Poland’s parliament passed a government-backed cryptocurrency regulation bill on May 15, 2026, approving the third attempt to implement the EU’s MiCA framework ahead of July’s binding deadline. The Sejm voted 241–200 to grant the Polish Financial Supervision Authority (KNF) broad powers over crypto market participants, marking a decisive break from two earlier presidential vetoes by Karol Nawrocki.
Two Vetoes, One Fraud Scandal, One Deadline
The bill’s path reflects deep political fracture over crypto oversight. President Nawrocki blocked two prior versions, citing concerns over supervisory scope and judicial safeguards. Prime Minister Donald Tusk linked regulatory urgency to the Zondacrypto scandal, alleging “links between Zondacrypto and Russian capital and influence” while arguing that “lack of a full investor protection framework delayed regulatory action.” The exchange remains under fraud investigation, with users reporting withdrawal blocks. Four competing draft bills circulated during debate, but the government-backed version survived parliamentary scrutiny as EU compliance became non-negotiable with July’s MiCA deadline approaching.
KNF Gets Enforcement Arsenal, But Critics Remain
Bill 2529 empowers KNF to license market participants, impose financial sanctions, and block accounts or transactions deemed non-compliant. The 241–200 margin reveals narrow coalition support—opposition Law and Justice party (PiS) has proposed a blanket crypto ban, signaling continued resistance. Unresolved disputes center on the scope of supervisory powers, enforcement mechanisms, and judicial oversight safeguards. Experts anticipate another presidential veto despite parliamentary passage, as Nawrocki’s previous objections addressed constitutional constraints rather than policy preference.
MiCA Compliance and Contagion Risk
Poland’s delay mirrors broader EU friction over crypto integration. The Zondacrypto collapse accelerated political pressure to establish investor protections before retail exposure widens. MiCA implementation across 27 member states creates regulatory arbitrage risk—jurisdictions that delay face capital flight to faster-moving peers. Poland’s final passage, even if vetoed again, signals legislative intent to align with EU standards regardless of executive resistance.
Next Move: Veto or Signature by July
Nawrocki must act within constitutional timelines before July’s MiCA deadline. A third veto returns the bill to parliament, which can override with a 3/5 supermajority—the current 241 votes fall short. Signature ends the stalemate and activates KNF oversight within weeks. The unresolved variable: whether political pressure to meet EU timelines outweighs presidential constitutional concerns.
