Polish President Karol Nawrocki has vetoed the country’s crypto assets bill for the third time, just weeks before the European Union’s July 1 MiCA compliance deadline. The veto leaves Poland as the only EU member state without a national framework implementing the Markets in Crypto-Assets (MiCA) regulation, thrusting the domestic crypto industry into legal limbo.
Nawrocki returned the bill to parliament with the same objections he raised in previous vetoes in November and February. He argued that lawmakers adopted only one of 16 modifications proposed by his office, ignoring key demands such as stronger judicial oversight of regulatory actions, shorter periods for freezing crypto accounts, and expanded state liability when accounts are frozen unlawfully. “Bad law does not become good law simply because it is passed a hundred times,” Nawrocki said in a video posted to X, adding that he supports market regulation and consumer protection but insists it must be done effectively.
The bill, approved by the lower house in May with 241 votes in favor and 200 against, would have granted the Polish Financial Supervision Authority (KNF) sweeping powers—including licensing, reporting, enforcement, sanctions against crypto firms, and the ability to block accounts and suspend transactions for up to 96 hours, extendable to six months. Critics, including right‑wing opposition and parts of the crypto industry, say these powers go well beyond what MiCA requires. A rival minimalist bill proposed by the Konfederacja faction was sidelined.
The veto comes amid heightened scrutiny after the collapse of Zondacrypto, Poland’s largest crypto exchange founded in Poland but registered in Estonia. An estimated 30,000 customers lost at least 350 million zloty (over $95 million) in a case involving suspected fraud and money laundering. Prime Minister Donald Tusk has linked Zondacrypto to conservative political events and Nawrocki’s presidential campaign, while Nawrocki dismissed the allegations as unverified. The KNF has warned that without legislation, Polish crypto companies could lose the ability to obtain EU‑required licenses after July 1, forcing them to seek licenses in other EU countries if they want to keep serving customers. An earlier parliamentary attempt to override the veto in April failed by 20 votes.
