As of 30 June 2025, operating a cryptocurrency business in Poland and the EU requires a CASP (Crypto Assets Service Provider) licence. Is your company ready for these changes?
Companies operating in the cryptocurrency industry in the EU, including Poland, have until 30 June 2025 to comply with the new requirements of the MiCA regulation and obtain a CASP licence. Operating without the appropriate licence will be punishable by a fine of up to PLN 5 million and five years’ imprisonment. Find out what you need to know to protect your business from the legal consequences.
CASP licence – a revolution in the cryptocurrency market
The MiCA (Markets in Crypto Assets) regulation has introduced revolutionary changes to the regulation of the cryptoassets market across the European Union. From 30 December 2024, any crypto asset service provider within the EU must hold a CASP (Crypto Assets Service Provider) licence, which replaces the previous VASP (Virtual Asset Service Provider) register.
According to the Polish cryptoassets market bill – entities that were already operating before 30 December 2024 on the basis of the VASP can continue to operate until a maximum of 30 June 2025. This deadline can be extended to 30 September 2025, but only if a complete application for a CASP licence is submitted by 30 April 2025.
Who needs to obtain a CASP licence?
The CASP (Crypto Assets Service Provider) licence is mandatory for all crypto asset service providers within the European Union, including Poland.
In practice, this means that all entities currently listed on the VASP (Virtual Asset Service Provider) register and new entrants to the cryptocurrency market after 30.12.2024 must obtain a CASP licence.
The only exceptions are financial institutions duly authorised under Article 60 of the MiCA Regulation, including banks, investment firms or e-money institutions.
The CASP licence applies in particular to:
Cryptocurrency exchanges
enabling the exchange of cryptoassets for cash or other cryptoassets
Cryptocurrency exchange offices
offering exchanges between traditional and digital currencies
Trading platform
enabling trade in cryptocurrencies
Crypto asset management
storing customers’ private keys, managing portfolios
Intermediary companies
in carrying out cryptocurrency transactions
Cryptocurrency advisors
offering portfolio management and advisory services
Transfer of crypto-assets
entities involved in the transfer of cryptoassets on behalf of clients
Placing of cryptoassets
crypto-asset placement companies (their initial offerings)
Comprehensive legal services for CASP licences
Skarbiec Law Firm provides legal services to crypto industry entities in the field of:
- Analyse your business against the requirements of the MiCA Regulation
- Verification of whether your activity requires a CASP licence
- Preparation of the documentation required to obtain a CASP licence
- Representation before the Financial Supervision Authority
- Adaptation of internal procedures to the new regulations
CASP licence – key terms
According to the crypto market bill of 10 January 2025, applications for a CASP licence will be able to be submitted as soon as the Polish law comes into force. According to the attached draft, the law will enter into force 14 days after the date of promulgation, which means that it is likely that the possibility to apply will appear as early as April 2025. However, it all depends on the legislator.
Why act now?
30 April 2025
deadline for submitting a complete application for a CASP licence for entities operating under a VASP registration
30 June 2025
The end of the possibility of operating on the basis of a VASP registration without a submitted CASP application
30 September 2025
end of transition period for those who have submitted a complete CASP application by 30 April 2025
Consequences of not having a CASP licence
The consequences of failing to comply with the new regulations could be devastating for business. According to the crypto market bill of 10 January 2025, operating without the required CASP licence will be punishable by a fine of up to PLN 5 million, imprisonment of up to five years, or both penalties combined.
Even higher sanctions, up to PLN 10,000,000 and two years’ imprisonment, are foreseen for offering cryptocurrency other than asset-linked tokens or tokens that are e-money to the public. It will also be punishable to apply for the admission to trading of such a crypto-asset without notifying the FSA as required by Regulation 2023/1114 or publishing an information document relating to that crypto-asset, as well as for making marketing material relating to such a public offering available to at least 150 persons or an unspecified addressee within the EU.
- Financial penalty of up to PLN 5 million
- Imprisonment of up to 5 years
- Immediate cessation of activities
Requirements for obtaining a CASP licence
An entity applying for a CASP licence must meet a number of strict conditions. First and foremost, the registered office of the entrepreneur should be located in a European Union Member State, as should the place of effective management and the place of residence of at least one of the members of the management board. But it does not stop there. In addition to the registered office and financial security requirements, the application for a CASP licence itself requires very detailed documentation. Applying for a CASP licence is therefore much more complicated and time-consuming than registering for a VASP in advance, and time is short.
Organisational requirements
-
- Registered office in the EU
- Place of effective management within the EU
- At least one member of the management board resident in the EU
Capital requirements
depending on the scope of services provided
-
- Class 1 (basic services): EUR 50,000
- Class 2 (storage and exchange): EUR 125,000
- Class 3 (operation of trading platforms): EUR 150,000
Extensive documentation
-
- Programme of activities defining the types of services to be provided
- Business plan
- Description of internal controls
- AML/CFT procedures
- Technical documentation of ICT systems
Why use our legal support?
- Experience in the cryptoasset sector – we specialise in providing legal services to blockchain and cryptocurrency entities
- Knowledge of regulatory requirements – we keep abreast of developments in MiCA regulations and the Polish cryptoasset market bill
- Comprehensive approach – we offer support at every stage of the licensing process
- Customised solutions – we tailor the scope of services to the needs and specifics of the client’s business
How does the process of obtaining a CASP licence work?
The entire process, from the submission of the application to the receipt of the decision, can take up to 75 working days (approximately 3.5 months), which means that entities planning to continue operating after 30 June 2025 should start the procedure much earlier. This is because a number of steps need to be completed before the application can be submitted in order to fulfil the CASP licence requirements for cryptocurrency operators. For our clients, we offer full legal support in obtaining a CASP licence including:
- Business analysis – we verify the business model against the licensing requirements
- Compliance audit – we assess the degree of compliance with MiCA requirements and provide guidance
- Preparation of documentation – we prepare the complete documentation required by the FSC (Polish: KNF)
- Submission of the application – we represent the client before the FSA
- Supervision of the procedure – we monitor the course of the licensing procedure
- Post-licence support – we assist in maintaining compliance with legal requirements
CASP licence in Q&A
From when can I apply for a CASP licence in Poland?
It will be possible to apply for a CASP licence in Poland as soon as the Polish crypto market act comes into force, which is expected to be in March/April 2025. It is advisable to start preparations now in order to submit your application as soon as possible.
Does my company need a CASP licence?
A CASP licence is required for any entity providing cryptocurrency services within the EU, including but not limited to cryptocurrency exchanges, wallets or trading platforms. This applies to both new entities and companies already operating under a VASP registration.
Do I need a CASP licence if I only operate in Poland?
Yes, the obligation to obtain a CASP licence also applies to entities operating only on the Polish market. The MiCA Regulation is directly applicable in all EU member states, and the draft Polish cryptoasset market law additionally regulates licensing issues at the national level.
Which cryptocurrency services require a CASP licence?
A CASP licence is required for all classes of cryptocurrency services: from simple services like consulting (class 1), to crypto storage and exchange (class 2), to running trading platforms (class 3). They differ in their capital requirements and specific regulatory requirements.
How much does it cost to obtain a CASP licence?
In addition to the costs of preparing the documentation and bringing the business into compliance with the regulatory requirements, the CASP licence fee alone is around €4,500. To this must be added the costs of meeting the capital requirements, depending on the class of services provided (between €50,000 and €150,000).
How long does it take to obtain a CASP licence?
The entire process can take up to 75 working days (approximately 3.5 months) from the submission of a complete application. It is therefore advisable to start preparations as early as possible.
What documents are required for a CASP licence application?
An application for a CASP licence requires extensive documentation, including but not limited to: a description of the programme of operations, proof of compliance with capital requirements, a description of governance arrangements, technical documentation of ICT systems, AML/CFT procedures and a conflict of interest management policy. Our experts will assist in the comprehensive preparation of all required documents.
Will VASP registration be sufficient after 30 June 2025?
No. After 30 June 2025, VASP registration alone will not be sufficient to legally conduct crypto activities.
Is it possible to refuse to issue a CASP licence?
Yes, the FSA may refuse to issue a CASP licence if the applicant does not meet all the requirements set out in the MiCA Regulation and the Polish Crypto Market Act. Among the most common reasons for refusal may be insufficient financial security, deficiencies in technical documentation or objections to the entity’s managers.
