Transform Regulatory Compliance into Competitive Advantage
The Regulatory Watershed
Poland’s cryptocurrency industry faces its most significant transformation. On 26 September 2025, Parliament adopted the Cryptoassets Market Act, implementing the MiCA Regulation and Regulation 2023/1113 across Poland. Following transmission to the President and Senate on 29 September 2025, the Act enters force 14 days after promulgation.
From that moment, every cryptocurrency service provider must secure a CASP (Crypto Assets Service Provider) licence from the Polish Financial Supervision Authority. Unauthorised operations become criminal offences – punishable by fines reaching PLN 5 million and imprisonment up to five years.
The transitional deadlines are unforgiving. While exact calendar dates await the Act’s promulgation, the timeframes themselves are fixed: entities face just 3-4 months to prepare and submit applications.
Who Must Obtain a CASP Licence?
CASP licensing applies to all crypto asset service providers operating within the European Union, including Poland. This encompasses entities currently registered on the VASP register and all market entrants after 30 December 2024.
Exempt entities: Financial institutions authorised under Article 60 of MiCA – including banks, investment firms, and e-money institutions – may provide crypto asset services under existing authorisations.
Services Requiring CASP Licensing:
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 CASP Licensing Services
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
The Urgency of Immediate Action
Parliament adopted the Cryptoassets Market Act on 26 September 2025. Upon promulgation, the Act enters force within 14 days. The transitional provisions in Articles 162-163 establish inflexible deadlines calculated from that entry date.
- 3 months from entry into force: Deadline for submitting complete CASP applications to secure extended transitional periods.
- 4 months from entry into force: Absolute deadline for entities operating without submitted applications. Operations beyond this point constitute criminal activity.
- 9 months from entry into force: Final deadline for all entities. Unless licences are granted, all operations must cease. The VASP register is liquidated on this date.
Preparation timelines are severely compressed regardless of when the Act takes effect.
TBC
deadline for submitting a complete application for a CASP licence for entities operating under a VASP registration
TBC
The end of the possibility of operating on the basis of a VASP registration without a submitted CASP application
TBC
end of transition period for those who have submitted a complete CASP application by 30 April 2025
Consequences of Non-Compliance
The Act introduces unprecedented criminal penalties for Polish cryptocurrency regulation.
- Financial penalties up to PLN 5 million apply to unauthorised CASP operations under Article 121.
- Imprisonment up to 5 years constitutes the maximum custodial sentence for individuals acting on behalf of unlicensed entities.
- Immediate cessation of activities becomes mandatory upon transitional period expiration without licence approval.
Additional offences carry heightened penalties. Article 117 imposes fines up to PLN 10 million and imprisonment up to two years for conducting public offerings without proper documentation. Article 118 establishes identical penalties for improper marketing activities.
Beyond criminal liability, businesses face civil claims, permanent industry exclusion, asset seizure, and reputational destruction.
CASP Licence Requirements
Applicants must satisfy stringent conditions. The registered office, place of effective management, and residence of at least one management board member must be located within the European Union.
CASP licensing involves substantially greater complexity than previous VASP registration. Documentation requirements are extensive; preparation typically requires several months.
Organisational Requirements
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- Registered office located in the EU
- Place of effective management within the EU
- Minimum one management board member resident in an EU Member State
Management board members must demonstrate good repute – no criminal convictions for financial crimes. They must possess professional qualifications and experience in financial services, technology, or crypto industries. The management body collectively must demonstrate comprehensive knowledge of crypto markets and regulatory frameworks.
Capital Requirements
Capital requirements scale according to service scope. Services are classified into three tiers with escalating requirements.
- Class 1 (EUR 50,000): Advisory services, reception and transmission of orders, portfolio management
- Class 2 (EUR 125,000): Custody and administration, exchange services (crypto-to-fiat and crypto-to-crypto), execution of orders, dealing on own account, placement of crypto assets
- Class 3 (EUR 150,000): Operating trading platforms for crypto assets
When providing multiple service classes, the highest applicable capital requirement governs.
Extensive Documentation
- Programme of Activities: Defines service types, target client segments, geographical scope, technology platforms, and service delivery models.
- Business Plan: Three-year financial projections demonstrating financial sustainability and adequate resources.
- Internal Controls: Three lines of defence model encompassing business operations, compliance and risk management, and internal audit functions.
- AML/CFT Procedures: Compliance with Polish Anti-Money Laundering Act as amended by the Cryptoassets Market Act, addressing customer due diligence, transaction monitoring, suspicious activity reporting, and Travel Rule compliance under Regulation 2023/1113.
- ICT Systems Documentation: Demonstrates robust cybersecurity, business continuity planning, disaster recovery capabilities, and DORA Regulation compliance.
- Additional Documentation: Articles of association, shareholder structure, beneficial ownership disclosure, professional indemnity insurance, conflict of interest policies, client complaint handling procedures.
Why use our legal support?
Deep Sector Experience: We specialise in blockchain and cryptocurrency legal services, tracking MiCA implementation from inception and advising numerous clients through VASP registration.
Current Regulatory Knowledge: We maintain active awareness of MiCA regulations, Polish cryptoassets market legislation, AML requirements, and EU digital finance frameworks.
Comprehensive Approach: We cover every licensing stage – from initial assessment through documentation preparation to authority representation and post-approval compliance.
Customised Solutions: We tailor services to unique business circumstances, whether operating major exchanges requiring Class 3 licensing or focused custody services under Class 2.
Efficient Methodology: Our approach combines rapid mobilisation, structured project management, collaborative client engagement, and practical business-oriented advice. Time pressure demands immediate action – we deliver.
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
CRITICAL UPDATE
Final CASP Licensing Deadline
The enacted statute establishes an absolute deadline of 1 July 2026. By this date, all entities providing crypto-asset services must either hold a CASP licence or have submitted a complete licensing application. Critically, this deadline is not calculated from the statute’s effective date—it represents a fixed calendar date enshrined in Articles 161-162 of the Act. The VASP register will be abolished on 2 July 2026 (Article 166).
Entities that submit applications before this deadline may continue operations pending KNF’s determination. Operating after 1 July 2026 without a filed application constitutes a criminal offence punishable by fines up to PLN 5 million and imprisonment up to five years (Article 121).
CASP licence in Q&A
CASP Licensing: Frequently Asked Questions
When can I apply for a CASP licence in Poland?
Applications become possible upon Cryptoassets Market Act entry into force – 14 days after promulgation following Presidential signature. While the precise date remains uncertain, entry is expected in late October or early November 2025. Given months-long preparation requirements, commence immediately.
Does my company need a CASP licence?
CASP licensing is mandatory for any entity providing cryptocurrency services within the EU, including exchanges, custody services, trading platforms, portfolio management, advisory services, transfer services, and token placement. Requirements apply equally to current VASP registrants and new market entrants. Banks, investment firms, and e-money institutions with existing EU authorisations may qualify for Article 60 MiCA exemptions, though KNF notification of crypto activities remains required.
Do I need a CASP licence for Poland-only operations?
Yes. Licensing obligations apply fully to entities operating solely in Poland. MiCA applies directly and uniformly across all EU Member States. The Polish Act implements MiCA requirements at national level. Geographic scope does not affect licensing requirements.
Which cryptocurrency services require CASP licensing?
All services defined in Article 3(1)(16) of Regulation 2023/1114 require licensing. Services are grouped into classes based on complexity and risk. Class 1: advisory services, order reception and transmission, portfolio management. Class 2: custody, exchange services, order execution, dealing on own account, placement. Class 3: platform operation. Different classes carry distinct capital requirements and regulatory obligations.
What are the costs of obtaining a CASP licence?
KNF application fees approximate EUR 4,500 under Act Article 80. Capital requirements range from EUR 50,000 to EUR 150,000 depending on service class. Professional indemnity insurance adds further costs. Legal and consulting fees for comprehensive documentation preparation vary by business complexity but represent significant investments. Ongoing annual supervisory fees are calculated based on crypto service revenues under Act Articles 81-82.
How long does CASP licensing take?
KNF has 75 working days (approximately 3.5 months) from complete application submission to issue decisions. Pre-submission preparation typically requires two to three months. Total timelines from project commencement to licence approval generally span five to seven months. Given transitional deadlines, entities should begin preparation immediately.
What documents are required for CASP applications?
Applications require extensive documentation per Regulation 2023/1114 Article 62. Corporate documents: articles of association, KRS extracts, shareholder and beneficial owner disclosures, organisational charts. Financial materials: proof of capital, business plans, insurance documentation, accounting systems. Management information: CVs, criminal record certificates, suitability assessments. Operational documentation: programme of activities, service descriptions, client terms, fee schedules. Technical materials: ICT systems descriptions, cybersecurity measures, business continuity plans. Compliance documentation: comprehensive AML/CFT procedures, Travel Rule implementation, professional secrecy policies, conflict management frameworks, complaint handling procedures.
Will VASP registration suffice after the transitional period?
No. VASP registration becomes entirely obsolete. Act Article 167 liquidates the VASP register on the day following 9 months from Act entry into force. Only entities holding valid CASP licences may legally conduct crypto asset services thereafter. The transition is absolute and mandatory.
Can KNF refuse CASP licence applications?
Yes. KNF may refuse applications failing to meet requirements. Common refusal grounds include insufficient capital, inadequate technical systems, management suitability objections, AML/CFT non-compliance, operational security or client protection concerns, and incomplete or false application information. The authority conducts thorough assessments and will not approve applications presenting unacceptable risks.
Schedule Your Legal Consultation
Choose expertise. Choose efficiency. Choose compliance.
The preparation window is extremely narrow. While exact deadlines remain provisional pending Act entry into force, the transitional framework is clear: entities must submit complete applications within three months to benefit from extended operating periods. Those failing to apply within four months must immediately cease all operations.
Contact
Schedule Your Legal Consultation
Choose expertise. Choose efficiency. Choose compliance.
The preparation window is extremely narrow. While exact deadlines remain provisional pending Act entry into force, the transitional framework is clear: entities must submit complete applications within three months to benefit from extended operating periods. Those failing to apply within four months must immediately cease all operations.
Don’t risk criminal penalties, business closure, and permanent industry exclusion.
Contact us today for comprehensive legal support in securing your CASP licence.
Kancelaria Prawna Skarbiec
ul. Maciejki 13, 02-181 Warszawa
tel. +48 22 586 40 00
sekretariat@kancelaria-skarbiec.pl
