Polish Government Reintroduces Crypto Law Despite Presidential Veto
Poland's government has reintroduced an unchanged bill regulating the crypto-asset market after an attempt to override the presidential veto failed. Prime Minister Donald Tusk cited national security concerns, pointing to the presence of Russia-linked entities within the crypto registry as a key reason for pressing the legislation forward.
The bill, identical to the version rejected by President Karol Nawrocki, is set to return to parliament later this year. Its key provisions mirror those of the EU's Markets in Crypto-Assets (MiCA) regulation and include licensing requirements for crypto-asset service providers, investor protection measures, stablecoin reserve rules, and anti-money laundering (AML) controls. The Polish Financial Supervision Authority (KNF) may block websites and impose fines up to 10 million zloty alongside prison terms of up to five years for violations.
Tusk emphasized the urgency of regulation to counter threats from hostile actors, noting that several hundred foreign entities operate within Poland's crypto market. Authorities warn that Russian money and criminal groups exploit cryptocurrencies for covert financing activities.
President Nawrocki opposes the bill, arguing that it exceeds MiCA's requirements and threatens civil liberties. He has maintained his unwillingness to sign the bill without amendments.
The failure to override the veto leaves Poland as the last European Union member state without national MiCA-style regulation ahead of the July 1, 2026, EU deadline. Critics caution that this regulatory gap could result in business relocation and significant losses in tax revenue.
Finance Minister Andrzej Domański highlighted that approximately 20% of clients lose money due to abuses in the currently unregulated market and condemned the veto as chaotic. In response to security concerns, National Prosecutor Dariusz Korneluk has formed a special team dedicated to monitoring cryptocurrency-related crimes.
