Poland’s Regulatory Challenges for Cryptocurrency
Poland’s President, Karol Nawrocki, has once again put the brakes on the government’s attempt to establish a regulatory framework for cryptocurrency companies in line with the European Union’s Markets in Crypto Assets (MiCA). This recent veto, occurring in mid-February 2026, marks the second rejection of such legislation, with the president citing substantial similarities to a version he already dismissed in December 2025.
Proposed Regulations and Their Implications
The proposed regulations aimed to assign oversight of the cryptocurrency market to the Polish Financial Supervision Authority (KNF), in accordance with the MiCA guidelines. However, Nawrocki determined that the bill still contained critical weaknesses.
As a result of this continuous disapproval, Polish cryptocurrency firms find themselves in a precarious situation without a definitive regulatory path to secure a MiCA license. This uncertainty poses a risk of disadvantaging local companies compared to their European counterparts, particularly in nations that have already implemented related regulatory measures.
Details of the Legislation
The legislation, which was intended to align Poland’s regulatory framework with MiCA—set to be fully enforced by mid-2026—detailed the expectations for reporting, supervision, and penalties for noncompliance. Additionally, it aimed to empower KNF to supervise the activities of cryptocurrency service providers.
In an effort to enhance the appeal of Poland for crypto businesses, lawmakers had previously amended the bill by reducing supervision fees imposed by the KNF from 0.4% to 0.1% of annual revenue. Despite this adjustment, Nawrocki maintained that merely lowering the fees did not rectify the underlying serious issues present in the proposal.
Concerns and Recommendations
Moreover, the president expressed ongoing concerns regarding vagueness in enforcement authority and the possibility of legal conflicts with existing Polish statutes. His office has recommended that lawmakers undertake more comprehensive revisions before reintroducing the bill for consideration.
Impact on Local Crypto Enterprises
The lack of MiCA-aligned regulation is already impacting local crypto enterprises, with a deputy finance minister cautioning that without a designated supervisory authority by July 1, 2026, these companies might face restrictions on registration in Poland under MiCA guidelines. As a response, many Polish crypto businesses are now looking towards acquiring licenses in other EU countries such as Lithuania, Malta, and France, where they can more rapidly conform to MiCA’s specifications. This strategic move could enable them to maintain their services for EU clients without the risk of legal complications.
Future Prospects
While officials have not dismissed the possibility of revising and reattempting the legislation, the challenge remains significant. Overriding a presidential veto would require a supermajority of three-fifths in parliament, a daunting hurdle in Poland’s currently fragmented political landscape. Market analysts emphasize the urgent need for decisive action if Warsaw intends to preserve its competitive edge in the burgeoning digital asset sector.
