Poland's crypto licensing deadlock gives foreign EU firms advantage over local applicants
Poland's crypto market faces a severe regulatory bottleneck after the Sejm fails on September 4, 2026, to override a presidential veto of key MiCA implementation legislation. This deadlock leaves the Polish Financial Supervision Authority unable to process domestic licensing applications. Meanwhile, foreign firms authorized elsewhere in the EU leverage cross-border passports to enter Poland, forcing local companies to seek workarounds like establishing foreign affiliates.
Poland MiCA licensing deadlock
▪The Polish Sejm recorded 241 votes to re-enact the MiCA implementation bill, 198 against, and three abstentions, falling short of the threshold required to overcome President Karol Nawrocki's June 11 veto.
▪Without the implementation legislation, Poland has not designated a domestic authority to process Markets in Crypto-Assets (MiCA) applications, preventing the Polish Financial Supervision Authority from beginning authorization proceedings.
▪On September 4, 2026, Poland's Sejm failed to override President Karol Nawrocki's veto of legislation needed to implement parts of the European Union's Markets in Crypto-Assets (MiCA) Regulation.
EU cross-border passport advantage
▪Under the Markets in Crypto-Assets (MiCA) Regulation, authorized crypto-asset service providers can operate across European Union member states through cross-border passporting after notifying their home regulator.
▪European Union-authorized crypto providers can continue entering the Polish market via cross-border passporting, while domestic Polish applicants remain unable to start licensing proceedings.
Domestic firm authorization workarounds
▪Polish crypto groups can reach domestic customers by establishing affiliates that obtain Markets in Crypto-Assets (MiCA) authorization in other European Union member states and completing cross-border notifications.
▪The licensing deadlock in Warsaw incentivizes Polish crypto firms to seek Markets in Crypto-Assets (MiCA) authorization in other European Union member states where licensing machinery is already operational.
Polish crypto register transition end
▪The maximum Markets in Crypto-Assets (MiCA) transition period expired on July 1, ending the ability of crypto companies to rely on Poland's previous virtual-currency activity register.
▪The Katowice Tax Administration Chamber stated that entries on Poland's virtual-currency activity register no longer provide authorization, and regulators cannot extend the transition period.
Debatable claims
▪Poland should immediately pass legislation to implement EU MiCA regulations
▪The EU's MiCA passporting system unfairly penalizes countries with regulatory delays
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