A stalled MiCA rollout in Warsaw could weaken the EU’s position just as the US works on its own federal crypto proposals
Polish President Karol Nawrocki has vetoed a crypto‑regulation bill that would have brought Poland in line with the EU’s MiCA rules ahead of a July deadline.
On 11 June, Nawrocki set a new record, becoming the first Polish president to veto this many bills despite only being in office for less than a year. His total now stands at 37, including three focused on crypto regulation.
Lawmakers adopted the bill in May as pressure mounted to bring Poland in line with EU rules. The proposal set out licensing requirements, supervisory powers and penalties for violations under the country’s planned MiCA framework.
MiCA takes effect across the EU in July, with member states expected to update their domestic laws. Regulators have warned that missing the deadline would leave Polish providers unable to operate legally.
Nawrocki said he supports regulating the sector but argued that the government had ignored most of the proposals submitted by his office, adding that the bill would be signed into law if amended.
The veto extends a long‑running dispute between the president and the government over how far Poland should go in supervising the crypto sector.
The more left-leaning government has pushed for a stricter framework, arguing that tighter oversight is needed after the collapse of Zondacrypto.
Nawrocki, backed by Poland’s nationalist opposition, has warned that heavy compliance requirements could lead firms to leave the country and weaken the sector. His office has repeatedly requested a lighter approach, with lower penalties and more flexible supervisory powers.
Both sides accept the need to implement MiCA, but can’t seem to find common ground on the final law. The government backs a straight lift of the EU rules, while Nawrocki wants a lighter regime with lower burdens and more discretion for regulators.
Zondacrypto scandal adds to the tension
The Polish government’s position on tighter regulation is likely fueled by the collapse of Poland’s largest crypto exchange earlier this year, Zondacrypto.
Prosecutors are investigating alleged fraud and possible foreign interference linked to the exchange. Thousands of users have been unable to withdraw funds, with estimated losses at more than 350m zlotys (£71.1m).
Prime Minister Donald Tusk has suggested the exchange may have been used to channel Russian money into Poland, which he bases on assessments from security services. He described the firm’s origins as “particularly shady” and linked the case to other concerns over foreign political interference.
Zondacrypto’s Founder, Sylwester Suszek, disappeared in 2022. Polish media have reported that his successor, Przemyslaw Kral, is now in Israel, where he holds citizenship, complicating extradition efforts.
The government has said that the scandal proves the need for tighter supervision and clearer enforcement powers, highlighting the risks posed by unregulated exchanges.
What happens if Poland misses MiCA’s July deadline
Several EU countries, including the Netherlands, Germany, Spain and Ireland, have already concluded their MiCA transitional periods and implemented national adaptations ahead of the July deadline
Others are in the final stages, meaning that Poland is now one of the few member states at risk of missing the cutoff.
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Missing the deadline would leave Polish exchanges and custodians without the legal basis to operate under MiCA, forcing firms to suspend services, relocate activity or rely on temporary workarounds.
It could also complicate cross‑border operations because providers in other EU states would be operating under a regime that Poland had not yet adopted.
A delay in Warsaw would also raise questions about the EU’s ability to have a unified regulatory front, which could make other markets, such as the US, appear more attractive for crypto firms.
