Poland’s parliament, the Sejm, has but to go a home enabling act for the EU’s rules on cryptocurrencies.
The parliament has once more did not override a presidential veto on a key crypto regulation invoice. President Karol Nawrocki defended his veto, citing considerations over extreme regulation that might hurt small companies. Opponents state that the shortage of framework makes the Polish market susceptible to fraud and free-for-all for illicit actors. The political path ahead is unclear.
Outdoors the political enviornment, the truth is that Poland is the one EU member state left to implement the bloc’s Markets in Crypto-Belongings (MiCA) regulatory framework. The deadline for the transitionary interval ends on July 1.
This already makes it tough for native companies to remain aggressive in Europe. However after July 1, if an answer isn’t forthcoming, will probably be unattainable. Some are already taking their enterprise elsewhere and transferring overseas.
Crypto business, Polish president declare invoice is burdensome
In November 2025, the Sejm handed the Crypto-Asset Market Act, which might replace Polish regulation to adjust to MiCA.
Native enterprise teams weren’t happy with the outcome. In an October letter, the Warsaw Enterprise Institute, a business-focused assume tank, outlined a number of of the perceived issues with the regulation.
First was the size. Together with draft secondary rules, the overall size was nicely over 300 pages. The Warsaw Enterprise Institute stated that, whereas different EU member states have been glad with only a few dozen pages, “the Polish regulation has a number of hundred articles and supplies for added rules.”
It stated the act introduces “a ban on advertising actions associated to primary cryptocurrencies and the potential of blocking web sites by administrative determination, with out the precise to attraction to a court docket.”
“Such options usually are not justified by MiCA and put Polish corporations in a worse aggressive place in comparison with entities working in different EU nations.”.
Of additional concern was the function the Polish Monetary Supervision Authority (KNF) would play below the brand new regime. Beneath the regulation, the KNF can be the only regulator of your complete crypto market. It might have the ability to levy heavy fines in addition to preserve and implement a blacklist of “unreliable” crypto domains that Polish ISPs must block.
Not solely would the KNF be extremely highly effective, however it’s already notoriously sluggish. In accordance with a fee establishment peer overview by the European Banking Authority, the KNF’s authorization occasions have been the slowest in Europe. In an October letter, the Warsaw Enterprise Institute claimed that the KNF has solely issued two licenses for brokerage homes within the final 10 years. In the identical time interval, it has solely issued one digital cash establishment license, whereas Lithuania has registered over 100.
Associated: EU crypto companies flip to authorized assist as deadline for MiCA compliance nears
On Dec. 1, 2025, Nawrocki vetoed the regulation, citing bloated regulation. The federal government did not override the veto, after which reintroduced the very same invoice. Nawrocki vetoed the invoice for a second time in February, and on April 17, the Sejm repeated itself in failing to overrule the veto.
Polish parliament struggles to seek out path ahead for MiCA
The battle over the crypto invoice exhibits no indicators of stopping.
Firstly, for Nawrocki, passing the invoice after being reintroduced in the identical kind would have introduced a political downside.
Piech advised Cointelegraph, “As soon as the president had already argued that the invoice breached constitutional rules and contained extreme, disproportionate and imprecise provisions […] signing a near-identical model would have meant contradicting his personal said reasoning.”
“In that sense, the second push appeared much less like compromise and extra like an try and stress the president right into a constitutional U-turn.”
Some within the crypto business hailed the veto as Nawrocki sticking to his pro-crypto, sound regulatory rules.
“The veto shouldn’t be anti-regulatory, it brings frequent sense again into the law-making course of. […] The business didn’t ask for privileges. It requested for proportionality,” stated Sławomir Zawadzki, co-CEO of Kanga Change.
Totally different coalitions and teams have tried to introduce their very own variations. In accordance with Piech, Finance Minister Andrzej Domański stated that the federal government began work yesterday on options for a brand new crypto-asset invoice.
In December, after the primary veto, the Polska 2050 political get together introduced “an improved draft that could be a step ahead from the President’s arguments, which, though far-fetched, are maybe price contemplating.”
Nawrocki himself has stated he would submit a draft however the speaker within the Sejm has blocked the introduction of presidential proposals.
The Confederation of Liberty and Independence and the Regulation and Justice have filed variations, whereas one other political coalition, the Middle Membership, introduced it will put together one other draft.
Total, Poland’s political class is “nonetheless deeply cut up on crypto.”
“That is now not only a technical argument about implementing MiCA. It has develop into a broader combat over whether or not crypto ought to be introduced into a traditional authorized framework, or handled as a politically suspicious sector that may be overregulated, stigmatised or used as a proxy battlefield after the Zonda Crypto controversy,” he stated.
Polish Prime Minister Donald Tusk, himself a member of the Civic Coalition, has accused native change Zonda Crypto of illicit funding and ties to Russian prison networks. It has undergone a funding disaster, pausing withdrawals, and has reportedly lobbied in opposition to the invoice.
Associated: Zonda change says 4.5K BTC pockets inaccessible amid withdrawal disaster
Tusk additionally claimed that it “sponsors political and social occasions in Poland and promotes very particular political forces,” together with the opposition far-right Regulation and Justice get together, of which Nawrocki is a member.
Zonda Crypto didn’t reply to Cointelegraph’s request for remark.
Polish crypto corporations look overseas
For corporations in Poland, passing a brand new regulation by the tip of the MiCA transitional interval on July 1 could also be a case of shutting the barn doorways after the horses have bolted.
Mentioned Piech, “A brand new regulation should still matter institutionally, particularly for banks and bigger monetary establishments that will wish to enter crypto as soon as there’s a clear authorized path. However for all present Polish crypto companies, it’s already very late.”
Some home crypto companies are already trying overseas. Crypto change Kanga is contemplating a transfer to Latvia, “a rustic whose representatives have overtly used conferences in Poland to draw crypto companies, providing a MiCA-friendly regime, quicker procedures and comparatively low supervisory charges,” per Piech.
Robert Wojciechowski, president of the Polish Chamber of Commerce for Blockchain and New Applied sciences, stated, “Since we based the chamber, about 70-80 p.c of corporations have sailed overseas. Now my colleagues say they’re speaking to the Czech Republic to maneuver their enterprise there.”
The Chancellery of the President has itself raised the alarm, stating that, “Overregulation is a assured solution to push corporations overseas — to the Czech Republic, Lithuania or Malta — as a substitute of making situations for them to function and pay taxes in Poland.”
Zonda Crypto CEO Przemysław Kral has beforehand advised Cointelegraph, “Though we’re an organization with Polish roots and the biggest participant within the crypto business on the Polish market, we’ve got been working outdoors Poland for years.”
“We’re assured that we are going to stay a key participant available on the market. Nevertheless, many small Polish crypto corporations will lose the chance to function available on the market,” he stated.
Now it’s a race in opposition to the clock, as July 1 attracts nearer. Piech doesn’t see a “practical probability” for a invoice to go, and if it doesn’t, “home companies and not using a functioning Polish route are left at a structural drawback.”
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