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. According to reports from Reuters, Nawrocki rejected legislation that would have aligned Poland's crypto rules with the Markets in Crypto-Assets Regulation (MiCA) framework because it did not take into account his previous objections. The proposed law was designed to establish a domestic regulatory framework for crypto firms and bring the country in line with EU requirements, but Nawrocki stated that the government ignored most of the proposals prepared by his office. The bill was originally adopted by Polish lawmakers in May amid growing scrutiny of the sector, with the veto following the collapse of Poland's largest cryptocurrency exchange that triggered public concern and intensified regulatory oversight.
The legislation would have granted Poland's Financial Supervision Authority, known as the KNF, authority over crypto-asset service providers operating in the country. As reported by crypto.news, 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. The current veto specifically cites that the legislation failed to address his previous concerns about effective regulation, with Nawrocki stating that while he supports regulating the crypto market, the current draft lacks sufficient effectiveness.
Recent events in Poland's crypto market have increased scrutiny of the sector, with public concern growing after the collapse of Zondacrypto, widely reported as the country's largest cryptocurrency exchange. The failure exposed weaknesses in oversight and investor protections, prompting lawmakers to accelerate work on the MiCA-aligned legislation. Supporters argue that stronger supervision could help prevent similar incidents and restore confidence among users, while Nawrocki maintains that the current draft still falls short of addressing key structural risks. The exchange collapse has deepened the regulatory row over how much to supervise the growing sector, with the incident triggering public concern and intensifying scrutiny of the sector's oversight mechanisms.
Despite vetoing the legislation, Nawrocki indicated that he remains open to approving a revised version if lawmakers incorporate changes recommended by his administration. According to Reuters, the president said he supports regulating the crypto market and consumer protection but believes the current version does not provide sufficient safeguards. "I support regulating this market. I support consumer protection, but it must be done effectively," he stated. The president emphasized that "the bill will be signed into law if it is amended," suggesting a path forward for legislative compromise. The rejection creates uncertainty as Poland faces a looming EU deadline, with the MiCA regulation requiring member states to adopt standardized crypto regulations before July. Meanwhile, the situation mirrors broader regulatory challenges, as the US faces uncertainty over the CLARITY Act progress due to political disagreements over ethics provisions.
