Poland's Crypto Licensing Deadlock Leaves Domestic Firms at Disadvantage
Poland's crypto licensing deadlock has left domestic firms unable to seek licenses while EU-authorized rivals continue entering the market. The country's Sejm failed to override President Karol Nawrocki's veto of legislation needed to implement parts of the European Union's Markets in Crypto-Assets (MiCA) Regulation.
The Sejm voted 241 to re-enact the bill, but fell short of the threshold required to overcome the June 11 veto. This means that firms seeking a Polish license are stuck even as competitors authorized elsewhere in the bloc retain a route into the same market.
EU licenses offer a way around Poland's blockage, as MiCA allows an authorized crypto-asset service provider to operate across member states through its home regulator. A firm can notify that regulator of the countries and services it intends to cover and begin cross-border activity once it has transmitted the information.