Poland vetoes MiCA-alignment crypto bill again, leaving CASPs without domestic licence route

Poland’s president Karol Nawrocki has vetoed a second parliamentary bill (Bill 2064) intended to align Polish law with the EU Markets in Crypto-Assets (MiCA) regulation. He said the draft closely resembled an earlier bill (1424) he rejected in December 2025, and repeated objections about fundamental errors and overly restrictive measures. The legislation would have named the Polish Financial Supervision Authority (KNF) as the national competent authority (NCA) and introduced licensing, compliance and criminal-liability rules for crypto-asset service providers (CASPs). Critics argue the rules would raise compliance costs and stifle innovation. With the veto, Poland remains the only EU member state yet to adopt MiCA-compliant national legislation ahead of the EU transition deadline of 1 July 2026. Foreign firms holding MiCA licences can still operate in Poland, but Polish CASPs lack a domestic path to a MiCA-recognised licence and cannot passport services across the EU. That creates competitive disadvantages, raises relocation risk to MiCA-ready jurisdictions (eg Lithuania, Estonia, Latvia), and threatens tax revenue. Political clashes between the president and the ruling coalition have so far prevented compromise despite multiple bill attempts (1424, 2050, 2064). For traders: expect increased regulatory uncertainty for Polish-linked crypto firms, possible short-term volatility for assets with material Polish exposure, and a longer-term risk of market fragmentation or migration of talent and companies to other EU states if the impasse persists. Keywords: MiCA, Poland crypto regulation, KNF, CASP licensing, regulatory uncertainty.