Poland vetoes MiCA implementation bill, deepening licensing gap for domestic crypto firms
Poland's head of state has blocked a second attempt to implement the EU's MiCA framework domestically, creating a formal void ahead of the July 1, 2026 transition. This ruling leaves local operators without a clear licensing route while foreign entities with existing EU MiCA approvals can lawfully extend services into Poland.
The national regulator, the KNF, publicly noted Poland has not named a competent supervisory authority for crypto, intensifying urgency for alternative compliance plans. Several home‑grown exchanges report contingency moves: seeking registration in other EU states, passporting licenses, or restructuring operations overseas. Executives at Kanga Exchange say contingency planning began months ago, while Zonda Crypto already operates under an Estonian registration and intends to use foreign authorization to continue Polish market access.
Large international platforms that secured MiCA clearance elsewhere, including Coinbase, gain a near‑term commercial edge by being able to offer services without waiting for Polish implementing rules. The effect is a market tilt: firms with external authorizations can scale in Poland, while domestic incumbents face regulatory dead ends. Policymakers from within the government are drafting a more permissive alternative bill to reduce friction, but timing remains tight given the mid‑2026 deadline. If legislators do not act quickly, expect accelerated passporting activity, consolidation among service providers, and higher barriers for nascent Polish crypto startups.
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