A MiCA license issued in any EU country gives the holder access to the entire 27-nation bloc as well as Iceland, Liechtenstein, and Norway. That means Polish companies are likely to apply in countries such as Lithuania, Latvia or Germany before passporting their services back home.

“The business simply moves somewhere else,” Wojciech Kaszycki, chief strategy officer of Warsaw-based fintech BTCS, told CoinDesk in a video interview. “None of the Polish companies can receive the authorization in Poland.”

Nawrocki says the law, which he rejected for a third time earlier this month, gives regulators excessive powers, including the ability to block crypto companies’ websites and impose rules that could push businesses abroad. He’s also said it…