Key Takeaway:
- President Nawrocki vetoes crypto bill again, prolonging Poland’s regulatory uncertainty.
- Concerns include excessive oversight, domain blocking, disproportionate fees, and bill’s unwieldy length.
- Exchanges shift strategies, seeking MiCA authorizations abroad to maintain operational continuity.
Poland’s President Karol Nawrocki vetoed the government’s crypto‑assets bill for a second time on February 12, 2026, returning it to parliament and extending regulatory uncertainty, as reported by BitcoinWorld. The measure was intended to align national rules with the EU’s Markets in Crypto‑Assets Regulation (MiCA).
The presidency’s objections focused on excessive oversight, potential domain‑blocking powers, disproportionate supervisory fees for startups, and the bill’s unwieldy length relative to regional peers, as reported by Cointelegraph. The dispute centers on how to balance civil liberties with market supervision and consumer protection.
Before rejecting the bill, the president framed the risks as constitutional and property‑rights concerns. It “genuinely threaten[s] the freedoms of Poles, their property, and the stability of the state,” said President Karol Nawrocki.
Exchanges immediately assessed contingency plans. Sławek Zawadzki, co‑CEO of Kanga Exchange, said the firm anticipated delays and prepared to pursue MiCA authorization in other EU states. Przemysław Kral, CEO of Zonda Crypto, said the company operates under an Estonian license and that being based abroad limits its ability to pay Polish taxes and function fully as a domestic entity.
MiCA is directly applicable EU law, but each member state must designate a national competent authority, set penalties, and build supervisory capacity. Without implementing measures, Poland may struggle to process domestic applications ahead of the July 1, 2026 compliance date.
Government officials argue the veto weakens consumer safeguards. Finance Minister Andrzej Domański said roughly 20% of investors are already losing funds to abuses in a largely unregulated market, as reported by Polskie Radio. The coalition’s case stresses fraud prevention and orderly oversight.
Operationally, Polish firms may seek authorization in jurisdictions like Estonia and then passport services across the EU once Polish supervision is in place. Kral has noted that licensing abroad can shift activity and tax receipts away from Poland. Legal expert Artur Bilski has warned that pushing firms to register elsewhere risks losing both revenue and growth opportunities.
Industry pathways in the interim include pursuing authorization in another EU state, maintaining compliance with anti‑abuse controls, and preparing for passporting once approvals are secured. Zawadzki’s stance suggests some operators will prioritize predictable timelines and proportionate requirements when choosing where to file.
A revised Polish bill would likely need clearer due‑process limits on any domain‑blocking tools, proportionate supervisory fees, defined appeals, and predictable authorization timelines. Such changes could reconcile consumer protection aims with innovation and competition.
At the time of this writing, Binance Coin was around $619.44 with very high 15.88% volatility, and Coinbase Global (COIN) indicated about −1.35% pre‑market on delayed quotes. These figures provide context and are not indicative of regulatory outcomes.
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