Poland’s Crypto Future: Second MiCA Veto Sparks Uncertainty

On 12 February 2026, President Karol Nawrocki vetoed the Crypto-Assets Market Act for the second time. This bill aimed to transpose the EU Markets in Crypto-Assets (MiCA) Regulation into Polish law and create a national licensing regime for crypto-asset service providers (CASPs), such as exchanges, custodians, and advisors.
The veto stalls Poland's framework under the Polish Financial Supervision Authority (KNF), extending uncertainty for fintechs and crypto players.
 
MiCA background

MiCA (Regulation (EU) 2023/1114) took effect on 30 June 2023, with stablecoin rules from 30 June 2024 and full rollout by 30 December 2024. Member states had to enact national CASP rules by then. Poland's first draft veto came in December 2025 over administrative burdens and EU alignment; the revised version fell short on anti-money laundering safeguards, KNF powers, and financial stability.
The rejected drafts mandated CASP activity reporting to KNF, granted the authority sanctions powers like domain blocking, and introduced criminal penalties (fines up to PLN 5 million, up to 5 years imprisonment) for unlicensed operations or crypto offenses. KNF would oversee licensing, requiring €50,000–€150,000 capital, fit-and-proper checks, AML/KYC systems, and risk management. Without enactment, VASPs (around 1,300 registered entities as of January 2026) operate in limbo, facing potential shutdown post-transition.

The Polish Finance Ministry data shows 18% of Poles (about 6 million adults) hold crypto-assets, fueling a dynamic sector but exposing investors to high risks. Among them, 20% encountered fraud, often via scams, unlicensed platforms, deepfakes, or fake investment schemes linked to tax havens- some costing victims millions in life savings. This underscores MiCA's urgency for consumer protection, yet delays risk a "legal vacuum" after July 2026.
 
Risks ahead

Poland's crypto sector has seen explosive growth, with over 1,300 VASPs registered as of January 2026, but the lack of a finalized national law implementing MiCA creates uncertainty ahead of the 1 July 2026 deadline. Without local CASP registration possible due to repeated presidential vetoes, firms risk shutdown or relocation.

Poland boasts Central Europe's largest fintech market, attracting talent and investment thanks to its crypto-savvy consumer base. The VASP register has exploded to over 1,300 entries, enabling services like exchanges and custody under light-touch regulation. This boom positions Poland for leadership in the MiCA era once the situation returns to normal.
 
Recommendations

Firms operating in Poland's burgeoning crypto industry must actively monitor legislative developments, as the current regulatory landscape remains fluid. A compromise bill - potentially harmonizing elements of the MiCA framework with national priorities - could emerge by Q2 2026, following ongoing parliamentary debates and EU alignment pressures.
 
In the interim, proactive compliance alternatives are essential to mitigate risks:
 

• Pursue authorizations in adjacent EU jurisdictions: Seek virtual asset service provider (VASP) licenses in Lithuania or Estonia, where established regulatory sandboxes offer faster approvals (typically 3-6 months) and passporting rights across the EU. This provides a bridge for Polish operations while awaiting domestic clarity.
• Enhance internal compliance frameworks: Implement MiCA-preparatory measures, such as robust AML/KYC protocols, customer fund segregation, and cybersecurity audits, to future-proof operations.
• Engage stakeholders: Participate in consultations via the Polish Financial Supervision Authority (KNF) or industry associations like the Izba Gospodarcza Blockchain i Nowych Technologii to influence the final bill.

 
Poland's crypto sector demonstrates strong growth potential, with transaction volumes surging 40% YoY (per KNF data) and Warsaw positioning itself as a regional hub. However, regulatory clarity is paramount for sustainable expansion - delays could stifle innovation and expose firms to enforcement actions.