MiCA crypto regulation in Poland explained

With the introduction of the MiCA Regulation, the European crypto market is entering a new era of regulatory clarity. Previously, each EU Member State established its own rules for crypto operators, but now a single legal framework applies across the entire Union. As one of the most active jurisdictions in the virtual asset space, Poland must completely revise its approach to licensing and supervising VASP companies. What will happen to the VASP register? Will companies need to reapply for a license? How will banks and investors respond? In this article, we take a detailed look at how MiCA is being implemented in Poland, how local regulators are responding, and what strategy crypto businesses should adopt to remain compliant and successfully enter the European market.

What is MiCA and why is it important for Poland?

MiCA (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114) is the first comprehensive legal act of the European Union that regulates the crypto-assets market. The regulation was officially published in June 2023 and began to apply gradually from 30 June 2024. It establishes a unified set of rules for all EU Member States and covers a broad range of crypto services — from custody and exchange to token issuance and advisory operations.

Before MiCA entered into force, crypto regulation in Poland was based on a national VASP registration regime overseen by the Ministry of Finance and the Krajowa Administracja Skarbowa (KAS). While such companies were included in an open VASP Register, they were not subject to full licensing. With the implementation of MiCA, this register loses its legal significance: Polish crypto companies must obtain the status of Crypto-Asset Service Provider (CASP) to continue operating legally within the EU.

The shift from registration to licensing entails:

1. Stricter requirements for internal procedures and corporate structure;
2. Compliance with MiCA and related EU legislation such as AMLD6 and DORA;
3. A new level of accountability to investors and regulators;
4. The ability to obtain a “passport” to operate across the entire EU without needing to register in each Member State separately.

Advantages of uniform rules

MiCA eliminates the fragmented approach to crypto regulation and creates a level playing field for all market participants. Polish companies that obtain a license will be able to:

1. Compete on equal terms with providers from Germany, France, Lithuania, and other jurisdictions;
2. Access banking and payment services (IBAN, SEPA, SWIFT);
3. Attract institutional investors who prioritize working with regulated partners.

National regulation of cryptoassets in Poland prior to MiCA

Before the MiCA Regulation entered into force, the crypto market in Poland was regulated exclusively at the national level. Since 31 October 2021, all companies providing crypto-related services (including exchange, custody, and intermediation) were required to register in the VASP Register (Register of Activities in the Field of Virtual Currencies), maintained by the Polish Tax and Customs Administration — Krajowa Administracja Skarbowa (KAS). Registration was a mandatory condition for operating in the market, but it did not imply full licensing or oversight comparable to that of financial institutions.

To register in the VASP Register, companies had to:

1. Submit an electronic application via the CEIDG portal (for sole proprietors) or through the KRS system (for legal entities);
2. Appoint persons responsible for AML/CTF compliance;
3. Prove AML knowledge (e.g., by completing a relevant course or demonstrating relevant experience);
4. Ensure compliance with the Act of 1 March 2018 on Counteracting Money Laundering and Terrorist Financing.

However, this registration process did not include a review of the business model, client protection mechanisms, or cybersecurity standards. In most cases, companies met only the formal requirements before launching their operations.

Fragmentation and legal uncertainty

Despite the existence of a basic regulatory framework, the market remained under-protected for both investors and service providers:

1. Inconsistent tax treatment. For a long time, the taxation of crypto-asset transactions lacked clarity. For example, tokens had no formally recognized status as property or financial instruments, which complicated the calculation of income tax.
2. Lack of legal status for tokens. Polish law did not define the legal nature of utility tokens, stablecoins, or security tokens. This limited the possibility of launching legally compliant projects and discouraged institutional investors.
3. No unified supervisory approach. Multiple institutions were involved in overseeing the crypto sector — the tax authority (KAS), the Polish Financial Supervision Authority (KNF), and the Financial Intelligence Unit (GIIF) — but there was no clear coordination or common strategy.

How MiCA will change crypto regulation in Poland

The adoption of Regulation (EU) 2023/1114 significantly transforms the approach to crypto regulation in Poland. The national VASP registration regime is being replaced by a pan-European CASP licensing framework, introducing entirely new obligations, requirements, and supervisory procedures.

Replacing VASP with CASP

With the full application of MiCA, the Polish VASP Register will be abolished and replaced by the Crypto Asset Service Provider (CASP) licensing system. This means that all companies previously registered with the KAS will be required to:

1. Either undergo reassessment under the new rules and apply for a CASP license;
2. Or cease their operations in the EU after the end of the transitional period.

MiCA sets a significantly higher compliance bar compared to the KAS registration framework:

1. Companies must demonstrate a solid corporate governance structure, internal control systems, and full compliance with AML/CFT rules.
2. The licensing process requires a comprehensive application dossier, including information on beneficial ownership, business models, customer protection mechanisms, and cybersecurity standards.
3. Supervisory authorities gain the power to conduct ongoing oversight, perform inspections, and impose sanctions.

Impact on Polish crypto companies

For the Polish crypto market, the transition to MiCA will pose serious challenges in terms of costs and organizational restructuring:

1. Increased operational costs. Businesses will need to hire external legal and compliance experts, conduct internal reforms, and implement risk management and data protection systems.
2. New compliance roles. Companies must appoint designated officers, such as a Compliance Officer and AML Officer, which could be financially burdensome for small and mid-sized firms.
3. Growing demand for professional support. Poland is seeing a surge in consulting and legal services for CASP applications, especially in Warsaw and Krakow, where most major crypto projects are based.
4. Market exit risk. Some small exchanges, P2P platforms, and NFT marketplaces may choose to cease operations in the EU due to high entry barriers.

What types of companies fall under MiCA in Poland?

MiCA applies to almost all businesses offering crypto-asset services, including:

1. Custodial providers managing client wallets and private keys;
2. Exchanges and brokers, even those limited to fiat-to-crypto trading pairs;
3. Tokenization and utility token platforms, especially those running ICOs or IEOs;
4. Stablecoin and asset-referenced token issuers, including those working with PLN- or EUR-pegged tokens;
5. DeFi protocols that provide automated crypto services and may fall within the MiCA scope if structured as centralized operations.

Polish-based projects serving EU clients must also apply for CASP licensing, even if their main operations are abroad. Failure to comply could result in bans, fines, or removal from EU-wide registers.

How are Poland's regulators implementing MiCA?

The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) has become the central body in the transition to the new regulatory regime. While the VASP registration was previously handled by KAS (the National Revenue Administration), it is the KNF that is now responsible for:

1. Coordinating the transition from the VASP system to CASP within the powers granted by MiCA;
2. Publishing guidelines and preliminary clarifications for market participants;
3. Supervising CASP entities, including reviewing license applications, assessing the competence of key personnel, and inspecting internal documentation;
4. Participating in sanctioning and monitoring procedures, including imposing fines and suspending operations.

The KNF has already launched official consultations for market participants, including webinars and publications in the Fintech section of its website. It is expected that by the end of 2025, the KNF will be fully integrated into the European MiCA supervision framework.

Cooperation with European authorities

Polish regulators work in coordination with two key European bodies:

1. ESMA (European Securities and Markets Authority) — responsible for coordinating the CASP licensing model, maintaining a public register of licensed providers, and issuing technical standards;
2. EBA (European Banking Authority) — responsible for supervising stablecoins and ensuring the financial soundness of crypto platforms.

The KNF will participate in information sharing, inspections, and joint monitoring with these EU institutions, particularly on AML/CFT compliance, cybersecurity, and consumer protection matters.

In addition, Polish authorities will be required to transmit data to the unified EU register of CASP providers, where information about licenses, sanctions, and restrictions will be available to other EU Member States.

How Key2Law can help Polish cryptocurrency companies comply with MiCA

The transition from VASP regime to MiCA requirements is a complex legal and operational process. It involves not only adapting the business model but also preparing a complete set of documents, interacting with regulators, and ensuring ongoing compliance. The Key2Law team provides comprehensive support at every stage: from risk assessment to obtaining a license and meeting post-licensing obligations.

We offer:

1. MiCA readiness assessment: analyze your company’s activities, identify which MiCA requirements apply, and detect risk areas.
2. VASP-to-CASP transition strategy: develop a step-by-step adaptation plan, including internal restructuring and licensing timelines.
3. Documentation and policy preparation: draft or update all required documents: AML/KYC policies, operational procedures, and governance structures.
4. Application filing and regulatory interaction: prepare the full application dossier, manage communication with the KNF and EU regulators, and assist with inspections.
5. Post-licensing compliance support: help maintain ongoing compliance, conduct internal audits, and protect your company in case of regulatory inquiries.

If you operate a crypto business in Poland and want to stay competitive in the European market, contact Key2Law. We’ll guide you through the entire MiCA adaptation process efficiently, legally, and on time.