President Karol Nawrocki's refusal to endorse a law leaves local crypto companies without a regulatory framework, compelling them to seek licenses abroad.
By Olivier Acuna|Edited by Sheldon Reback, Aoyon AshrafUpdated Jul 1, 2026, 9:50 a.m. Published Jul 1, 2026, 6:30 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Polish President Karol Nawrocki (Dan Kitwood/Getty Images)SummaryShow- With the MiCA regulations now in effect, Poland stands as the sole EU nation lacking a robust domestic licensing framework, leaving around 2,000 local firms in a state of regulatory uncertainty.
- President Karol Nawrocki has consistently vetoed the necessary legislation, pushing Polish crypto ventures to seek MiCA licenses in other EU nations or cease operations entirely.
- Industry leaders caution that ongoing political stalemate and steep compliance expenses could lead to the closure of many Polish crypto startups, despite their support for MiCA.
Polish cryptocurrency businesses are increasingly compelled to pursue licenses in other countries or face the possibility of shutting down, following President Karol Nawrocki's refusal to approve legislation that would empower the nation's financial regulator to issue licenses in accordance with the EU's Markets in Crypto-Assets (MiCA) regulation.
The MiCA framework officially comes into effect on Wednesday, concluding a transition phase that allowed companies to operate under previous national regulations. Poland remains the only EU nation without a complete domestic application and licensing system, despite having around 2,000 registered virtual asset service providers.
Only a handful of Polish companies have managed to obtain MiCA licenses in other EU jurisdictions, raising concerns that many smaller firms may have to either relocate, shut down, or seek authorization elsewhere.
Jacek Barszczewski, a spokesperson for Poland's Financial Supervision Authority (KNF), noted in an email, "As the Polish legislation for implementing the MiCA regulation has yet to take effect, no Polish public authority has been designated as the competent authority overseeing activities under the MiCA Regulation, except for issuers of electronic money tokens (EMTs)." In Poland, EMTs are governed by a separate regulatory framework.
A MiCA license from any EU nation enables the holder to operate across the entire 27-member bloc, as well as in Iceland, Liechtenstein, and Norway. Consequently, Polish firms might seek licenses in countries such as Lithuania, Latvia, or Germany before bringing their services back home.
Wojciech Kaszycki, chief strategy officer at Warsaw-based fintech BTCS, emphasized in a video interview with CoinDesk, "The business simply moves somewhere else. None of the Polish companies can receive the authorization in Poland."
Nawrocki has cited concerns that the law he rejected for the third time earlier this month grants regulators excessive authority, including the ability to block crypto firms' websites and enforce regulations that could drive businesses overseas. He also argues that the legislation favors banks and large corporations over startups while establishing a convoluted regulatory environment.
Kaszycki acknowledged Nawrocki's criticisms, stating that certain aspects of the law exceed MiCA's original stipulations. The draft, which has passed both houses of parliament, would allow the Financial Supervision Authority (KNF) to freeze customer funds for extended periods and block websites before companies can fully pursue legal recourse.
Mateusz Kara, CEO of Morphic Financial Group, which is based in London but has significant operations in Poland, warned that the costs associated with obtaining a MiCA license, coupled with the political stalemate, could lead to the demise of Polish crypto. He stated, "It will significantly alter the business landscape for crypto entities. In Poland, we have about 2,000 VASP entities, and to my knowledge, we are currently the only ones with a MiCA license. Therefore, it’s easy to see how many businesses may be forced to close starting in the latter half of this year."
Despite the ongoing political impasse, BTCS' Kaszycki expressed his support for MiCA, emphasizing the need for a unified crypto regulatory framework in Europe. He remarked, "It is a good beginning, but it requires improvement."
He further stated that the existing regulatory framework places undue strain on startups, while larger companies can more easily manage compliance costs. He advocates for a regulatory approach that allows smaller firms to test their products prior to fulfilling all MiCA requirements.
Kaszycki is optimistic that European regulators will refine the framework, leading to an updated version of the legislation, which was approved by the European Parliament in 2023. For now, he mentioned that EU financial regulators will ensure consistent application of current regulations across all member states.
"It's the first version," he said. "Policymakers are already engaging with the market."
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