The Crypto-Asset Market Act is getting closer. New MiCA proposals from the government and the president

The Polish government and the President have published new draft bills on the crypto-asset market, aimed at breaking the deadlock surrounding the implementation of MiCA in Poland. The drafts provide for supervision by the Polish Financial Supervision Authority (KNF), CASP licenses, a transition period for VASPs until July 1, 2026, and heavy penalties for operating without a license. For the market, this means the need to accelerate compliance efforts and adapt ICT systems to the new regulations.

Two bills on the crypto-asset market

On May 6, 2026, the third government draft Act on the Crypto-Asset Market was published on the website of the Government Legislation Centre (RCL). In response, a corresponding draft Act on the Crypto-Asset Market was presented by the President of the Republic of Poland.

The aim of both drafts is to break the current legislative deadlock related to the implementation of the MiCA Regulation. Let us recall that the Polish authorities have still not adopted the provisions enabling the commencement of authorisation proceedings for crypto-assets.

The Polish Financial Supervision Authority (KNF), CASP, and fines of up to PLN 20 million in the new draft bill

The successive draft act does not deviate significantly from the solutions proposed in the two previous drafts. The Polish Financial Supervision Authority (KNF) is still the suggested competent authority. The method of calculating supervisory fees and the methods of their payment have also not been changed.

The differences concern an increase in the penalties for certain offences. For example, according to Article 121 of the draft, providing crypto-asset services in violation of the MiCA Regulation (e.g., without CASP authorisation) is punishable by a fine of up to PLN 20 million or imprisonment for up to 8 years.

The draft provides solutions regarding the transitional period for entities entered in the VASP register. The rules for providing services in this scope fully overlap with the previous government drafts. It was confirmed that the provision of services under the existing rules may continue no later than July 1, 2026.

Presidential proposal: lower fees for CASP and minor regulatory changes

The proposal submitted by the President is very similar to the government draft. It was emphasized that work was based on the government draft with minor adjustments. The main differences concern the level of supervisory fees and the amount of penalties.

This draft provides that a CASP makes an annual payment to cover the costs of supervision over the crypto-asset market, determined on the basis of the average value of total revenues in the period of the last 3 financial years preceding the year for which the payment is due, in an amount not exceeding 0.1% of this average (instead of the government’s proposal of 0.4%), but not less than the PLN equivalent of EUR 500.

The presidential draft also proposes a slightly different approach to the functioning of the register of internet domains used to conduct activities violating the provisions of the MiCA Regulation, as well as the freezing of a crypto-asset account and a funds account (e.g., extending the freeze after obtaining an administrative court ruling). 

Nevertheless, the changes in this respect are minor and do not alter the assumptions known for several months.

The proposed costs of the authorisation proceedings remain unchanged (EUR 4,500), as does the transitional period, which ends on July 1, 2026.

Is there goldplating in MiCA? The draft crypto-asset bills also cover online currency exchange platforms

One of the most important reasons responsible for the previous presidential vetoes was the allegation of gold-plating, i.e., adding excessive regulations to the act that are not required to implement the MiCA Regulation.

Importantly, both drafts contain aspects unrelated to the implementation of the Act on the Crypto-Asset Market. One such example is the changes aimed at regulating online currency exchange. We wrote about the direction of changes regarding the regulation of online currency exchange offices here.

MiCA in Poland is getting closer: draft legislation breaks the regulatory deadlock

Undoubtedly, the submission of twin draft Acts on the Crypto-Asset Market confirms that both centers largely perceive the supervision of the crypto-asset market in the same way and share the will to end the deadlock related to the implementation of the MiCA Regulation.

This is a good sign for entrepreneurs, as the discussion will likely concern minor aspects of industry regulation (the amount of applicable penalties or supervisory fees) rather than crucial ones (foreshadowing long discussions and serious analyses), such as choosing a different competent authority or establishing a completely new body to examine applications for authorisation.

Progress in legislative work allows investors and entities currently active on the market to finalize their existing procedures and ICT systems to meet the requirements of the MiCA Regulation and other national requirements.

When might the new regulations on cryptoassets take effect?

According to the announcements of the Minister of Finance, the draft will be processed as soon as possible. The draft was adopted by the Standing Committee of the Council of Ministers. The projects have been referred to parliament for further legislative consideration.

In turn, regarding the presidential draft, the date of submitting the draft act for further legislative work in parliamentary committees is unknown.

It cannot be ruled out that the urgent processing of the government draft may mean the adoption of the act before the end of the transitional period. We will keep you updated on further details.

CASP, VASP, and Compliance: How to Prepare Your Company for the New Regulations

The transition period for entities in the crypto-asset market will not last indefinitely. It is advisable to verify now whether your business model, internal procedures, IT systems, and compliance documentation meet the requirements of the MiCA Regulation and the proposed national regulations.

This applies in particular to entities listed in the VASP register, companies planning to obtain a CASP license, exchanges, crypto exchange offices, wallet providers, and other businesses providing crypto-asset services.

Contact us to assess your company’s MiCA readiness, identify regulatory risks, and plan your next steps before the new crypto-asset market regulations take effect.