Third veto of the Cryptoassets Act: VASPs without a CASP must submit a wind-down plan by July 1, 2026

On 11 June 2026 the President of Poland vetoed the act on the crypto-asset market for the third time. Poland will therefore have no authority able to grant CASP authorisations before the end of the EU transitional period.

Every firm entered in the Polish VASP register (the register of virtual currency activities) that does not hold a CASP authorisation in another EU Member State must cease providing crypto-asset services by 1 July 2026, and, as the European Securities and Markets Authority (ESMA) expects, do so under an orderly wind-down plan.

MiCA from July 1, 2026: Crypto-asset services in the EU will require authorization

The transitional period under MiCA expires across the EU on 1 July 2026. In its statement of 17 April 2026, ESMA confirmed that after this date any entity providing crypto-asset services to EU clients without a MiCA authorisation will be in breach of EU law, even where a Member State has not implemented MiCA.

The Polish Financial Supervision Authority (UKNF) took the same view in February 2026: the deadline cannot be extended by a Polish statute or a KNF decision. Importantly, a pending application does not help. Under Article 143(3) MiCA, services may continue only until 1 July 2026 or until authorisation is granted or refused, whichever comes first.

No CASP license and the Polish VASP registry – who will be subject to the new requirements?

All firms entered in the Polish VASP register that will not hold a CASP authorisation on 1 July 2026, including firms whose applications filed in other Member States are still pending on that date.

Wind-down plan for unlicensed CASPs – what steps should be taken before July 1, 2026?

ESMA expects every unauthorised provider to have a wind-down plan that is operational, credible, and immediately executable, and to implement it by 1 July 2026.

In practice, the plan should cover: prior notice to clients; client offboarding, including transferring their crypto-assets to an authorised CASP or self-hosted wallets; closing open positions and settling client funds; compliance with anti-money laundering (AML/CFT) requirements throughout the process; and a review of outsourcing, as serving EU clients through unauthorised third-country entities is prohibited and custody cannot be delegated to a non-CASP.

Entities awaiting authorisation abroad should also prepare a suspension scenario. Transferring client assets realistically takes weeks, so the work should start now.

Services without a license after July 1, 2026. What are the consequences of not having a wind-down plan?

National supervisors are expected to verify the existence and adequacy of wind-down plans and to act, also in cross-border cooperation, against unauthorised services provided after 1 July 2026. A disorderly exit additionally exposes the firm to client claims.

MiCA for VASPs in Poland – Wind-Down Plan and Alternative Courses of Action

If your company needs to terminate, scale back, or suspend its services before July 1, 2026, it is advisable to prepare a safe exit strategy well in advance. We support Polish VASPs in developing and implementing wind-down plans, and we also advise on alternative solutions, including obtaining a CASP license in another EU country. Contact our FinTech team to discuss the best solution for your business model.