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The dust has not yet settled after the President vetoed the cryptocurrency bill, and the media is already full of a real thriller. Russian spies, terrorist financing, and an army of 600,000 defrauded Poles. Sounds scary? Yes, it does. The problem is that this narrative has little to do with reality.
As a market practitioner, I will say it plainly: MiCA is the leap forward in civilization that we have been waiting for. But what is happening now in the public sphere is political theater, in which legitimate business is being confused with criminals.
Here are 5 facts you need to know to avoid getting caught up in a spiral of fear. 👇
The prime minister dropped a bombshell at the start of a government meeting: 600,000 Poles affected. The number is staggering—that's the entire population of Wrocław! I decided to check the source (PIE report). What did I find? It was the result of an online survey of a sample of... 1,220 people. A "simplified foresight methodology" was used (i.e., a survey of opinions and trends, not criminal facts). In reality , we are talking about the subjective feelings of about 29 respondents, which were then extrapolated to the entire population. Building a narrative about a threat to national security based on the feelings of less than 30 people? In science, this is a mistake of generalization. In politics, it is a convenient weapon against an opponent.
The report lumps everything together: the stock market crash, ordinary phishing, and... a drop in prices (because someone bought at the peak and feels "cheated"). The truth is that most crypto crimes are classic "investment" or "grandchild" scams. Crypto is only a means of payment there – like cash or BLIK.The absurdity of the situation: the government wants to tighten the screws on professional, legal exchanges (CASP) to fight fraudsters on WhatsApp. It's like wanting to outlaw smartphones because of telephone scams. Criminals are not afraid of the Polish Financial Supervision Authority (KNF) anyway, because they operate outside the law!
The law was supposed to implement the EU's MiCA regulation. Simple: we take the EU standard and act on it. What did the Polish government do? It added an "EU+N" version, i.e., it threw in excessive, proprietary requirements that do not come from Brussels and only make life difficult for Polish companies. It was this legislative "baggage" (gold-plating) and lack of dialogue that led to the veto.
EU regulations were ready in June 2023. The Polish draft was submitted to the Sejm... two years later, in June 2025. The government had a huge time buffer. Instead, we were treated to a last-minute legislative sprint. Now they are trying to shift the blame onto the market, shouting about terrorists. It is a cynical game in which innovation is held hostage to politics.
While we argue over definitions and scare the public, businesses are packing their bags. Ramp, one of Poland's unicorns, has just obtained a license in Ireland.Domestic companies are not fleeing regulations. They are fleeing chaos and uncertainty. They are looking for a safe haven where officials understand business and processes take weeks, not years. Capital is flowing out, and only those whom the Polish Financial Supervision Authority cannot reach anyway – i.e., real criminals – will remain in Poland.
The veto gives us a moment to breathe, but the clock is ticking. If we don't want to destroy the Polish crypto industry, we need:
Let's not allow Poland to become a digital museum due to political games. The world of finance (even BlackRock!) is moving towards crypto. We are still trying to take offense at electricity.
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