Third try: Poland's Sejm passes crypto bill, veto looms

Polish lawmakers approved a Ministry of Finance-backed crypto bill 241-200 on Friday in a third attempt to bring the country under the EU's Markets in Crypto-Assets (MiCA) framework. President Karol Nawrocki has already vetoed two earlier versions of the legislation and is widely expected to block this one too.

What the bill does

Bill 2529 formally designates the Polish Financial Supervision Authority (@uknf) as the national competent authority for crypto-asset oversight. The legislation introduces a licensing regime for crypto-asset service providers (CASPs) and requires all CASPs, including exchanges, issuers, and custody providers, both domestic and foreign, to obtain a license to operate in Poland. The bill also gives the KNF powers to impose sanctions and temporarily block accounts and transactions.

Nawrocki's previous objections have centred on non-transparent domain-blocking mechanisms, the excessive length and complexity of the legislation compared with other EU implementations, and supervisory fees that critics say could hinder smaller companies and startups. His office has warned that the provisions could allow "one-click" domain shutdowns, an approach not taken by most EU countries. Critics note that the domain-blocking provisions in the latest draft remain largely unchanged from the vetoed versions, making another presidential rejection likely.

A ticking clock for Poland's crypto sector

Poland is the sole EU member state that has not passed domestic legislation implementing MiCA. All 26 other member states have either fully implemented or are in the final stages of implementing their national MiCA frameworks. Existing providers can continue under national transitional regimes until July 1, 2026, after which only fully MiCA-licensed entities can operate and passport their services across the EU. Without a domestic licensing framework, Polish firms cannot begin the formal authorisation process at home, while foreign competitors licensed elsewhere in the bloc can freely passport services into Poland.

Adding urgency to the political standoff, Zondacrypto, Poland's biggest crypto exchange, is at the centre of a prosecutorial fraud probe, with thousands of customers reported to be locked out of their funds. The case has intensified calls for tighter oversight and put fresh pressure on lawmakers to resolve the deadlock.

The regulatory uncertainty has prompted several local crypto firms to consider relocating to jurisdictions with clearer rules, including Latvia, the Czech Republic, Lithuania, and Malta. If Poland fails to designate a regulatory authority before July 1, domestic crypto firms may be forced to seek licenses abroad, potentially diverting significant tax revenue out of the country.

The bill now heads to the Senate for review before returning to Nawrocki's desk. With the government having put forward the legislation as a third attempt and the president showing no sign of backing down, Poland's crypto sector remains in limbo with weeks left on the clock.

Sources:
Cointelegraph: Poland Approves Crypto Bill Amid Looming MiCA Deadline
CoinGeek: Poland's Crypto Sector in Limbo as President Vetoes MiCA Bill Anew
Dudkowiak Law: Poland's Crypto-Asset Market Act Returns to the Sejm