Polish President Karol Nawrocki has vetoed the country’s crypto assets bill for a third time, delaying the implementation of the European Union’s MiCA framework just weeks before the bloc’s July compliance deadline.
Summary
- Karol Nawrocki has vetoed Poland’s MiCA implementation bill for the third time ahead of the EU’s July deadline.
- The proposed law would have given the KNF licensing, reporting, and enforcement powers over crypto firms.
- Concerns over oversight intensified after the collapse of Zondacrypto, Poland’s largest crypto exchange.
According to Reuters, Nawrocki rejected legislation that would have aligned Poland’s crypto rules with the Markets in Crypto-Assets Regulation (MiCA) framework despite lawmakers approving the bill in May. The proposed law was designed to establish a domestic regulatory framework for crypto firms and bring the country in line with EU requirements.
Speaking on the legislation, Nawrocki said the bill failed to address concerns previously raised by his office. Reuters reported that while the president supports regulation of the crypto sector, he believes the current version does not provide sufficient safeguards and requires further changes before it can become law.
His latest veto extends a dispute that has already delayed Poland’s MiCA implementation for months. Earlier measures intended to introduce the EU framework were also blocked after Nawrocki raised objections to the powers granted to regulators and the potential burden on local crypto businesses.
The bill would have expanded KNF oversight
Back in mid-May, Poland’s lower house approved the long-awaited crypto assets bill amid mounting pressure to meet the EU’s implementation timeline. As previously reported by crypto.news, the legislation would have granted Poland’s Financial Supervision Authority, known as the KNF, authority over crypto-asset service providers operating in the country.
Under the proposed framework, crypto firms would have been required to obtain licenses, comply with reporting obligations, and follow new operational standards. The bill also included criminal penalties for serious violations connected to token issuance and exchange activities.
Earlier objections from Nawrocki focused on what he viewed as excessive regulatory powers for the KNF and supervisory fees that could discourage domestic crypto companies. According to Reuters, the president argued that overly restrictive rules could drive innovation and crypto businesses outside Poland.
Although he vetoed the legislation, Nawrocki indicated that he remains open to approving a revised version if lawmakers incorporate changes recommended by his administration.
“I support regulating this market. I support consumer protection, but it must be done effectively. The bill will be signed into law if it is amended.”
Exchange collapse has intensified pressure for regulation
Recent events in Poland’s crypto market have increased scrutiny of the sector. Public concern grew after the collapse of Zondacrypto, widely reported as the country’s largest cryptocurrency exchange, exposed weaknesses in oversight and investor protections.
The failure prompted lawmakers to accelerate work on the MiCA-aligned legislation, with supporters arguing that stronger supervision could help prevent similar incidents and restore confidence among users. Nawrocki, however, maintained that the current draft still falls short of addressing key structural risks despite those concerns.
Elsewhere in Europe, MiCA adoption continues to move forward as member states implement the framework and crypto companies prepare for the new rules. Reuters noted that Poland’s latest delay creates uncertainty over how quickly the country can complete the transition before EU requirements take full effect.
Outside Europe, policymakers in the U.S. are debating their own crypto market legislation. Several industry participants, including Ripple and Coinbase, have backed the CLARITY Act, though its progress remains uncertain due to ongoing disagreements among lawmakers over ethics-related provisions.
