Poland's crypto-assets act after three vetoes: what it means for you

Three vetoes and three failed votes[1][2][3][4][5][6][7]

The crypto-assets market act was meant to name a Polish supervisor for the EU MiCA regulation and set the licensing procedure and penalties. The government adopted essentially the same bill three times, and President Karol Nawrocki vetoed it three times. To override a veto, the Sejm needs a 3/5 majority with at least half of MPs present. The ruling coalition does not have that majority.

• 1 December 2025: first veto. Override vote: 243 for, 192 against, not enough
• 12 February 2026: second veto after a nearly identical act was passed again
• 17 April 2026: the Sejm fails to override the second veto. 243 for, 191 against, 3 abstentions, 263 needed
• 8 May 2026: the government adopts a third version of the bill with higher penalties
• 11 June 2026: third veto
• 4 September 2026: the Sejm fails to override the third veto. 241 for, 198 against, 3 abstentions, 266 needed

What the vetoed act would have changed[4][1][5][11][8]

According to the Ministry of Finance, the bill named the Polish Financial Supervision Authority (KNF) as the crypto-asset market supervisor, with inspection and sanctioning powers. It banned providing services without authorisation and set out clients' rights to full information on assets and risks, fair marketing and fast, free complaint handling. The third version raised penalties: 5 to 8 years in prison and fines of 5 to 20 million zloty for providing services without authorisation.

The new KNF tools were the most contested part. The bill allowed the KNF to block an account and suspend a suspicious transaction for 96 hours, extendable up to 6 months in total, and to add domains to a register of dishonest websites. The president's office criticised website blocking as non-transparent and the supervisory fees as a barrier for small firms. The president called the bill over-regulation that would push firms abroad.

Where things stand in October 2026[8][9][10]

On 8 September 2026 the president submitted his own bill to the Sejm. It also lets the KNF block an account for 96 hours, but cuts the maximum extension to 3 months, requires prior approval from an administrative court and makes the State Treasury liable for an unlawful block. It caps supervisory fees at 0.1 percent and limits the dishonest domain register to sites operating without the required licence.

The government announced a fourth version of its bill. Government spokesman Adam Szłapka said it would be somewhat tougher, with a new element of security-service oversight of crypto flows, and that it should reach a cabinet meeting in October, with a minimal question mark. Neither bill is law today.

What it means for choosing an exchange[12][14][11][13]

MiCA is a regulation, so it applies in Poland directly despite the missing national act. The transitional period for firms operating under old national rules ended on 1 July 2026. Since then, services such as exchange, custody and transfer of crypto-assets may be provided only by a firm with a CASP authorisation. ESMA called on unauthorised firms to stop onboarding EU clients and wind down in an orderly way.

Without the act the KNF cannot grant authorisations, so Polish firms that did not obtain one in another EU state lost the right to provide services legally. An entry in the Polish virtual currency register is no longer enough. Firms holding a CASP authorisation from another EU state may operate in Poland on a cross-border basis. Such a firm is supervised by the authority of the state that granted the authorisation, and MiCA requires every CASP to run an effective complaints procedure (Article 71).

• The firm is in the CASPS file of ESMA's interim register
• PL is on the list of countries where it provides services
• The legal name and domain match the terms and the site where you open the account
• You know which supervisor granted the authorisation and where to file a complaint

DEXs and your own wallet[14]

Under recital 22 of MiCA, services provided in a fully decentralised manner without an intermediary fall outside its scope. A memecoin swap from your own self-custody wallet on a DEX therefore does not carry the protection MiCA gives clients of a licensed firm, whatever happens to the Polish act. Contract, liquidity and signing risk stays with you.

Taxes unchanged[15]

The vetoes did not change the tax rules for individuals. Income from disposing of cryptocurrencies, meaning revenue minus documented costs, is still reported on PIT-38 at 19 percent by 30 April of the following year. Exchanging one cryptocurrency for another, including a memecoin for SOL, is not a taxable event. Our PIT-38 guide covers the details.

What the KNF can do today[16][13][11]

Without the act the KNF has no licensing powers and no right to block accounts at crypto-asset service providers. It does keep a public warning list of entities it has reported to prosecutors on suspicion of a crime, and of cases in which it joined proceedings as the injured party. The KNF notes that a firm's absence from the list does not remove the need to check it in other reliable sources, so treat the list as a complement to the ESMA register, not a substitute.

With no national supervisor, be especially wary of ads promising sure profits, an "account manager" contacting you on a messenger, and requests to install remote desktop software. These are typical features of fake investment platforms.

What to watch next[9][10][8][13]

Three things matter most: whether the government adopts a fourth version and with what KNF powers, whether the Sejm takes up the president's bill, and whether any version gets signed. Until then, the ESMA register and the MiCA regulation remain the reference points.