Poland Vetoes the MiCA Bill: What’s Next for Polish VASPs?

First of all, the vetoed crypto bill was supposed to align Poland’s domestic framework for cryptocurrencies with the standards set by MiCA, an EU-wide regulation unifying the crypto compliance requirements across all member states. 

The decision to veto the bill on the president’s part was motivated by several key factors.

1. Risks to Civil Rights and Stability

President Karol Nawrocki argues that this bill threatens the personal freedoms of Polish citizens and the stability of the state. The primary concern is that the law gives government regulators too much power, specifically the ability to block websites and internet domains without enough checks and balances.

2. Excessive Rules Driving Business Away

Another statement in support of vetoing the bill is the argument that the legislation is far too complex compared to what is necessary.  Experts believe that the “red tape” will punish local innovation. There is a strong fear that Polish tech companies will move their headquarters to other countries where the laws are simpler and easier to follow.

3. High Costs for Small Businesses

The bill introduces high supervisory fees that companies must pay to the government. Critics state that while large global banks can afford these costs, they are too expensive for startups. This could effectively crush small Polish businesses before they have a chance to grow.

What Does This Entail for Crypto Businesses?

The presidential veto effectively presses the “pause” button on Poland’s full MiCA integration. For businesses, this creates a unique interim period:

• Extension of the Transition: The delay means the “transitional period” remains the governing status quo. For companies already operating as Virtual Asset Service Providers (VASPs), this buys extra time before they are forced to meet the stricter CASP (Crypto-Asset Service Provider) standards, as stipulated by MiCA;
• The “Strategic Bridge”: For entities that secured their VASP registration prior to the December 2024 cutoff, Poland remains a stable jurisdiction to operate under national rules until the new extended deadline (July 1, 2026);
• Preparation Window: While the law is stalled, it is not dead. The eventual implementation of the facilities allowing MiCA to function properly in Poland is inevitable. Forward-thinking companies are using this delay to upgrade their compliance systems voluntarily, ensuring that when the new bill finally passes, they are ready to transition from VASP to CASP status seamlessly.

How Can LegalBison Help?

LegalBison remains at the forefront, keeping track of all the current developments in Poland’s domestic crypto framework. We assist both existing VASPs and entities seeking the Polish registration with authorising their businesses. While the local regulatory landscape in Poland remains unclear, it is important to stay on course and be ready to adapt to changes. LegalBison can become your reliable partner. Seek a free consultation with our experts right now to define where your business is placed on the map.