Poland president vetoes MiCA bill again, forcing crypto firms to seek EU licences abroad
Poland’s president Karol Nawrocki has vetoed Bill 2064 — the second rejection of a domestic MiCA implementation — leaving Polish crypto firms without a formal path to obtain MiCA licences at home ahead of the EU transition deadline on July 1, 2026. The Polish Financial Supervision Authority (KNF) has not been designated as a MiCA supervisory authority, creating regulatory uncertainty. Industry leaders say firms are preparing contingency plans: Kanga Exchange co‑CEO Sławek Zawadzki confirmed companies are ready to re‑domicile or pursue other jurisdictions, while Zonda Crypto CEO Przemysław Kral said his exchange is registered in Estonia and will seek a foreign MiCA licence to passport services back to Poland. Observers warn this gap creates regulatory asymmetry that advantages foreign firms with MiCA approvals (for example, Coinbase secured a Luxembourg licence in 2025) and risks smaller Polish players’ market exit. Polish economist Krzysztof Piech is reportedly drafting a more industry‑friendly MiCA implementation bill. For traders: expect increased competition from non‑Polish MiCA‑licensed platforms, possible liquidity shifts to exchanges licensed abroad, and short‑term operational uncertainty for local venues as firms pursue passporting or relocation.
Bearish
The veto prolongs regulatory uncertainty for Polish crypto firms and creates a window for foreign, MiCA‑licensed platforms to capture Polish customers via passporting. Short term, expect operational friction for local exchanges (withdrawals, delistings, or temporary service limitations) and potential liquidity migration to foreign venues, which can pressure trading volumes and spreads on Polish platforms — a bearish signal for tokens that rely on local exchange liquidity or market-making. Over the medium term, dominant foreign platforms with MiCA licences may grow market share in Poland, increasing concentration and competition; smaller domestic players may exit or be acquired, reducing onshore liquidity and service diversity. If a new, friendlier domestic bill is introduced and passed, uncertainty could reverse, but until then the net effect is negative for local market activity and may weigh on token prices most exposed to Polish retail and exchange listings.