Polish government-backed crypto bill passes after repeated presidential vetoes

Poland’s lower house of parliament just passed a government-backed bill to bring the country’s crypto market under EU regulation. The vote was 241 to 200, and it happened on the third try, because the first two attempts were killed by presidential vetoes.

The legislation, known as the Crypto-Asset Market Act, would implement the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework in Poland. It designates the Polish Financial Supervision Authority, known as the KNF, as the primary watchdog over digital-asset activities in the country.

Third time’s the charm, maybe

Here’s the thing. Passing the Sejm is only half the battle. President Karol Nawrocki has already vetoed two earlier versions of essentially the same bill, and there’s nothing preventing him from doing it a third time.

Nawrocki blocked the first draft citing threats to civil and economic freedoms. When parliament sent back a revised version in February, the president called it “practically identical” to the first and vetoed it again.

Parliament tried to override that first veto. It fell 18 votes short of the three-fifths supermajority needed to push past presidential opposition.

The Friday vote took place during the 57th sitting of the Sejm in Warsaw, according to official parliamentary records. The Ministry of Finance backed the legislation, which introduces a licensing regime for crypto-asset service providers, often abbreviated as CASPs.

Any company offering crypto trading, custody, or advisory services in Poland would need a license from the KNF to operate legally.

Why MiCA matters for Poland

MiCA is the EU’s regulatory framework for crypto markets. It establishes uniform rules across all 27 member states for everything from stablecoin issuance to exchange licensing.

Poland has been slow to implement MiCA. The repeated vetoes have left the country without a clear domestic framework, even as neighboring EU states have moved ahead with their own versions.

The KNF would gain significant new authority under the bill. It would oversee licensing applications, enforce compliance requirements, and have the power to sanction crypto firms that violate the rules.

What this means for investors and the industry

The immediate question is whether President Nawrocki will veto this bill too. His previous objections centered on civil liberties and financial stability concerns, and it’s unclear how much the latest draft differs from the versions he already rejected. If he vetoes it again, parliament will need that elusive three-fifths majority to override him, and recent history suggests the votes aren’t there.

If the bill does become law, crypto firms operating in Poland will need KNF licenses. Consumer protections will increase. Market manipulation and insider trading rules that apply to traditional finance will extend to digital assets. Stablecoin issuers will face reserve requirements.

The 241-200 vote margin reflects a genuine political divide. The opposition is real and significant, and the presidential vetoes reflect disagreement about how much regulatory power the state should have over digital assets.

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