- Vetoed crypto bill remains unoverturned in Poland, marking EU holdout.
- President cites safeguarding freedoms as reason for veto.
- Potential shift of crypto firms to other EU countries expected.
The Polish Sejm upheld President Karol Nawrocki’s veto on the national crypto-assets bill, leaving Poland as the only EU member not implementing MiCA.
Poland’s stance creates regulatory uncertainty, potentially deterring crypto investment and operations within the country, while shifting focus to more compliant EU jurisdictions.
Poland stands as the only EU member without implementing MiCA, due to the upheld veto by the Sejm. President Karol Nawrocki’s dissent stems from concerns over national security, stifling competitive markets, and threatening personal freedoms.
Impacts and Reactions
Immediate impacts include regulatory and compliance gaps, with businesses potentially relocating. Industry voices express frustration over lacking regulatory clarity. MiCA’s non-implementation could disadvantage Polish market competitiveness.
Financial implications involve lost investment potential and fees flowing to other EU countries. The political decision reflects broader concerns about national autonomy versus EU regulatory pressures, highlighting political tensions.
“The bill posed a real threat to the freedoms of Poles, their property and the stability of the state.” — Karol Nawrocki, President of Poland
Future Outlook
Industry participants fear that without amendments, the bill could push Polish crypto firms abroad by 2026. Compliance challenges in Poland might drive firms to relocate, impacting local revenue and tax structures. Historical parallels draw on other countries facing regulatory hurdles, driving firms abroad. Poland’s unique position reflects a balance between EU integration and national control, affecting business decisions. Global market response remained relatively neutral.
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