Nawrocki Says "Nyet" Again: Poland's MiCA Bill Gets Its Third Presidential Veto 🪙

Polish President Karol Nawrocki vetoed a cryptocurrency regulatory bill for the third time on Thursday, rejecting legislation designed to bring Poland into compliance with the European Union's Markets in Crypto-Assets Regulation (MiCA). The veto leaves Poland as the only EU member state without a domestic MiCA implementation, weeks before the framework's transitional period ends on July 1.

Nawrocki said he supports regulating the cryptocurrency market but argued that the government incorporated only one of 16 key amendments proposed by his office. He added that the text was nearly identical to the previous two drafts he refused to sign, stating that consumer protection remains a priority but the approach must be improved. The President indicated openness to signing a revised version if lawmakers address his concerns.

Polish Prime Minister Donald Tusk criticized the decision in a Thursday X post, writing: "It sounds unbelievable, but the president has vetoed the cryptocurrency bill again. He seems more entangled in it than everyone thought." The bill had been passed by Polish lawmakers in May amid growing concerns over the crypto sector.

The veto comes as scrutiny of Poland's crypto sector intensifies. Prosecutors are reportedly investigating one of the country's largest crypto exchanges, Zonda, for suspected fraud and money laundering involving 2,000 customers with alleged links to Russian organized crime. The investigation followed a report by blockchain platform Recoveris, which alleged that Zonda may have been insolvent based on a sharp decline in the exchange's hot wallet balances.

Earlier in April, Zonda CEO Przemysław Kral claimed that one of the exchange's cold wallets holding around 4,500 Bitcoin ($BTC) was inaccessible, saying the private keys were intended to be handed over by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022. Kral has denied accusations of misappropriating funds. "So for all those who claim that I had anything to do with Sylwester's disappearance, this is the prime argument that I care the most about Sylwester being found," Kral said.

Following the July 1 deadline, Poland-based crypto asset service providers without a MiCA license may lose the legal basis to serve EU customers, as crypto asset service providers will be required to hold a MiCA license or stop servicing EU clients once the grace period expires.