Warsaw, Poland — President Karol Nawrocki exercised his veto power for the third time on Thursday, rejecting a draft law intended to implement the European Union’s Markets in Crypto‑Assets (MiCA) regulation. The decision comes just weeks before the EU’s deadline for member states to incorporate MiCA into national legislation, a deadline set for the end of June.
The vetoed bill, originally passed by the Sejm in early March, aimed to align Poland’s legal framework with MiCA’s rules on crypto‑asset issuance, custodial services, and anti‑money‑laundering requirements. Lawmakers had hoped the measure would provide regulatory clarity and attract investment in the burgeoning digital‑asset market.
“The president’s concerns focus on the bill’s impact on financial stability and the need for further consultation with market participants,” said a source close to the administration. Officials in the Ministry of Finance declined to comment in detail, noting that a revised draft will be prepared before the EU deadline.
Analysts warn that repeated vetoes could delay Poland’s compliance with EU law, potentially exposing the country to infringement proceedings. “Poland risks falling behind its regional peers, many of whom have already enacted MiCA‑compatible rules,” observed a financial‑technology analyst at a Warsaw think‑tank.
Industry groups have expressed disappointment but remain cautiously optimistic. “We understand the president’s responsibility to safeguard consumers, yet we urge swift action to avoid regulatory gaps that could push crypto activity underground,” a spokesperson for the Polish Blockchain Association told reporters.
Poland’s next steps will likely involve a tighter negotiation between the presidency, the legislature, and the EU Commission. If a revised bill is passed before the June 30 deadline, the country will avoid sanctions and could position itself as a crypto‑friendly hub within the bloc. Failure to meet the timeline, however, may compel the government to adopt temporary measures or face legal challenges from the European Commission.