Changes to the operation of the VASP registry in Poland

The Director of the Tax Administration Chamber in Katowice has announced that, effective December 30, 2024, new entries of entities in the Virtual Asset Service Providers (VASP) register for virtual currency activities will no longer be permitted. This change is due to the implementation of the Markets in Crypto Assets Regulation (MiCA) and the Transfer of Funds Regulation (TFR). Under these regulations, VASP activities will now be subject to stricter requirements set by the European Union, which include obtaining the necessary authorizations from the relevant supervisory authorities.

Direct application of the MiCA and TFR Regulations

As of December 30, 2024, two key EU regulations are directly applicable in Poland:

1. Regulation (EU) 2023/1114 of the European Parliament and of the Council (MiCA).

This regulation creates a consistent legal framework for the cryptoasset market, outlining requirements for VASP activities, public token offerings, and end-user protection.

2. Regulation (EU) 2023/1113 (TFR).

Addresses information requirements for money transfers and cryptoassets related to anti-money laundering (AML) and countering the financing of terrorism (CFT).

According to Article 91(3) of the Polish Constitution and Article 288 of the Treaty on the Functioning of the European Union, these regulations take precedence over national law in case of any discrepancies.

What is changing for entrepreneurs?

1. Previously registered entities

Entrepreneurs who operated as Virtual Asset Service Providers (VASPs) and were registered in the national registry before December 30, 2024, may continue their operations during the transition period. However, they must ensure that their operations comply with the requirements set forth in the Markets in Crypto-Assets (MiCA) regulation and the Transfer of Funds Regulation (TFR).

2. New entrepreneurs

New cryptocurrency service providers cannot register in the current system. To begin operations, they must meet the requirements set by EU regulations, including obtaining the necessary permits.

Is your company compliant?

The introduction of the MiCA Regulation and the TFR brings significant changes to the regulation of the crypto assets market in Poland, particularly concerning the operation of Virtual Asset Service Providers (VASPs). As of December 30, 2024, no new entries can be made in the national VASP registry. This requirement compels entrepreneurs to fully comply with European standards. Existing service providers should begin updating their organizational structures to implement the new regulations immediately so they can continue to operate in accordance with EU laws.

We recommend that you implement the new MiCA and TFR regulations as soon as possible to secure the future of your business in the crypto market. Don’t procrastinate – time works against you, and complying with EU standards is key to continuing to operate in compliance.

Not sure where to start and need help adapting to the changes? Feel free to contact us, we will be happy to help you!