Are groundbreaking changes coming? Check out the new version of the draft Polish law on the cryptoassets market

On December 9, 2024, a new, already fourth version of the long-awaited draft Polish law on the cryptoassets market was published on the website of the Government Legislation Center. The document is particularly relevant for entities currently enrolled in the VASP register and other financial institutions that are preparing to apply for a license to provide crypto services (the so-called “CASP license”).

What changes does the draft bill contain?

The main provisions of the draft bill:

1. the Polish draft significantly shortens the transition period provided for in the MiCA (until July 1, 2026, or until they obtain a CASP license) and introduces 2 rules:
   1. VASPs, i.e. entities enrolled as of the effective date of the law (date not yet known) in the register of virtual currency activities, may, until no later than June 30, 2025, operate under the current rules (i.e., based on registration in the register). If a VASP submits a complete application for a CASP permit before May 1, 2025, and receives notification from the UKNF of receipt of the application, then it may provide services during the extended period until September 30, 2025 (or until the date the permit is obtained or denied, if earlier) – Article 163(1) and (2) of the draft;
   2. entities that, on December 29, 2024, provide cryptocurrency services within the meaning of Article 3(1)(16) of the MiCA, which are not virtual currency activities (VASP activities), may operate under the existing rules until June 30, 2025. If such entities submit a complete application for a CASP permit and receive notification from the UKNF of receipt of the application, then they may provide services during the extended period until September 30, 2025 (or until the date the permit is obtained or denied, if earlier) – Article 161 (1) and (2) of the draft,
2. the draft introduces an order to provide services on the basis of terms and conditions and a separate service contract with the client (T&Cs need not be drawn up only if the construction of cryptocurrencies or the peculiarities of trading in these cryptocurrencies make it impossible to regulate rights and obligations uniformly for all clients) – Article 5(1) and (2) of the draft,
3. a ban is established on lending in crypto-assets or brokering loan transactions, entering into loan transactions in crypto-assets in one’s own name and on behalf of the principal, or in the name and on behalf of the principal – Article 13 of the draft,
4. the draft adopts that applications for entry into the VASP registry submitted and not processed before the effective date of the law will be left unprocessed – Article 162 of the draft,
5. the VASP registry shall be abolished as of October 1, 2025.

Are groundbreaking changes for the crypto market coming?

The draft act is at the government stage – i.e., it has not been submitted to the Parliament for adoption. It is thus possible that it will undergo changes in the further legislative process.

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