Polish President Karol Nawrocki vetoed the national bill to implement the EU MiCA framework on Dec. 1, 2025, arguing that key provisions threatened the “freedoms of Poles.” The decision immediately created a regulatory gap ahead of MiCA’s EU-wide application in December 2026, raising concerns about supervision, market access and potential capital flight.
Presidential concerns over regulatory overreach
The presidential chancellery warned that the draft’s provisions—including a “one-click” KNF power to block crypto-related websites, described as a threat to free speech and a source of arbitrary interference—were excessive and dangerous to civil and property rights. The bill spanned more than 100 pages, with several hundred pages of secondary regulation, and critics argued that its supervisory fees would disadvantage domestic startups and favor large incumbents. The veto, issued under constitutional authority, returned the bill to Parliament to demand narrower discretionary powers and clearer oversight.
Industry voices questioned whether the KNF could effectively serve as Poland’s primary MiCA supervisor, pointing to EBA-cited authorization times of 20–24 months for payment institutions and a decade-long record of only two investment firm licenses and a single e-money license. Analysts and exchanges argued that this institutional inertia was incompatible with the pace of digital-asset markets, calling for a leaner “MiCA-only” statute and a more specialized, innovation-focused supervisor.
The veto intensified a political divide, with Finance Minister Andrzej Domański warning that the decision “chose chaos” and left the market in a “vacuum,” exposing more than one million Polish crypto investors to fraud and instability. Government officials stressed that consumer protection was weakened amid the legal uncertainty.
Opposing voices countered that EU-level MiCA protections would still apply, while analysts warned the veto could trigger “license shopping” by firms seeking authorization in EU states with shorter, clearer implementing laws. Likely destinations included Austria, Cyprus, Malta and Latvia, raising the prospect of shifts in market access and competitive positioning across the bloc.
The veto places Poland at a regulatory crossroads, with Parliament now facing the choice of overriding the decision or drafting a revised bill that narrows discretionary powers and clarifies supervisory responsibilities.