Poland's Third MiCA Bill Passes Sejm, Veto Risk Persists

Poland's lower house of parliament approved a government-backed bill to implement the European Union's Markets in Crypto-Assets Regulation (MiCA) framework, voting 241 to 200 on the third attempt. The first two versions were vetoed by President Karol Nawrocki, and the same obstacle now threatens the latest draft.

The legislation, formally the Crypto-Asset Market Act, designates the Polish Financial Supervision Authority (KNF) as the primary regulator for digital-asset activities. Any company offering crypto trading, custody, or advisory services in Poland would need a KNF license to operate legally. The bill passed during the 57th sitting of the Sejm in Warsaw, according to official parliamentary records, and carries the backing of the Ministry of Finance.

Why the Third Attempt Still Faces a Veto

President 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 required to push past presidential opposition.

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

The Supermajority Hurdle

To override a presidential veto, the Sejm needs a three-fifths majority of votes in the presence of at least half of all deputies. The current vote tally of 241 in favour falls well short of the roughly 276 votes needed (based on 460 total seats). The earlier override attempt failed by 18 votes. The coalition lacks the cross-party support to force the bill through without Nawrocki's signature.

What the Bill Changes for Crypto Firms

If the bill becomes law, the KNF would gain significant new authority. It would oversee licensing applications, enforce compliance requirements, and have the power to sanction crypto firms that violate the rules. The licensing regime covers crypto-asset service providers (CASPs), a category that includes exchanges, custodians, and advisory firms.

Key Provisions

Licensing requirement: All CASPs operating in Poland must obtain a KNF license. Unlicensed operations would face sanctions.
Consumer protections: Rules against market manipulation and insider trading, similar to those in traditional finance, would extend to digital assets.
Stablecoin reserves: Issuers of asset-referenced tokens or e-money tokens would face reserve and disclosure requirements under MiCA's uniform rules.
Cross-border recognition: A KNF license would allow firms to passport services across other EU member states under the MiCA framework.

Poland has been slow to implement MiCA. The repeated vetoes have left the country without a clear domestic framework, even as neighbouring EU states have moved ahead with their own versions. The Tokenet institutional lending platform and other crypto-native firms may face continued regulatory uncertainty until the political deadlock is resolved. For background on the earlier vetoes, see our previous analysis of Poland's Third Attempt at MiCA Law Passes After Two Vetoes.

Affected Assets and Market Exposure

Timeline and Next Catalysts

The bill now moves to President Nawrocki's desk. He has 21 days to sign, veto, or refer it to the Constitutional Tribunal. Given his two previous vetoes, a third veto is the base case. If he vetoes, the Sejm can attempt an override, the arithmetic is unfavourable.

What Would Reduce the Risk

Presidential signature within 21 days. This would end the regulatory deadlock and trigger a 12 to 18 month implementation period for CASPs to apply for licenses.

A successful supermajority override if Nawrocki vetoes. This would require the ruling coalition to pick up at least 18 additional votes from opposition parties, a tall order given the current political climate.

A compromise bill that addresses Nawrocki's civil-liberty concerns, potentially narrowing the KNF's surveillance powers or adding stronger data-protection safeguards.

What Would Make It Worse

A third veto without an override. This would leave Poland without MiCA implementation indefinitely, forcing crypto firms to either relocate to other EU jurisdictions or operate under legal uncertainty.

Constitutional Tribunal referral, which could delay implementation by months or years while the court reviews the bill's compatibility with the Polish constitution.

KNF enforcement actions against unlicensed CASPs in the interim, which could trigger a wave of exits or legal challenges.

Practical Framework for Traders and Firms

The naive read is that Poland is finally moving toward crypto regulation. The better market read is that the political split between the Sejm and the presidency remains unresolved. The bill's fate hinges on one person's signature. For firms evaluating Poland as a market, the safe move is to assume the veto will hold and plan for a no-MiCA scenario until the supermajority math changes.

For traders, the direct market impact is limited to Poland-exposed crypto stocks or tokens with Polish user bases. Broader EU crypto markets are unlikely to move on this single country's legislative drama. The precedent matters: if a major EU member state cannot implement MiCA due to domestic politics, it weakens the narrative of uniform European crypto regulation.

For more on how MiCA affects stablecoin issuers and institutional lending, see our analysis of Tokenized Money Market Funds: How On-Chain Cash Works and the broader crypto market analysis section.