Poland MiCA Update
On May 15, 2025, Poland’s Ministry of Finance released a new draft law aimed at regulating the crypto assets market. This represents a significant move in aligning Poland’s national regulatory framework with the EU Markets in Crypto-Assets Regulation (MiCA), formally known as Regulation (EU) 2023/1114. The proposed legislation outlines several key updates that directly affect Virtual Asset Service Providers (VASPs), especially those planning to apply for a Crypto-Asset Service Provider (CASP) license.
A central feature of this new draft is the formal introduction of a phased transitional period, offering registered VASPs time frame flexibility to adjust to the upcoming regulatory regime.
One of the most important elements of the draft is the implementation of a structured transitional period. Under this arrangement:
- VASPs already registered in Poland’s national VASP register will be allowed to continue operating under current rules for up to four months following the date the new law enters into force.
- This period can be extended to nine months, provided two conditions are met:
- A complete application for a CASP license is submitted within three months of the law’s effective date.
- The applicant receives a confirmation of completeness in line with MiCA requirements.
This extension is only available to entities that take early action. Companies that fail to meet these conditions will be restricted to the initial four-month allowance.
The draft also makes it clear that Poland’s current VASP Register will be officially dissolved nine months after the new law becomes effective. Companies not in full compliance or that delay preparations may risk being left without legal operating status.
According to Article 163(1) of the draft:
From the moment the law enters into force and until a decision is made either to grant or deny a CASP license (as per Article 59(1)(a) of MiCA), any entity already listed in the national VASP register may continue providing services covered under the current framework for:
- Up to four months, or;
- Up to nine months, if the complete CASP application is submitted within three months, and the entity receives a confirmation of completeness under Article 63(4) of MiCA.
If a company is removed from the register for any reason, these rights are forfeited regardless of the time elapsed.
Although the draft law is a significant step forward, it has not yet been officially adopted. Political factors, including recent elections, may have delayed its progress. Based on current developments, it is likely that the law will be passed in June or July 2025, but it is expected to enter into force only after the summer.
Assuming this timeline holds, the CASP licensing process may begin in Q3 2025, giving companies until mid-2026 to complete their applications and transitions under the MiCA framework.
The draft legislation not only defines the scope of the transitional period but also introduces specific circumstances under which a VASP can be removed from the register before the period expires. These provisions aim to ensure only compliant and operationally active entities continue to benefit from transitional rights.
A VASP may be delisted if any of the following apply:
1. Failure to Maintain Legal Registration
- Natural persons: Lack of registration in the Central Register and Information on Economic Activity (CEIDG).
- Legal entities or organizations: Absence from the National Court Register (KRS).
2. Lack of Cooperation with Supervisory Authorities
The VASP may be removed if, during the transition, it:
- Fails to respond to two consecutive regulatory letters sent to its registered address;
- Refuses or fails to receive notice of regulatory inspection;
- Has its legal representative removed from KRS without nominating a replacement;
- Has its official KRS address removed and fails to update the registry accordingly.
These rules are clearly intended to target dormant, non-transparent, or non-cooperative businesses.
3. Anti-Money Laundering (AML) Compliance Failures
If the General Inspector of Financial Information (GIIF) notifies the authority that a VASP has twice failed to fulfill obligations under Article 76, such as quarterly reporting requirements, the company may be removed from the register.
The draft introduces specific rules related to client agreements and service transparency. Under Article 5, every crypto-asset service must be delivered based on a formal written agreement supported by clear and detailed terms and conditions.
These terms must outline:
- The rights and responsibilities of both the CASP and the client;
- The procedures for entering and terminating the agreement;
- Rules on powers of attorney, if applicable;
- The format and scope of a mandatory client financial statement, which must be completed before the agreement is finalized.
While there is flexibility for some exceptions—particularly in cases where the crypto asset’s design prevents standardization—most service providers will need to implement these requirements across the board.
One area where the draft is notably vague is the client financial statement. It mandates written form but fails to define the specific content required.
In practice, a written statement typically requires a physically signed document, which can introduce delays, especially for remote onboarding. An accepted alternative is the use of a qualified electronic signature, which carries the same legal weight under Polish law. CASPs should consider incorporating electronic document management systems to streamline compliance and client experience.
Other Key Changes in the Draft
1. Reintroduction of Crypto Lending
An earlier draft had proposed a ban on crypto-asset lending, but this restriction has now been lifted. This change creates room for lending platforms and decentralized finance (DeFi) models to operate in Poland. However, all such activities must still be licensed under CASP and remain compliant with MiCA’s conduct and risk management rules.
2. Standards for Providing Crypto Advice
The draft introduces standards for individuals providing crypto-related advice or information. Only employees or contractors with sufficient knowledge and expertise in financial markets may legally offer such advice.
In cases where an individual lacks the required competency, they may still communicate such information—but only under the supervision of a qualified person, who then assumes full legal responsibility for the advice given.
Poland’s updated draft legislation signals a clear move toward a more mature and structured crypto regulatory environment. For existing VASPs and new market entrants alike, the message is clear: start preparing now.
Key steps include:
- Submitting your CASP license application as early as possible (ideally within 3 months of the law’s entry into force);
- Ensuring your terms and conditions and client agreements meet the new requirements;
- Developing reliable electronic signature workflows to comply with written-form obligations;
- Avoiding compliance risks that could trigger removal from the VASP register.
With the CASP licensing regime expected to go live later this year, proactive compliance and early application submission will be crucial for maintaining business continuity under MiCA.