Poland’s attempt to regulate the cryptocurrency market has hit a major roadblock. The proposed law, aimed at aligning with the EU’s MiCA regulation, was passed by the parliament – but ultimately vetoed by President Karol Nawrocki.
The government’s version of the law went far beyond MiCA requirements. It introduced strict measures that critics say would have discouraged innovation and forced Polish crypto companies to relocate abroad. Some opposition politicians argued the bill was so restrictive it would give an advantage to countries like Estonia or Lithuania, which already have clear, less aggressive crypto rules in place.
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Veto Sparks Political Clash
President Nawrocki said he vetoed the bill because it was too harsh and not supportive of innovation. Following the veto, opposition parties announced they would start working on a new version of the law – one that still complies with EU standards but is more welcoming for startups and crypto firms.
In response, the ruling coalition organized a confidential session of parliament in an attempt to overturn the veto. Under Polish law, a veto can be rejected by parliament with a strong enough majority. While the details of the meeting were officially secret, several politicians confirmed it focused on crypto regulation.
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Arguments of Security and Chaos
Government officials reportedly pointed to concerns about Russian agents using crypto to finance hostile operations. The case of Zondacrypto – the largest exchange in Poland – was also raised. Its former CEO, Sylwester Suszek, has been missing for years, and some of the company’s political connections remain under public scrutiny. Zondacrypto has responded to the controversies, issuing a special statement (in Polish):
Despite being based in Poland, Zondacrypto is licensed in Estonia. That’s widely seen as a result of Poland’s unclear regulatory situation, which has made it difficult for exchanges to operate with legal certainty at home.
Opposition parties argued that the confidential session didn’t provide any new evidence. They also said the issue of Russian crypto activity cannot be solved by overly strict domestic rules, since most crypto transactions happen on decentralized networks. Critics also accused many politicians of not fully understanding how crypto works – even though studies show that nearly 1 in 5 Poles invest in digital assets.
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What It Means Now
The attempt to override the veto failed. That means the bill will not come into force, and Poland remains without formal rules to meet MiCA obligations. This creates a difficult environment for companies in the sector – especially those looking for licensing clarity within the EU.
Without legal stability, many crypto startups may choose to relocate to nearby countries where MiCA rules are already implemented – and more predictable.
At the same time, President Nawrocki’s position makes it unlikely that any hardline version of the law will pass in the future. While Poland still needs to adopt regulations in line with MiCA, the final version may now look very different – and far more open to the industry.
