A Political Flashpoint in Warsaw

Poland’s effort to regulate its crypto market has taken another dramatic turn. Just days after President Karol Nawrocki vetoed a comprehensive 84-page crypto regulation bill in early December, lawmakers in the Sejm, Poland’s lower chamber of parliament, have resubmitted the same legislation with virtually no alterations. The move underscores how deeply divided political forces are over the future of digital assets in one of Europe’s most dynamic blockchain markets.

The original bill sought to designate the Polish Financial Supervision Authority as the primary regulator for digital assets and to align national law with the European Union’s Markets in Crypto-Assets (MiCA) framework. Its resubmission despite the veto highlights the ruling coalition’s determination to push forward a strict regulatory regime, even amid strong criticism from opposition lawmakers, industry advocates, and parts of the crypto community.

Why the Veto Sparked Controversy

When President Nawrocki declined to sign the bill, citing threats to individual freedoms and economic stability, it thrust Poland into an unusual position within the EU. The president’s office argued that the proposed law went far beyond the EU’s MiCA baseline, creating a dense regulatory structure that could hamper innovation and impose excessive oversight powers.

Opponents of the original bill also objected to provisions that critics described as disproportionate, particularly relative to similar laws adopted in other EU countries. Where MiCA on its own offers a common regulatory floor for member states, Poland’s version was seen by some as heavy-handed and bureaucratic, a “national version of MiCA” that might undermine the open, competitive environment many crypto businesses seek.

The veto not only delayed national implementation of MiCA but also left the domestic market in a temporary regulatory limbo as the rest of the EU moves toward full application of the common framework.

Resubmission Without Change: What It Means

The decision to reintroduce the bill with “not even a comma” changed has intensified debates, with supporters hailing it as essential to bringing Polish law into conformity with European standards and ensuring consumer protection. They argue that having a codified system of oversight, including licensing and compliance requirements for crypto firms, will strengthen investor confidence and mitigate fraud risks.

Yet many critics see the move as political posturing. Opponents argue that resubmitting a vetoed bill without meaningful revision ignores the core concerns raised by the president and public critics. Within parts of the crypto ecosystem, there is a belief that the measure could stifle local innovation, impose undue burdens on startups, and drive businesses to more welcoming jurisdictions within the EU.

The political dynamics also reflect broader tensions between Warsaw’s executive and legislative branches. While the ruling coalition in the Sejm pushes for rapid action on crypto regulation, the president has emphasized the need for proportionality and respect for economic freedoms.

The MiCA Context and Local Tensions

At the heart of the dispute is how MiCA should be implemented in one of the EU’s largest and fastest-growing crypto markets. MiCA aims to create a harmonized regulatory baseline across the bloc, offering clarity for exchanges, custodians, stablecoin issuers, and other service providers. But it also leaves room for national interpretation, a flexibility that Poland’s legislature arguably exercised with an ambitious national bill.

Some economists and industry voices question whether Poland’s approach was necessary in the first place, since MiCA’s EU-wide rules will take effect across member states in 2026. They suggest that the domestic bill risked over-regulation at a time when the market’s natural trajectory is toward broader institutional adoption and innovation.

The resubmission also comes amid a broader political debate over national sovereignty, economic strategy, and the role of emerging technologies in Poland’s future. With crypto adoption growing rapidly among Polish citizens, a significant portion of whom are already active in digital assets, these policy decisions have real implications for people’s savings, investment options, and financial freedom.

What Comes Next

With the revised bill back on the table, attention now turns to the Senate and ultimately the president’s desk once more. Whether this near-identical version will avoid another veto is an open question. Lawmakers have expressed confidence that recent closed-door briefings on national security and crypto risks have given the president full context; they hope this may temper objections.

Still, public backlash from both the crypto sector and political opponents suggests that any path forward will involve intense scrutiny and debate. Should the bill become law, it would establish one of the strictest national frameworks for digital assets in the EU, potentially influencing how other member states calibrate their implementations of MiCA.

If it fails again, Poland could remain the only EU state without a dedicated national crypto regime as the broader bloc moves ahead with common standards. Legal uncertainty on matters such as licensing, oversight authority, and digital-asset service provider registration might linger, creating challenges for firms seeking to operate in or from the country.