Poland’s cryptocurrency sector is bracing for a crisis as the country enters the final days before the MiCA (Markets in Crypto-Assets) deadline without a single domestic law in place. Three presidential vetoes and a last-minute rival proposal from Poland 2050 have failed to break the deadlock, leaving businesses, especially smaller operators, scrambling for licenses abroad or facing closure after July 1.
July 1 marks the end of the transitional period under the European Union’s MiCA regulation, but Poland still lacks its own national act on crypto-asset markets. The government has spent two years trying to pass the law, only to see President Karol Nawrocki veto three consecutive versions. The latest veto arrived in mid-June, and a competing bill from the Poland 2050 party landed in parliament days later. Neither has been scheduled for a vote before the deadline.
Political standoff blocks regulatory progress
President Nawrocki has consistently argued that the government’s proposal goes beyond what MiCA requires, creating an overly broad surveillance system. – Bad law does not become good just because it is voted through a hundred times – said Karol Nawrocki, announcing the third veto. The Ministry of Finance counters that the law is essential to fully apply MiCA, protect investors, and equip the Polish Financial Supervision Authority (KNF) with necessary oversight tools.
On June 18, MP Adam Gomoła of Poland 2050 introduced an alternative bill designed to bypass the presidential veto. The proposal keeps MiCA-required mechanisms but removes the controversial provisions, including a fivefold reduction in KNF supervisory fees. Yet the calendar is unforgiving. The next Sejm session is scheduled for July 1-3, and neither the government bill after the veto nor the opposition’s proposal appears on the agenda as of June 24.
Businesses migrate to friendlier jurisdictions
Major players have been preparing for months. Poland’s largest crypto exchanges and currency offices have already secured licenses in Lithuania, Estonia, Germany, Cyprus, and Malta under the MiCA framework, allowing them to service the entire EU market through passporting. The real pain will hit smaller firms—crypto kiosks and virtual currency providers operating solely under Poland’s basic business register without the more demanding CASP (Crypto-Asset Service Provider) authorization.
For these smaller entities, applying for a foreign CASP license means costly compliance procedures, new capital requirements, and building operational structures abroad. Those unable to obtain authorization in time may lose the legal right to offer services after July 1. The problem is not just practical but potentially financial for the state itself.
According to a legal analysis by Robert Nogacki of Kancelaria Prawna Skarbiec, entrepreneurs may seek compensation from the State Treasury if they can prove that the legislative inaction directly caused them harm. Article 417¹ § 4 of the Polish Civil Code allows claims for damages resulting from failure to issue a normative act when there was a legal obligation to do so. – The delay itself does not guarantee compensation, but proving a concrete loss—such as lost market opportunities or incurred costs—could open the door to litigation – Nogacki stated.
The clock is ticking. EU regulations will take effect regardless of the political stalemate. The question is no longer whether Poland’s crypto market will be regulated, but how many of its businesses will still operate under Polish jurisdiction when the deadline hits.
Źródło: wnp.pl, Fot. Mc_Cloud / Shutterstock
