On the left is Polish Prime Minister Donald Tusk, and on the right is President Karol Nawrocki (AI-generated)
Author: Zen, PANews
As the year comes to a close, Poland has begun a fierce struggle over cryptocurrency regulation legislation.
On December 9, the Polish government re-submitted the cryptocurrency bill, and on December 10, it was submitted again to the Polish lower house (Sejm). The content of the bill is identical to the version that was recently vetoed by the president, with "not a single word changed."
This move has caused a stir in Polish politics: the liberal Prime Minister Donald Tusk's government insists that the bill involves national security and cannot be delayed, while the nationalist president Karol Nawrocki strongly opposes it, citing the need to protect civil liberties and market vitality.
This game surrounding the cryptocurrency market legislation will keep Poland among the few EU countries that have not completed domestic legislation for the Markets in Crypto-Assets Regulation (MiCA).
Why Poland's Cryptocurrency Bill is "Highly Regulated"
Poland's cryptocurrency market bill aims to align national laws with the EU's MiCA regulations.
The bill establishes a unified regulatory framework for the cryptocurrency industry, with key provisions including a clear regulatory scope and licensing system, regulations on anti-money laundering and transparency obligations, an emphasis on consumer protection measures, and the establishment of regulatory fees and industry standards.
Specifically, the bill designates the Polish Financial Supervision Authority (KNF) as the main regulatory body for the cryptocurrency market, requiring all cryptocurrency service providers (CASPs) to register with the KNF and obtain a license to operate legally. This includes cryptocurrency exchanges, custodial wallet service providers, token issuers, and stablecoin issuers. Service providers must report their business activities to the KNF, undergo regulatory review, and those who violate the regulations will face sanctions. The bill even introduces criminal liability for unlicensed token issuance or provision of cryptocurrency services.
Additionally, the bill explicitly includes cryptocurrency service providers under the anti-money laundering and counter-terrorism financing regulatory framework, requiring them to comply with the relevant provisions of the Anti-Money Laundering Law. This means CASPs must implement customer identity verification (KYC), suspicious transaction reporting, and other obligations to prevent cryptocurrency from being used for illegal financial activities. At the same time, the bill strengthens information reporting and transparency requirements, such as mandating that cryptocurrency businesses report transaction data to tax and law enforcement agencies, and strictly limiting the use of intelligence obtained from other EU countries to tax, law enforcement, and anti-money laundering agencies. Through these measures, regulatory authorities hope to enhance market transparency and strengthen cross-border cooperative regulation.
Given the widespread popularity of cryptocurrency investment in Poland and frequent risk events, the bill emphasizes the addition of investor protection provisions. For example, it strengthens regulations on cryptocurrency advertising and information disclosure, requiring token issuers to provide clear white papers or risk warnings (in line with MiCA requirements) to prevent false advertising and scams. At the same time, the KNF can quickly take action against platforms suspected of fraud, including rapidly blocking related websites. Legislators believe these measures will help curb fraud in the cryptocurrency sector and protect investor rights and market confidence.
To support regulatory work, the bill establishes a regulatory fee system for cryptocurrency service providers, requiring licensed institutions to pay a certain percentage of fees to fund the KNF's daily supervision. However, this provision has been quite controversial during the legislative process—the fee level is set quite high, and the president and opponents question whether this will make it difficult for startups to survive, benefiting only large foreign financial institutions, thereby stifling competition and severely jeopardizing innovation.
The bill itself spans over 100 pages, detailing compliance requirements and penalties for various aspects of cryptocurrency issuance, trading, and custody, making it particularly comprehensive compared to the concise legislation of neighboring countries. Supporters claim that this "highly regulated" approach helps prevent systemic risks, while opponents worry that overly complex regulations will increase the compliance burden on businesses.
Historical Context: How the Stalemate Formed
According to public reports, Poland began to incorporate MiCA into its national legal system as early as February 2024, when the Polish Ministry of Finance released a draft of the cryptocurrency market bill and publicly solicited opinions on the government legislative center's website.
Six months later, in August 2024, the government announced an updated version of the draft bill. The new draft made adjustments to the transition period and licensing application process, such as moving the transition deadline from the originally planned end of 2025 to June 30, 2025, in an effort to accelerate the implementation of MiCA.
In June of this year, the Polish coalition government officially passed the cryptocurrency market bill and submitted it to parliament for review. At this time, the ruling coalition was led by Prime Minister Donald Tusk, who advocated for the swift implementation of EU regulations. However, after the 2023 elections, right-wing parties in opposition, including the Law and Justice Party and the Alliance Party, expressed reservations about the bill, but since they did not hold power, the bill continued to progress smoothly.
In November 2025, the Polish lower house (Sejm) held a final vote on the bill and passed it. Members of the ruling coalition unanimously supported it, forming a stable majority across left, center, and right factions; the right-wing opposition party, which believed the bill was too harsh, voted against it but was unable to block its passage due to insufficient seats. The bill was then submitted to the president for signature and enactment.
However, Polish President Karol Nawrocki announced earlier this month that he vetoed the cryptocurrency market bill. In his presidential announcement, he harshly criticized the bill for endangering the freedoms, property, and national stability of Polish citizens, particularly pointing out that the regulatory measure of "one-click website blocking" is too vague and prone to abuse, potentially infringing on the rights of legitimate operators.
Nawrocki also questioned the lengthy nature of the Polish version of the regulations and the high regulatory fees, stating that compared to the simpler approaches taken by neighboring countries, it seemed to be "overly broad" and could drive innovative companies out of Poland. This is also one of the rare cases in Poland where a president has used the veto power to reject economic legislation, resulting in a stalemate for the bill.
In the face of the president's strong opposition and criticism, the Polish lower house immediately convened a special meeting in an attempt to overturn the presidential veto, but failed to gain the required supermajority of three-fifths support. In the vote that day, only 243 members voted to overturn the veto, falling short of the legal threshold of at least 276 votes.
Before and after the vote, the debate surrounding the bill was highly charged. Prime Minister Tusk informed members in a closed-door meeting before the vote about "urgent national security information" and posted on X that this vote was a "struggle between Russian funds and services and the safety of the nation and its citizens." Tusk stated in parliament: "There is no doubt that this market is highly susceptible to exploitation by foreign forces, intelligence agencies, and the mafia. The challenge for the state is to provide the necessary tools to ensure it is not left powerless."
The president's side condemned the prime minister for oversimplifying the issue, with the president's office director Zbigniew Bogucki stating that opposing the bill should not be equated with supporting the Russian mafia. Despite the ruling coalition's vigorous mobilization, the opposition and some hesitant members ultimately maintained the veto. He called for cooperation between the government and the presidential office to jointly draft new legislation.
However, Tusk's side clearly did not want to back down. Just days after the presidential veto was upheld, the cabinet led by the prime minister submitted the original proposal to parliament again on December 9 for a new round of legislative procedures, notably claiming that "not a single word was changed."
The government's move is tantamount to openly challenging the president and calling on the media to urge the president to sign the new law quickly, claiming that if delays continue, Poland will face more cryptocurrency security threats from forces like Russia. This rare stalemate has made the cryptocurrency regulation bill a focal point of contention between the two major political camps, adding uncertainty to the legislative direction in the coming months.
Ice and Fire: The Struggle Behind Cryptocurrency Regulation
Similar to U.S. President Trump, Polish President Karol Nawrocki promised to build a cryptocurrency-friendly economy and oppose excessive regulation during the 2025 presidential campaign, gaining support from some cryptocurrency investors and liberal voters.
Therefore, it is only natural that this pro-cryptocurrency president and his supporters (mainly from the right-wing opposition) oppose the bill. Their core argument is the concern that excessive regulation will stifle the market and infringe on freedoms. Nawrocki emphasized in his veto statement that the powers granted to regulatory agencies by the bill are too broad, allowing the KNF to easily block accounts or domain names, which he believes threatens citizens' economic freedom.
The president's office pointed out that the Polish version of the regulations is complex and lengthy, with stringent requirements that are inconsistent with the streamlined approaches taken by neighboring countries when implementing MiCA. Zbigniew Bogucki criticized the bill as "overly burdensome and contrary to the original intent of EU legislation." They cited that countries like the Czech Republic and Slovakia completed their MiCA integration with only a few pages of regulations, while Poland produced over a hundred pages of rules, which they believe creates unnecessary bureaucratic hurdles.
Economically, the president's camp is concerned that high regulatory fees and cumbersome requirements will force local cryptocurrency startups to relocate to more lenient environments like Lithuania and Malta. This view is also supported by politicians from Poland's far-right United Party. United Party leader Sławomir Mentzen publicly stated that the bill will destroy Poland's emerging cryptocurrency market, viewing the presidential veto as a victory for protecting innovation.
Prime Minister Donald Tusk and the ruling coalition strongly advocate for immediate regulatory strengthening to ensure national security and fulfill EU obligations. Tusk has repeatedly emphasized that an unregulated cryptocurrency market provides opportunities for criminals and hostile forces, making it susceptible to exploitation by foreign intelligence agencies and mafia organizations. He has elevated the push for the bill to a matter of national security, bluntly stating, "Either you stand with Russian dirty money and agents, or you support my bill."
In parliamentary debates, Tusk pointed out that intelligence indicates hundreds of registered cryptocurrency companies in Poland are linked to Russia and other former Soviet countries, believing that Poland's cryptocurrency market has been infiltrated by Russian forces. He is concerned that unregulated capital flows could be used for money laundering, funding destructive activities, or evading sanctions.
The ruling coalition has also repeatedly mentioned the high incidence of domestic fraud cases: government officials revealed that there have been over 5,800 fraud cases involving cryptocurrency assets since early 2024, and the lack of regulation has made the market chaotic like the Wild West. In their view, legislative delays equate to allowing consumers to be placed in danger.
Another major argument from Tusk's government is the unified process of the EU's MiCA: all member states must timely designate national regulatory authorities and issue CASP licenses; otherwise, domestic companies will be unable to conduct legal business in the EU. Deputy Finance Minister Jurand Drop warned that if Poland cannot establish a MiCA framework by July 2026, domestic cryptocurrency companies will have to register abroad, and the tax and fee revenues generated from services provided to Polish customers will flow overseas. Additionally, if Polish users encounter issues on foreign licensed exchanges, they will face difficulties in cross-border rights protection when seeking help.
The debate between the Polish president and prime minister over the cryptocurrency bill reflects deep-seated differences between the two camps regarding economic regulatory orientation, security concepts, and the degree of integration with the EU. From the perspective of the president and the right, the market's freedom and vitality are prioritized, and the government should not overly intervene in emerging industries; they fear that regulations like this bill will undermine Poland's potential as a cryptocurrency-friendly market. In contrast, the prime minister and the ruling coalition lean towards strong regulation to ensure stability, believing that moderately strict rules can purify the market environment and ultimately benefit the healthy development of the industry.
Overall, the dispute over Poland's cryptocurrency bill goes far beyond technical aspects, becoming a political game between the ruling coalition and the conservative presidential office. The Tusk government calls for maintaining financial order and national security to push the legislation forward; President Nawrocki raises the banner of protecting free markets and civil rights, using the veto power as a weapon to counter the government.
Currently, the struggle surrounding the cryptocurrency bill is ongoing. The ruling coalition may attempt to persuade some opposing members to pass a new version of the bill or make concessions in details to secure the president's signature. On the president's side, whether he can find a balance between upholding principles and international pressure remains uncertain.
But regardless of the outcome, this dispute has become a landmark event in the history of Poland's digital policy, highlighting the delicate and important balance between regulation and freedom, the state and the EU.
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