Updated: 25.03.2025
Prior to the entry into force of the MiCA Regulation, the Polish legal system did not create an elaborate framework allowing the trading of crypto-assets. All that was required for legal activity was an entry in the VASP (Virtual Asset Service Provider) register.
Entry into the VASP register kept by the Director of the Tax Administration Chamber in Katowice was obtained after a maximum of two weeks from the date of submission of a correctly completed application, an application and two declarations were required, and the administrative costs were a mere PLN 616 (approximately EUR 150).
This legal framework for crypto trading was in place until 30 December 2024, when the MiCA Implementatnion, a milestone for crypto trading in the European Union, came into full force.
The registration in the VASP register will be replaced by a CASP license. According to the draft of the Polish crypto-assets market Act, the VASP register will be abolished on 1 October 2025. It is worth noting that, according to the announcements of the Deputy Minister of Finance made at the end of February 2025, the transition period, including the date of liquidation of the VASP register, may change.
Providing crypto-assets services will be strictly regulated, while the crypto market will be supervised by the Polish Financial Supervision Authority.
The need to adapt activities involving crypto assets to the MiCA regulation applies to all entities trading in at least one crypto asset listed in this regulation. The new provisions require certain standards to be met, especially in terms of security, transparency, and compliance with EU regulations on financial instruments and electronic money.
What will crypto trading look like from 2025 with MICA Implementation in Poland?
From the beginning of 2025, crypto trading will be much more complicated due not only to the entry into force of the MiCA regulation, but also the Polish Cryptoassets Markets Act, adapting the EU regulations to the domestic ground.
The Polish law has not yet been enacted, we are describing below the various aspects of doing business with cryptoassets as currently known in the draft. The aspects discussed below are subject to change.
We assume that the law will be passed by parliament at the beginning of the second quarter of 2025.
It is worth emphasizing that the lack of a Polish law does not mean that operating in the crypto market will be restricted or is prohibited. Until it is enacted, the MiCA regulation applies directly.
The rules for the provision of cryptoassets services vary depending on whether you have already done business in Poland while already registered with VASP or, on the contrary, you are just starting out and seeking to obtain a CASP license.
Transition period for MICA Implementation in Poland
In the absence of national legal solutions, we first present the limits of the transition period described in the MiCA regulation for entrepreneurs on the VASP register, followed by the proposed Polish regulations.
On the basis of Article 143(3) of the MiCA Regulation, entrepreneurs who have lawfully provided services (e.g. through registration in the Polish VASP register) before 30 December 2024 may continue to provide their services until 1 July 2026 or until they obtain a CASP authorization or until they are refused such authorization (whichever comes first).
What does the transition period look like on the basis of the draft Polish regulations?
Transition period for entities on the VASP register
The transitional period allows entities on the VASP register to continue to provide services as before (based on the draft Polish Cryptoassets Market Act):
- until 1 June 2025 (where a complete CASP licence application has not been submitted by 1 May 2025),
- until the date of processing of the CASP licence application, but no later than 30 September 2025, when a complete CASP licence application has been submitted.
Due to the failure to pass the act on the crypto-asset market in January 2025, the deputy minister announced a departure from specific deadlines determining the end of the transitional period
The target solutions (detailed regulations are not known at the time of publication of the article, they only result from the announcements made by the Deputy Minister of Finance) will consist of establishing a transitional period calculated as 4 months from the moment the Polish law comes into force.
Therefore, the exact date is not yet known, but assuming that the act enters into force in the second half of April 2025, the transitional period would end in August 2025.
The proposed time periods seem reasonable as they allow for adaptation to new capital, corporate and any other. We have written more extensively about the requirements for CASP licence applicants here.
Starting a crypto-related business
A CASP licence will need to be obtained if cryptoassets activities are to commence from January 2025 (i.e. without having first been entered in the VASP register).
What is the procedure for obtaining a license?
Step-by-step process for obtaining a licence for Authorised CASPs
The company shall apply for a CASP licence to the PFSA.
- Within 5 working days, the licensing authority shall send an acknowledgement of receipt of the application.
- Within 25 working days of receipt of the application, the supervisory authority shall assess whether the application is formally complete. If not, the authority shall invite the applicant to complete the documentation, setting a deadline for completion. If the documentation is not completed within the deadline, the supervisory authority may refuse to process the application.
- If the application is complete, then the supervisory authority shall notify the applicant and start assessing the content of the documents,
- After 20 days (half of the process), the authority may call on the applicant to supplement the documents (the deadline may not exceed 20 days). The remaining 20 days of assessment are counted from the date of transmission of the response to the FSC.
The entire process should take 40 working days and conclude with a decision to grant or deny the license.
When calculating deadlines, it is necessary to take into account the time needed for the circulation of correspondence, so the time indicated in the MiCA may be extended.
Is it already possible to apply for a CASP licence in Poland?
Unfortunately, no. At the time of publication of this article, the law has not yet been passed, and the licence application form is not known.
In light of the current position of the Polish regulator (the Polish Financial Supervision Authority), the failure to adopt the Polish Act makes it impossible to accept and process applications for CASP authorisation.
According to the MiCA implementation, the cost of the CASP application will be EUR 4,500.
What is the range of services that can be provided through a CASP licence?
The MiCA regulation lists 16 services that can be provided. The services are clustered in 3 groups. The axis of division for the groups is the requirements of the funds that a cryptocurrency service provider must have.
The scope of services included in the CASP authorisation is far more detailed, following the professionalisation of cryptocurrency trading services. The content of the MiCA Regulation provides for the following services:
- providing storage and administration of crypto-assets on behalf of clients,
- running a crypto trading platform,
- exchanging crypto-assets for cash (FIAT currencies),
- exchange of crypto-actives for other crypto-actives,
- execution of crypto-related orders on behalf of clients,
- placement of cryptoassets,
- receiving and transmitting orders related to cryptoassets on behalf of clients,
- advising on cryptoassets,
- managing a portfolio of crypto-assets,
- the provision of crypto asset transfer services on behalf of a client.
The entrepreneur may choose one, several or all services. Whereby the choice of services is linked to the specific size of the company’s capital and the authorisation class.
Class 1
| Services provided under the licence: | |
| 1. execution of orders on behalf of clients; | |
| 2. placing of crypto-assets; | |
| 3. providing transfer services for crypto-assets on behalf of clients; | |
| 4. reception and transmission of orders for crypto-assets on behalf of clients; | The capital requirement is EUR 50,000 |
| 5. providing advice on crypto-assetss; and/or | |
| 6. providing portfolio management on crypto-assets. |
Class 2
| The scope of services applies to any crypto range items within Class 1 and: | |
|
The capital requirement is EUR 125,000 |
| 2. exchange of crypto assets for funds; and/or | |
| 3. exchange of crypto assets for other crypto assets. |
Class 3
A crypto-asset service provider authorized to provide any Class 2 crypto-asset services, as well as to operate a crypto-asset trading platform. The required capital value is EUR 150,000.
The draft Polish cryptocurrency law does not in any way change the scope of services or requirements related to the warrant of funds held by traders.
What additional requirements are foreseen in the Polish regulations with the MICA Implementation?
Due to the non-enactment of the Polish cryptoassets market Act, it is difficult to determine clearly what the full scope of requirements for crypto trading will be.
The following aspects will most likely be described in detail:
- rules for communicating the sale of crypto-assets and further marketing aspects,
- the modalities and terms of conduct of the crypto service provider in its dealings with customers (including, inter alia, information about the trader and the services provided),
- the specific technical and organizational conditions required to carry out the activities of entrepreneurs,
- ways to secure crypto-assets,
- requirements for the staff employed.
Supervision Costs for Cryptoassets service providers
The draft Polish cryptocurrency market law provides for several ways to address surveillance costs for traders.
The trader will be required to pay a fee to cover the costs of supervision of the cryptocurrency market determined on the basis of the average value of total revenues over the last three financial years preceding the year for which the payment is due, in an amount of no more than 0.5 % of that average, but no less than the PLN equivalent of €500.
The above data shall be determined on the basis of the audited financial statements for the preceding calendar year and, in the case of entities for which the financial year covers a period other than a calendar year, the data from the audited financial statements for the financial year ended in the preceding calendar year.
It is worth noting that entrepreneurs who are just starting out in crypto services they will pay the first supervision costs in the first year for the year following the year in which they started providing these services.
However, in the case of an entrepreneur for whom the financial year covers a period other than a calendar year, the calendar year following the year in which the first financial year ended shall be taken as the calendar year.
The basis for calculating the average total revenue over the first three years of providing these services is:
- in the first calendar year for which payment is due, the value of total revenue for the preceding year.
- in the following calendar year, the average total revenue for the two years preceding the year for which the payment is due.
What penalties are envisaged?
The draft Polish Cryptoassets Market Act provides for penalties for the following acts for entrepreneurs who:
- providing the cryptoassets services without a CASP license are liable to a fine of up to PLN 5.000.000 or imprisonment of up to 5 years, or both.
- violate professional secrecy shall be liable to a fine of up to PLN 1.000.000 or to imprisonment for up to 3 years, or to both these penalties jointly.
- use, without a CASP licence CASP, in entrepreneur’s business name, advertising, publicity information or to describe business activities terms indicating that entrepreneur a crypto-asset service provider or which may mislead clients, investors or market participants in this respect, shall be liable to a fine of up to PLN 1.000.000 or to imprisonment for up to two years, or to both of these penalties jointly.
We will be happy to assist in obtaining a CASP licence. Contact us [email protected]
FAQ – MICA Implementation in Poland
How does the MICA Implementation affect the cryptoassets regulation in Poland?
The cryptoassets MiCA Regulation introduces a harmonised European regulatory framework for the crypto asset markets, replacing national laws with unified rules across EU member states. In Poland, it will replace the entry in the VASP register with a CASP licence, significantly tightening the requirements for those who provide crypto asset services.
What are the key changes for entities providing certain crypto asset services under the new regulatory framework?
From 2025, entities providing such crypto asset services will require a CASP licence instead of a simple entry in the VASP register. This aligns with national applicable laws and the Markets in Crypto Assets (MiCA) Regulation, ensuring compliance with anti-money laundering measures, financial stability provisions, and market abuse rules under the supervision of national competent authorities.
How does the transition period affect businesses that previously provided crypto asset services?
The crypto assets MiCA Regulation allows entities already registered under the VASP system to continue operating until 1 July 2026 or until they receive or are denied a CASP licence. However, under the draft Crypto Assets Act in Poland, those who have not submitted a complete CASP licence application by 1 May 2025 will need to cease operations by 1 July 2025.
What role does the European Banking Authority play in crypto asset issuance and market supervision?
The European Banking Authority (EBA), along with the European Securities and Markets Authority (ESMA) and other competent authorities, oversees the implementation of the regulatory framework for crypto assets.
It enforces regulatory technical standards related to certain financial entities, electronic money institutions, and the security of stored electronically crypto assets, ensuring alignment with the Digital Operational Resilience Act (DORA).
What types of crypto assets are covered under the MICA Implementation in Poland?
The comprehensive regulatory framework classifies crypto assets into several categories, including electronic money tokens (e-money tokens), asset-referenced tokens, and utility tokens. These classifications determine the applicable technical standards, legal requirements, and the level of supervision from relevant national competent authorities and the European Commission.
What are the penalties for non-compliance with the crypto assets act and MICA Implementation in Poland?
Entities operating without a CASP licence or engaging in market manipulation, financial instruments fraud, or crypto asset excluded activities may face fines up to PLN 5,000,000 or imprisonment of up to 5 years. Additionally, violations of marketing communications rules or misuse of terms like „crypto asset service provider” without proper authorisation can lead to further penalties under the applicable national law.
How does distributed ledger technology impact the provision of such services under the MiCA Regulation?
The digital finance package recognises distributed ledger technology (DLT) as a key innovation in the EU market. The European Parliament has introduced implementing technical standards to ensure secure exchange services, protect investors, and enhance security access protocols for crypto transactions.
What are the public disclosure requirements for legal persons offering crypto asset services?
Entities classified as a legal person under the MiCA implementation in Poland must follow public disclosure rules outlined in the official journal of the European Parliament. These rules apply to capital markets, portfolio management, and credit institutions, ensuring transparency in the digital representation of crypto assets and their oversight by the central bank.
