Polish President Karol Nawrocki vetoed the Crypto-Asset Market Act, a bill aimed at implementing the European Union’s Markets in Crypto-Assets (MiCA) framework within Poland.
This move has ignited a heated political debate, pitting the president’s emphasis on individual freedoms and innovation against government concerns over consumer protection and regulatory alignment.
Nawrocki argued that the bill’s provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state.”
Key criticisms included: The legislation was seen as excessively burdensome, with high licensing fees up to 4-8 million PLN, or roughly $1-2 million and a 0.5% annual turnover tax—costs 10-20 times higher than in neighboring countries like Germany, the Czech Republic, or Estonia.
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This could drive businesses away and stifle innovation. Authorities would gain broad authority to block crypto-related websites without sufficient oversight, raising fears of censorship and arbitrary enforcement.
The president highlighted that simpler regulations in other EU states make them more attractive for crypto firms, potentially eroding Poland’s economic edge. The veto returns the bill to the Sejm— Poland’s lower house of parliament, where overriding it would require a three-fifths majority—a tall order given the current political divide.
Government Backlash
Top officials from Prime Minister Donald Tusk’s coalition swiftly condemned the decision, framing it as reckless and pro-Russian finance minister Andrzej Doma?ski accused Nawrocki of “choosing chaos over accountability,” warning that it leaves over 1 million Polish crypto investors about 20% of whom have reportedly lost money to scams vulnerable in a “regulatory vacuum.”
He emphasized risks of fraud and money laundering, including potential sanctions evasion tied to Russian entities. Foreign minister Rados?aw Sikorski highlighted exposure to market volatility and hybrid threats, noting Russia’s use of crypto for funding sabotage across the EU.
He tweeted that the veto creates “uncertainty and hampers investor protection and sector development.” Some lawmakers, like MP El?bieta Anna Polak, escalated the rhetoric, labeling the veto a “gift to Russia” and a blow to Polish firms by undermining anti-money laundering (AML) compliance.
The decision has been hailed by crypto advocates as a victory for innovation:Industry voices, such as economist Krzysztof Piech, argue Poland isn’t in a true vacuum—EU-wide MiCA protections kick in fully by July 2026, providing baseline safeguards without national overreach.
On X, users like Phoenix8Nexus praised the veto for targeting a “bad bill, not regulation,” while PrincessNemezis called it a stand against “incompetent government” propaganda. Broader sentiment echoes concerns from groups like FinTech Poland, which previously noted the bill’s flaws despite supporting some clarity.
Critics of the backlash, including opposition figures, see it as an overreaction, pointing out that firms can still operate under existing AML rules until MiCA’s rollout. This veto positions Poland as the only EU state lagging on MiCA implementation, risking an exodus of crypto businesses to more lenient neighbors and potential loss of tax revenue.
Deputy Finance Minister Jurand Drop warned of firms relocating by July 2026. With the coalition’s slim majority, a veto override seems unlikely, paving the way for revised legislation—potentially lighter on fees and blocks.
The episode underscores a global tension in crypto policy: balancing anti-fraud measures with fostering growth. In Poland, it amplifies rifts between the presidency and Tusk’s pro-EU government, with X flooded by partisan takes from both sides.