Industry insiders foresee potential shifts in financial, regulatory, and technological landscapes. The market may experience a decrease in crypto service firms domiciled in Poland, potentially pushing entities towards countries with established MiCA frameworks.
Delay Mirrors Past Financial Directive Issues
Unlike other EU states, Poland's active veto has created a unique regulatory impasse. Historically, delayed financial directive implementations in Poland led to firm migrations and EU infringement procedures.
Experts suggest Poland must address these challenges swiftly to avoid losing financial service jobs and tax revenues. Without implementing MiCA, Polish firms face uncertainty, potentially delaying innovation and market development.