Poland crypto bill passes Sejm to implement MiCA, empowering KNF
Polish lawmakers approved a revised Ministry of Finance-backed crypto bill to implement the EU’s Markets in Crypto-Assets Regulation (MiCA), after President Karol Nawrocki vetoed earlier versions twice.
In a Sejm vote on Friday, the bill (No. 2529) passed 241–200. It is the third government attempt following the presidential vetoes, and lawmakers consolidated competing drafts into a single text. The legislation gives the Polish Financial Supervision Authority (KNF) powers to supervise market participants, impose administrative sanctions, and temporarily block accounts and transactions.
Critics and market participants responded negatively. They say the account and domain blocking provisions remain largely unchanged from prior drafts that Nawrocki opposed, and they argue stronger safeguards—such as more robust judicial oversight—were not added to the final version. Some commentators expect another presidential veto, warning that regulatory deadlock could extend uncertainty as Poland aligns with MiCA ahead of implementation deadlines in July.
The debate is also overshadowed by the Zondacrypto controversy, where prosecutors opened a fraud probe and thousands of users reportedly faced withdrawal problems. Prime Minister Donald Tusk alleged political and capital links tied to Russian influence, and he argued that delays in a full investor-protection framework contributed to slower regulatory action.
For traders, the Poland crypto bill is a step toward clearer EU-compatible rules under MiCA, but the KNF enforcement approach and the ongoing veto risk keep near-term volatility risks elevated.
Neutral
The Poland crypto bill is directionally bullish for regulatory clarity because it moves the country toward MiCA-aligned rules and expands KNF oversight. However, the immediate market impact is likely neutral because: (1) President Nawrocki has vetoed earlier versions twice, so the bill’s final outcome remains uncertain; (2) traders and commentators are focused on KNF’s account/transaction blocking provisions and the lack of stronger judicial safeguards, which can raise perceived compliance and liquidity risks; and (3) the ongoing Zondacrypto scandal keeps attention on enforcement credibility and investor protection.
In similar past “law passed but political veto risk remains” scenarios, markets often show short bursts of relief on passage, then fade if veto threats persist—leading to range-bound price action and higher sensitivity to regulatory headlines. Near-term, headlines can amplify volatility. Long-term, once MiCA implementation is settled and enforcement stabilizes, the environment should be more predictable for institution-led flows, which can improve sentiment gradually rather than instantly.