Nawrocki Nixes Crypto Bill for a Third Time, Citing MiCA Misgivings 🇵🇱

Polish President Karol Nawrocki has vetoed the country's crypto bill for the third time, refusing to align national legislation with the European Union's Markets in Crypto-Assets Regulation (MiCA). The legislation, passed by Polish lawmakers in May, was sent back to parliament after Nawrocki said the latest draft failed to address concerns previously raised by his office. Reuters reported that Nawrocki stated the bill "lacks effectiveness," while reiterating that he supports regulating the crypto market, provided consumer protection is strengthened. He indicated willingness to sign a revised version if lawmakers incorporate amendments addressing those concerns.

The veto follows the collapse of Poland's largest crypto exchange, a development that has intensified scrutiny of the country's digital-asset oversight. Polish authorities have not yet outlined a timeline for resubmitting amended legislation, and the decision keeps Poland out of step with the EU's MiCA framework, which member states were required to implement by set deadlines. The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have continued to roll out technical standards under MiCA, including rules on asset-referenced and e-money tokens, while national implementations proceed unevenly across the bloc.

Nawrocki's office emphasized that the rejection does not reflect opposition to crypto regulation broadly, but rather to the specific text under review. The Polish bill had sought to transpose MiCA's requirements on crypto-asset service providers, including licensing, disclosure, and market-abuse provisions. Lawmakers in the Sejm will now need to determine whether to revise the existing text, draft a new version, or allow further delay in compliance with EU rules.

The standoff highlights ongoing friction between national governments and EU-level crypto policy, with several member states navigating parallel processes to meet MiCA's benchmarks. Poland's exchanges and service providers continue to operate under existing domestic rules while the legislative path forward remains unclear. Industry participants in Warsaw and Kraków have called for clearer timelines, citing uncertainty for firms seeking EU passporting under the MiCA regime.

Nawrocki has not set a deadline for parliament to return with a revised bill, and no subsequent vote has been scheduled. The Polish presidential office confirmed the veto and said the president remains open to dialogue with lawmakers on a path forward.