Poland Becomes the EU's Only MiCA Holdout After Parliament Fails to Override Presidential Veto

Source: ETHNews Original Title: Poland Becomes the EU’s Only MiCA Holdout After Parliament Fails to Override Presidential Veto Original Link: https://www.ethnews.com/poland-becomes-the-eus-only-mica-holdout-after-parliament-fails-to-override-presidential-veto/ Poland has emerged as the European Union’s only member state without an implemented national MiCA framework after its parliament failed to overturn President Karol Nawrocki’s veto of the country’s crypto bill on December 5, 2025.

The failed vote, which did not reach the required three-fifths majority, immediately nullified the legislative effort and forces the government to restart the process from the beginning. As a result, Poland’s crypto sector now enters a prolonged period of uncertainty, operating without the national rules required to support the EU-level MiCA regime.

At the center of the standoff is a sharp political divide between Prime Minister Donald Tusk’s pro-EU coalition and the nationalist-conservative president.

The government argued that the bill was essential for national security, stressing that Poland needed regulatory tools to prevent market misuse by “Russian agents,” foreign intelligence services, or criminal networks. President Nawrocki rejected this view, claiming the bill exceeded MiCA’s scope, posed risks to civil liberties and property rights, and could push crypto businesses out of the country due to excessive regulation.

Regulatory Gap Leaves Crypto Firms in Limbo

Although the EU’s Markets in Crypto-Assets regulation has been directly applicable across all member states since December 30, 2024, the framework still requires each country to pass its own national law. This domestic legislation designates the competent supervisory authority and establishes licensing procedures for Crypto-Asset Service Providers.

Because Poland failed to pass its national bill, the country currently has no official authority, such as the Polish Financial Supervision Authority (KNF), able to process CASP licence applications. This leaves both domestic and foreign companies without a clear path to compliance, even though EU rules are already in force.

The only relief comes from the EU-wide transitional period. Since Poland has not implemented a national framework, its existing Virtual Asset Service Providers will continue operating under their current licences until July 1, 2026, or until a licence is formally granted or denied. This timeline is more generous than the stricter deadlines proposed in the rejected Polish draft law, offering temporary stability despite the regulatory vacuum.

A Long Road Ahead for Poland’s Regulatory Alignment

With the veto upheld, the Polish government must now prepare a completely new draft bill. This process is expected to stretch well into late 2025 or early 2026, delaying clarity for market participants and distancing Poland from the uniform regulatory landscape the EU aimed to achieve with MiCA.

Until new legislation is passed, Poland remains the EU’s sole outlier, operating under MiCA without the national mechanisms required to enforce it. The prolonged uncertainty raises concerns for crypto service providers, investors, and companies seeking regulatory consistency across Europe, leaving Poland’s position within the EU’s digital-asset framework unresolved for the foreseeable future.