Poland’s President Vetoes Revised MiCA Bill for Second Time

Poland’s President Karol Nawrocki vetoes the MiCA bill for a second time, delaying the country’s domestic framework for supervising crypto markets under European Union rules. The decision adds to the uncertainty around Poland’s MiCA implementation as the EU’s July 2026 deadline for CASP and stablecoin rules approaches.

The veto does not suspend the Markets in Crypto-Assets (MiCA) regulation at the EU level. MiCA applies directly across member states. However, it blocks the adoption of Poland’s national oversight and licensing structure. As a result, the country still lacks a finalized domestic framework aligned with EU standards.

What Happened After Poland’s President Karol Nawrocki Vetoes MiCA Bill

The latest veto, issued on February 12, 2026, concerns a revised version of the Crypto-Assets Market Act (Druk 2064). President Nawrocki determined that the new draft did not sufficiently address concerns raised during the earlier legislative process.

The first veto occurred on December 1, 2025, when he rejected the original Crypto-Assets Market Act (Druk 1424). Following that decision, the Sejm attempted to override the veto but fell short by approximately 18 votes. The revised bill was then introduced, yet the President concluded that the amendments were insufficient.

Under Poland’s constitutional framework, the Sejm may override a presidential veto with a three-fifths majority. That requires 276 of 460 votes. The governing coalition currently holds 248 seats, meaning cross-party support would be necessary to reach the required threshold.

Absent an override or a new compromise draft, MiCA implementation in Poland cannot proceed under the proposed legislation.

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Supervisory Powers and Structural Objections

The rejected bills sought to define the competent authority required by MiCA for national supervision and to formalize Poland’s crypto licensing framework for crypto asset service providers.

Objections included excessive supervisory powers, such as the ability to block websites, high licensing fees that critics argued could harm startups, and provisions exceeding EU MiCA minimum standards. According to the President’s assessment, certain elements extended beyond what is required under harmonized EU rules.

These concerns formed the basis for both vetoes. As a result, the legislative process tied to Poland’s MiCA implementation remains unresolved.

The State of MiCA Implementation in Poland

With the legislation blocked, Poland’s MiCA implementation lacks a finalized supervisory and licensing architecture. No national competent authority has been formally designated. There is also no operational licensing regime for crypto asset service providers (CASP) under domestic law aligned with MiCA.

Although MiCA applies directly at the EU level, member states must establish supervisory structures and administrative procedures. In Poland, that national layer is still pending.

This gap affects domestic CASPs, and Poland-based crypto firms do not yet have a confirmed national pathway under a Polish crypto licensing framework.

Meanwhile, the EU’s July 2026 deadline for MiCA alignment remains fixed. Member states are expected to have supervisory mechanisms and licensing processes in place before that milestone.

The delay, therefore, places administrative and legislative pressure on the timeline for MiCA implementation in Poland.

Competitive Dynamics Under MiCA Passporting Rules

MiCA passporting rules allow authorized CASPs in one EU member state to operate across the bloc. Once licensed in a jurisdiction with an operational framework, firms may provide services in other member states without separate national approval.

This creates strategic alternatives while MiCA implementation in Poland is not completed. Polish crypto firms seeking licenses abroad become a viable response if domestic authorization continues to be delayed.

Jurisdictions such as Lithuania or Estonia already operate MiCA-aligned frameworks. A firm licensed there could passport its services into Poland under EU rules.

This dynamic may influence business structuring decisions as companies evaluate regulatory certainty within the EU single market.

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Override Prospects and Legislative Outlook

Given the failed override attempt in December and the current seat distribution in the Sejm, securing the required three-fifths majority would require cross-party support.

If that threshold cannot be reached, lawmakers must introduce a further revised draft. Any new proposal will need to address concerns over supervisory powers while still establishing a competent authority in Poland as MiCA requires, and finalizing Poland’s crypto licensing framework.

Until legislative consensus is achieved, MiCA implementation remains pending.

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Institutional Outlook Ahead of July 2026

The veto does not remove Poland from the scope of EU crypto regulation. MiCA applies directly across all member states.

However, the absence of a finalized national framework affects how Poland administers crypto regulation domestically. Supervisory designation and licensing procedures are not yet operational.

As the EU’s July 2026 MiCA deadline approaches, attention will shift from legislative debate to practical readiness. Whether through a successful override or a revised legislative compromise, MiCA implementation in Poland will require resolution before the transition period concludes.