Poland has once again delayed the local implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA). President Karol Nawrocki vetoed the crypto assets bill for the third time, leaving the country without the necessary domestic legislation as the EU’s July compliance deadline approaches.
The bill proposes to expand the KNF's authority.
The bill was approved by the lower house of the Polish parliament in May, aiming to align the country’s regulatory framework with the EU’s MiCA and establish uniform rules for crypto businesses operating locally.
Under the original plan, Poland’s Financial Supervision Authority (KNF) will gain authority to grant licenses, receive reports, and enforce regulations for crypto asset service providers. Relevant businesses will be required to apply for licenses, fulfill disclosure obligations, and comply with new operational standards. The bill also establishes criminal penalties for serious violations in token issuance and trading activities.
The president said the current version provides inadequate protection.
Reuters, citing Navrozki, said he does not oppose regulation of the cryptocurrency industry and supports consumer protection, but believes the current version fails to address concerns previously raised by the president's office, and therefore requires further revisions before it can be signed.
His previous main objections centered on two points: first, that the KNF had excessive regulatory authority, and second, that regulatory fees could increase operating costs for domestic crypto companies. The presidential side believes that overly strict regulations may drive innovation and related companies to relocate outside Poland.
The Zondacrypto incident has increased regulatory pressure.
Recent risk events in Poland’s crypto market have drawn increased attention to regulatory issues. Following the collapse of Zondacrypto, hailed as Poland’s largest crypto trading platform, local media coverage has significantly heightened concerns about regulatory gaps and inadequate investor protection.
Supporters of the bill argue that stronger regulation will help prevent similar incidents from recurring and restore user confidence. However, the administration believes that, even under these circumstances, the current draft still fails to address certain structural issues.
Meanwhile, other European countries are continuing to implement MiCA, and crypto companies are preparing for the new regulations to take effect. Poland’s latest delay means there is still significant uncertainty about whether it can complete its transition before the EU’s full implementation deadline.