Poland Becomes the EU's Sole MiCA Holdout

The country's parliament failed to override President Karol Nawrocki's veto on the crypto assets market bill, leading to the need to restart the legislative process from scratch. This event highlights internal political disputes in Poland and could have consequences for the local crypto market, which is actively developing.

According to the latest data, the lower house of the Polish parliament (Sejm) attempted to override the president's veto during a vote on December 5, but failed to gather the required three-fifths majority - falling short by 18 votes. President Nawrocki vetoed the bill earlier in the week, arguing that it was overly complex compared to other EU countries and risked driving local crypto firms abroad.

"This law could force domestic companies to relocate to other countries," the president stated, citing potential bureaucratic barriers.

Prime Minister Donald Tusk, on the other hand, actively supported the bill, calling it part of national security policy. He warned that without regulation, cryptocurrencies could be used by Russian intelligence services and organized crime groups for covert financing. During parliamentary debates, Tusk urged MPs to override the veto, but the attempt failed due to political divisions between supporters of nationalist Nawrocki and the pro-European coalition of Tusk.

MiCA, which came into effect in the EU at the end of December 2024, provides for the issuance of licenses to crypto asset service providers and aims to ensure regulatory clarity for digital assets. Other EU countries, such as Germany, Malta, the Netherlands, and Lithuania, have already begun issuing such licenses. The Italian regulator Consob recently reminded firms of the December 30 deadline for MiCA compliance, warning that unregistered virtual asset providers must cease operations or submit applications.

For Poland, this delay creates a regulatory vacuum. Despite this, the crypto market in the country is growing rapidly: according to Chainalysis, Poland ranks eighth in Europe in terms of received cryptocurrencies from July 2024 to June 2025, with annual transaction growth exceeding 50%. According to Statista estimates, about 7.9 million Poles (one-fifth of the population) use cryptocurrencies. Industry experts are divided: some see the bill as a step toward clarity, while others, such as the CEO of the Polish exchange Zondacrypto, call it a "step backward" that could criminalize basic blockchain development.

In the wake of this event, the European Commission is considering centralizing the regulation of crypto exchanges under unified supervision, similar to the SEC in the US, which could reduce the importance of national implementations in the future. However, such changes would require years of negotiations and implementation.