Polish President Karol Nawrocki has once again blocked a law that would introduce European crypto regulations in the country. It is the second time in a short time that the MiCA proposal has been blocked. At the same time, uncertainty is growing for Polish crypto companies.
Polish companies in uncertainty due to second veto
President Nawrocki last week refused to sign Bill 2064, intended to implement the European Markets in Crypto-Assets Regulation (MiCA) in Poland.
MiCA stands for Markets in Crypto-Assets and is a European law that sets rules for companies that offer crypto, such as trading platforms and stablecoin issuers. The law provides one clear set of rules throughout Europe, which should promote innovation and better protect consumers.
According to the Polish president, the text was “practically identical” to an earlier version that he had already rejected in December. “A wrong law passed a hundred times remains a wrong law,” Nawrocki said. “Poland must attract innovation, not repel it.”
The law should have laid down rules for crypto activities in Poland, such as appointing a supervisor and issuing licenses. But due to the repeated veto, that legal framework is still missing.
No Polish licenses, foreign competition is growing
Because Poland has not yet appointed an official regulator, Polish crypto companies cannot currently apply for a license in their own country. And yet foreign parties can be legally active in Poland.
Companies such as Ripple and Coinbase obtained an official European license in Luxembourg. Thanks to the so-called EU passport right, they can offer their services in all EU countries with this permit.
This creates an unequal situation. Foreign parties have access to the market, while Polish companies remain in the dark about their legal status.
More and more Polish crypto companies are therefore moving to other EU countries to obtain a MiCA license there. An example is Zonda Crypto, which started in Poland but is now based in Estonia.
Meanwhile, Polish economist Krzysztof Piech is working on an alternative bill that should better meet the needs of the crypto industry. “A draft version is ready,” he wrote on X. According to him, it would be completed soon.
Source: https://newsbit.nl/poolse-president-blokkeert-opnieuw-europese-cryptowet-chaos-dreigt-voor-bedrijven/
