UKNF Position on MiCA: Legal Status of the Crypto-Asset Market in Poland

The Office of the Polish Financial Supervision Authority (UKNF) has published an official position regarding the operation of entities in the cryptoasset market in Poland pending the entry into force of the national act implementing the MiCA Regulation. This statement clarifies the legal situation for service providers and issuers in light of the ongoing legislative process.

Below we present the key conclusions from the document, relevant for VASPs and future CASPs planning or conducting business in Poland.

Status of the Supervisory Authority

Although the MiCA Regulation is already directly applicable in the EU, the act designating the competent authority for cryptoasset market supervision has not yet entered into force in Poland. This means that currently, no national administrative body has formal competence regarding:

• Crypto-Asset Service Providers (CASPs).
• Issuers of Asset-Referenced Tokens (ARTs).
• Persons seeking admission to trading of crypto-assets.

The exception applies to issuers of E-Money Tokens (EMTs). In their case, the KNF is already the competent authority based on existing sectoral regulations.

Stability During the Transitional Period

For entities already active on the Polish market, the most critical point is the confirmation of the transitional period (grandfathering). According to Article 143(3) of MiCA, entities providing services in accordance with national law before December 30, 2024, may continue their operations under existing rules.

In the Polish context, this primarily applies to entities entered into the Register of Virtual Currencies (maintained by the Chamber of Tax Administration in Katowice). VASPs may conduct operational activities until July 1, 2026, or until their MiCA authorization application is processed. This ensures business continuity and provides time to prepare for the new licensing requirements.

It is important to note that during this period, entities operate based on national regulations, which means they cannot “passport” services to other EU countries until a full CASP license is obtained.

Cross-Border Activity

The current legal situation creates specific conditions for cross-border activities. Service providers (CASPs) from other EU Member States who have completed formalities in their home country may provide services in Poland. The lack of a designated contact point in Poland is not an obstacle, as notifications are transmitted through EU channels.

For Polish entities, this means competing with foreign entities while awaiting the opportunity to submit their own license application, which will be possible once the Crypto-Asset Act enters into force.

Key Date: July 1, 2026

The UKNF emphasizes that the transitional period is rigid. After July 1, 2026, if an entity does not obtain the relevant authorization, it will lose the ability to provide crypto-asset services under current rules. This deadline stems directly from the EU regulation and cannot be extended by a national regulator’s decision.

This implies that while the Polish act is still being processed, the time to adapt the organization to MiCA requirements is ticking. The transitional period should be utilized for process audits and documentation preparation to smoothly navigate the proceedings before the KNF once the licensing path opens.

Do you need support in obtaining a license under MiCA?

Our law firm supports CASPs in obtaining licenses under MiCA and adapting documentation to the requirements of the regulation. We help not only to interpret the guidelines of the authorities but, above all, to effectively translate them into practical and safe business solutions. Feel free to contact us!