With the entry into application of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (“MiCA”), crypto-asset service providers (“CASPs”) operating in the European Union are subject to new licensing, governance, and prudential requirements. While MiCA is directly applicable across the EU as of 30 December 2024, each Member State must adopt domestic legislation establishing national supervisory mechanisms and defining procedures for licensing.
Poland is currently finalising its national crypto-assets legislation, which will form the basis for authorisation and supervision of CASPs by the Polish Financial Supervision Authority (“KNF”).
We understand that VASPs may have doubts about the feasibility of obtaining a CASP license in Poland, given the ongoing discussions and pending legislation. Although the Polish legislation is still in its final stages of development, we are convinced that Poland offers a clear and profitable path for your CASP license application. Let us explain why now is the right time to act and apply in Poland, despite the legislative uncertainty.
Final Stage of Legal Framework Development
We understand that VASPs may have concerns about waiting for the finalization of the Polish crypto asset law. However, the Polish government has already made significant progress in aligning its legal framework with MiCA. The draft law is well developed and it is expected that the final version of the law will be adopted in the near future.
It is unlikely that significant changes will be made to the draft law. Most likely, only the transitional period and the deadlines for applying for a license will be changed. This extension simply means that VASPs will have more time to prepare the application, and it is an opportunity to mitigate any operational risks by ensuring compliance by the deadline. Poland is taking the necessary steps to adapt to the regulatory changes and this extension benefits VASPs by ensuring a smoother transition to full compliance with MiCA.
The fact that the draft law is almost finalized likely means that there will be no surprises – Poland is committed to adopting a regulatory act that will ensure its compliance with EU standards under MiCA.
Transitional Period: A Key Legal Advantage
The original version of the draft law established a fixed deadline of 30 June 2025 for service providers to obtain authorisation. However, in response to market feedback, the Ministry of Finance confirmed that the revised version will introduce a transitional period of four months, calculated from the date of entry into force of the national law.
On February 28, 2025, the Deputy Minister of Finance of Poland spoke at the Seminar “Risks and Regulation in the Banking Sector 2025”, where he described some of the updates expected in the draft law.
In particular, he announced a departure from the specific deadlines defining the end of the transition period in connection with the failure to adopt a law on the crypto asset market. According to him, the targeted solutions (details are unknown) will be to establish a transition period calculated as 4 months from the date of entry into force of the Polish law.
The Ministry of Finance assumes that the law will still come into force in the second half of April 2025, while the transition period will end in August 2025.
During this transitional period, entities already registered in the Polish VASP Register will be allowed to continue operating under the existing legal framework, provided that they initiate the CASP authorization process. This provision is aimed at preserving business continuity and reducing legal uncertainty resulting from the temporary regulatory vacuum.
Currently, cryptocurrency companies in Poland have no legal grounds to apply for a MiCA-compliant license, despite the approaching EU-wide application date. The updated regulatory framework is expected to solve this problem.
Poland Is Committed to Regulatory Alignment and Market Access
Poland’s commitment to MiCA compliance positions it as an important player in the European crypto market, providing access to the EU single market once it is fully licensed.
Poland’s approach to implementing the MiCA reflects its strategic goal of becoming an important regulatory jurisdiction for cryptoasset-related services in Central and Eastern Europe. By harmonizing its legal framework with MiCA and ensuring cooperation with EU institutions, Poland is positioning itself as an open and innovation-friendly market.
After obtaining authorization under MiCA, CASPs established in Poland will be entitled to be certified throughout the EU, which will allow them to provide cross-border services without the need for additional national permits. This will greatly facilitate market expansion and scaling within the Single Market.
In conclusion, while it is true that the finalization of Polish crypto legislation is not yet complete, the regulatory framework is already well defined and closely aligned with MiCA.
Legal Obligations and Market Implications
The upcoming regulatory framework imposes obligations that go beyond mere licensing. Among other requirements, Polish CASPs will be required to:
- Appoint responsible persons for compliance, AML/CFT, and risk management functions;
- Collect and retain identifying data on transaction originators and beneficiaries;
- Maintain records in a machine-readable format for at least five years;
- Ensure tax presence in Poland and maintain a payment account in a Polish bank;
- Provide transaction data to the Polish Tax and Customs Administration for any operation exceeding EUR 1,000.
Additionally, the draft law empowers the KNF to impose administrative fines, revoke licenses, and initiate supervisory or criminal proceedings in cases of non-compliance. Although the overall compliance burden will increase, the new regime is expected to enhance investor protection, reduce fraud, and increase trust in the crypto sector—aligning with broader EU regulatory objectives.
Why You Should Act Now
Although it may seem prudent to wait until the Polish law is formally adopted, delaying preparation may result in missed opportunities. Preliminary preparation will allow companies to:
- Align internal procedures with MiCA in advance;
- Position themselves for early licensing before the volume of applications increases;
- Demonstrate regulatory readiness and transparency to supervisory authorities;
- Minimise the risk of operational disruption during the transitional period.
Poland is deeply committed to creating a robust and competitive regulatory environment for crypto assets, which is why it is working hard to adopt the final law.
Poland Is Not a Risk – It’s a Smart Bet
While the Polish crypto-asset legislation is still undergoing final revisions, the framework is well developed, consistent with MiCA, and supported by a clearly communicated transition plan. The forthcoming transitional regime, combined with strong regulatory alignment and institutional clarity, makes Poland a strategically attractive jurisdiction for CASP licensing.
Entities intending to operate in Poland are advised to start preparing their documents for the license application now. Proactive participation will ensure readiness by the time the application window opens and will contribute to long-term positioning in the regulated European crypto asset market.
Today, it is not too late to consider Poland as a strategic jurisdiction for CASP registration. It is important to follow the development of legislation, prepare documents and act proactively.
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Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
