Mandatory CASP Licensing for Crypto-Asset Service Providers Under Poland’s MiCA Implementation
I. Introduction
[Published: October 9, 2025] Poland’s forthcoming legislation implementing the Markets in Crypto-Assets Regulation (MiCA) represents a significant tightening of the regulatory framework governing crypto-asset service providers within the European Union’s largest Central European market. The draft Crypto-Assets Act contemplates penalties of up to five million złoty and imprisonment for a term not exceeding five years for entities providing crypto-asset services without the requisite Crypto-Asset Service Provider (CASP) authorization. This regulatory posture reflects a broader European commitment to bringing the crypto-asset sector within established prudential and conduct-of-business frameworks, while Poland’s approach notably departs from—and substantially compresses—the transitional periods contemplated under the EU regulation itself.
II. Current Regulatory Framework and Existing Penalties
Under the existing regime established by Article 153b of the Act on Counteracting Money Laundering and Financing of Terrorism (Ustawa o przeciwdziałaniu praniu pieniędzy oraz finansowaniu terroryzmu), entities conducting business in virtual currencies without the requisite entry in the official register face administrative penalties of up to 100,000 złoty. Moreover, where an entity breaches its compliance obligations, the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, or KNF) retains discretionary authority to impose penalties of up to one million złoty upon officers responsible for regulatory compliance.
The draft Crypto-Assets Act, dated January 10, 2025, substantially elevates these sanctions. The proposed legislation contemplates fines of up to five million złoty and custodial sentences of up to five years for the provision of crypto-asset services absent the required authorization—a penalty structure that underscores the legislature’s intent to treat unlicensed activity as a serious criminal offense rather than a mere administrative infraction.
III. Transitional Provisions: A Comparative Analysis
Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets (the MiCA Regulation) provides that entities lawfully providing crypto-asset services prior to December 30, 2024, may continue such activities until July 1, 2026. The Polish implementing legislation, however, substantially truncates this transitional period, establishing a terminal date of June 30, 2025—effectively reducing the available transition window by one full year.
Entities seeking to avail themselves of an extended transitional period—potentially until September 30, 2025—must satisfy two conjunctive conditions: first, submission of a complete CASP license application to the KNF; and second, receipt of formal acknowledgment from the KNF confirming the completeness of such application no later than April 30, 2025. This procedural requirement places a premium on early engagement with the regulatory process.
Update: September 26, 2025 — Legislative Developments
The Crypto-Assets Market Act (Ustawa o rynku kryptoaktywów) was adopted by the Sejm on September 26, 2025, and transmitted the same day to the Marshal of the Senate and, on September 29, 2025, to the President of the Republic. The legislation presently awaits presidential signature and subsequent publication in the Journal of Laws (Dziennik Ustaw).
Pursuant to its terms, the Act enters into force fourteen days following official publication. Upon commencement, the following transitional periods—notable for their brevity—will become operative:
Three months post-commencement: Final deadline for submission of a complete CASP license application and receipt of KNF confirmation of completeness (per Article 63(4) MiCA), prerequisite to eligibility for the extended transitional period.
Four months post-commencement: Absolute deadline for all entities operating without a pending application. Continued provision of services after this date without authorization or a duly filed application constitutes a criminal offense punishable by fines of up to five million złoty and imprisonment for up to five years (Article 121 of the Act).
Nine months post-commencement: Final deadline even for entities with pending applications. All unlicensed activity must cease. The existing VASP register will be formally discontinued (Article 167 of the Act).
Given that preparation of complete documentation typically requires a minimum of two to three months, prudent market participants should initiate compliance efforts immediately, without awaiting official publication.
A. The Polish Approach in Comparative Perspective
The compressed Polish timeline stands in marked contrast to the MiCA Regulation’s contemplated transition period extending to July 1, 2026. Under Polish law, the provision of services absent a pending application becomes criminally sanctionable merely four months after the statute’s entry into force.
B. Risks Attendant to Delay
Entities that defer application submission until the final weeks preceding the three-month deadline face substantial procedural risks, including: overburdening of KNF administrative capacity resulting from a surge in applications; insufficient time to remedy formal deficiencies identified by the regulator; failure to obtain the requisite completeness confirmation prior to the statutory deadline; and the consequent necessity of premature cessation of business activities.
IV. Conclusion
Market participants are well advised to engage expeditiously with the licensing process to preserve their ability to operate in the Polish crypto-asset market. Early engagement mitigates both regulatory risk and the practical difficulties attendant to last-minute compliance efforts.
Regulatory Note: The Act awaits presidential signature as of this writing. Precise calendar dates will be determinable only upon official publication in the Journal of Laws; however, the statutory timeframes of three, four, and nine months are fixed and will not be subject to modification.
Update: December 9, 2025 — Presidential Veto
The President of the Republic has exercised his constitutional veto authority with respect to the Crypto-Assets Market Act.
Founder and Managing Partner of Skarbiec Law Firm, recognized by Dziennik Gazeta Prawna as one of the best tax advisory firms in Poland (2023, 2024). Legal advisor with 19 years of experience, serving Forbes-listed entrepreneurs and innovative start-ups. One of the most frequently quoted experts on commercial and tax law in the Polish media, regularly publishing in Rzeczpospolita, Gazeta Wyborcza, and Dziennik Gazeta Prawna. Author of the publication “AI Decoding Satoshi Nakamoto. Artificial Intelligence on the Trail of Bitcoin’s Creator” and co-author of the award-winning book “Bezpieczeństwo współczesnej firmy” (Security of a Modern Company). LinkedIn profile: 18 500 followers, 4 million views per year. Awards: 4-time winner of the European Medal, Golden Statuette of the Polish Business Leader, title of “International Tax Planning Law Firm of the Year in Poland.” He specializes in strategic legal consulting, tax planning, and crisis management for business.
