Poland fails to overturn presidential veto on MiCA-aligned crypto bill

Poland’s parliament failed to overturn President Karol Nawrocki’s December 1 veto of the Crypto-Asset Market Act, falling 18 votes short of the three-fifths majority required. The bill, introduced in June by Prime Minister Donald Tusk’s government, aimed to align Polish law with the EU’s Markets in Crypto-Assets (MiCA) framework to protect consumers, curb money laundering and grant firms EU-wide passporting rights. Proponents argued urgent regulation was needed to prevent exploitation by foreign services and organised crime; opponents — including the president — said the draft imposed onerous licensing, high compliance costs and potential criminal liability for executives, threatening freedoms and innovation. The president’s office signalled willingness to pursue regulation that is not overly restrictive and invited the government to collaborate on redrafting. With this vote, Poland remains the only EU member without domestic MiCA-aligned legislation, creating regulatory uncertainty for local crypto firms while other EU states (Germany, Malta, Lithuania, the Netherlands and others) begin issuing MiCA-compliant licences. Industry data cited growth in Polish crypto adoption and transaction volumes, underscoring the market’s size and the risk that firms may relocate operations to MiCA-compliant jurisdictions. Immediate implications for traders: delayed access for Polish platforms to EU passporting, potential migration of liquidity and service providers to other EU hubs, and short-term regulatory uncertainty that could affect market access and counterparty risk. Longer-term risks include reduced competitiveness and lost capital inflows unless a politically acceptable, rewritten bill is passed. Keywords: MiCA, Poland MiCA veto, crypto regulation, EU passporting, regulatory uncertainty.