Poland remains only EU state without crypto licensing law after parliament fails to override presidential veto

Poland remains the only EU member state without a domestic crypto licensing framework under MiCA after the Sejm failed to override President Karol Nawrocki's third veto on September 4, 2026. The legislative deadlock leaves roughly 2,000 domestic firms in a regulatory vacuum, forcing them to seek licensing in other EU states like Lithuania to passport services back home. Meanwhile, foreign rivals leverage passporting rights to capture the Polish market. This political crisis unfolds alongside a massive fraud probe into the collapsed Zondacrypto exchange, which has caused up to $535 million in losses and led to high-profile political detentions.

Parliamentary veto override failure

• ▪The Polish Sejm voted 241 to 198, with three abstentions, failing by 25 votes to reach the 266-vote supermajority required to override President Karol Nawrocki's veto of the crypto market bill on September 4, 2026.
• ▪Following the failed override vote, the Polish Finance Ministry and lawmakers began preparing a new draft of the crypto market legislation to present to parliament.

MiCA implementation gap

• ▪The Polish Financial Supervision Authority (KNF) cannot process domestic MiCA applications because the legislature has not passed the law designating it as the competent supervisory authority.
• ▪Poland is the only European Union member state without a domestic crypto licensing framework aligned with the Markets in Crypto-Assets Regulation (MiCA).
• ▪Poland's transitional period under MiCA expired on July 1, 2026, meaning firms can no longer rely on Poland's previous virtual-currency activity register to operate legally.
• ▪An estimated 2,000 registered Polish crypto firms are left in a regulatory vacuum, unable to obtain domestic authorization under MiCA.

Cross-border licensing advantage

• ▪Polish crypto firms are seeking MiCA authorization in other EU member states, such as Lithuania, Latvia, and Germany, to passport services back into Poland.
• ▪EU-authorized crypto providers can enter the Polish market using MiCA's cross-border passporting mechanism, giving foreign firms a competitive advantage over unlicensed domestic companies.

Zondacrypto fraud investigation

• ▪Polish Olympic Committee President Radoslaw Piesiewicz was detained on August 27, 2026, in connection with alleged links to Zondacrypto's management.
• ▪BB Trade Estonia, the operator of Zondacrypto, was declared bankrupt by an Estonian court on August 27, 2026, with the first creditors' meeting scheduled for September 17, 2026.
• ▪Polish prosecutors are investigating the collapse of the Zondacrypto exchange for suspected fraud and money laundering, with estimated customer losses ranging from 350 million zlotys ($95 million) to 2.4 billion zlotys ($535 million).

Presidential veto pattern

• ▪President Karol Nawrocki argued that the proposed bill would impose excessive compliance costs, such as a 0.4% revenue fee, and grant the KNF overly broad powers to block websites.
• ▪President Karol Nawrocki has vetoed three successive versions of the crypto market legislation since December 2025, with the third veto occurring on June 11, 2026.

Political party conflict

• ▪Polish Finance and Economy Minister Andrzej Domański accused the opposition PiS party of defending President Karol Nawrocki's vetoes and prioritizing murky crypto interests over consumer safety.
• ▪Prime Minister Donald Tusk disclosed witness testimony alleging a two million zloty payment arrangement from Zondacrypto to a foundation connected to former Justice Minister Zbigniew Ziobro.

Debatable claims

• ▪Poland should grant its financial regulator the power to block unlicensed crypto websites
• ▪Poland's proposed crypto regulations would prevent future exchange failures like Zondacrypto
• ▪Poland should impose a revenue-based supervisory fee on crypto firms

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