Announcement https://legislacja.gov.pl/projekt/12382311
Now, the specific content of the new bill is still changing. Since it has not yet been submitted to the Polish Parliament (Figure 1), it may be revised in the future.
The impact of legal delays: is it good news for Poland's VASP?
According to paragraph 1 of Article 152m of the Polish Law on the Market of Crypto Assets:
"From the date of entry into force of this Law until the date of issuance or refusal of the license referred to in Article 59, paragraph 1 (a) of Regulation No. 2023/1114, but no later than June 30, 2025, all entities registered in the register of virtual currency activities on the date of entry into force of this Law shall carry out their virtual currency activities in accordance with the current anti-money laundering and anti-terrorist financing regulations."
According to the above, the Polish draft law has proposed to shorten the transition period to six months (until June 30, 2025). This means that companies that became VASPs in Poland before December 30, 2024 can only conduct virtual currency-related business until June 30, 2025. After this date, VASPs in Poland must obtain a CASP license if they want to continue operating.
Due to Poland's failure to pass its domestic crypto legislation by December 30, 2024 (Figure 1), MiCA will not be able to fully land here. During this period, according to MiCA regulations, Polish crypto enterprises can enjoy an 18-month transition period-that is, from December 30, 2024, they do not need to apply for a new CASP license immediately and can continue to operate until July 2026 (but the draft is still in flux and may change in the future).
Main information points:
Grandfather Clause: MiCA stipulates that crypto businesses operating legally before December 30, 2024 can continue to provide services without license restrictions until July 1, 2026.
The transitional provisions cannot be shortened: as an EU regulation, the MiCA's provisions are the same in all member states. Unless a country moves ahead to shorten the transition period, but Poland has failed to implement its domestic crypto bill, Polish businesses should enjoy the full 18 months.
The 18-month transition period gave Polish crypto companies ample time to adjust their operations to comply with the new regulations, develop long-term compliance plans, and look for new growth opportunities in a more stable environment.
A different view of the Financial Supervisory Authority
On January 2, 2025, the Polish Financial Supervisory Authority (KNF) issued a statement presenting a different view on the application of MiCA in the transition period. The KNF believes that even if the new bill is passed after the end of the year, it is still possible to shorten the transition period. This means that if the law does shorten the transition period, former companies may face disputes, especially if they are forced to withdraw from the business list as a result.
Industry insiders believe that as long as the company has registered before December 30, 2024, it should enjoy a full 18 months. If the government improperly removes these businesses, they can even claim compensation from the state.
The negative impact of a legal vacuum
The imperfection of Polish law also poses problems. At present, due to the lack of specific legal support, crypto enterprises cannot apply for new CASP licenses, and the submitted applications will not be processed for the time being. However, this situation is temporary, and it is expected that applications will be accepted by February 2025.
From December 30, 2024, Poland will no longer accept new crypto business registrations. In other words, new companies cannot enter the market in the short term, but existing companies can take this opportunity to consolidate themselves and prepare for a clearer regulatory and regulatory environment in the future.
Steps to get a CASP license in Poland
The following are the detailed step-by-step guidelines for applying for CASP and our services:
1. Establishment of a company in Poland
If your business is not yet registered in Poland, this is the first step. The establishment of a local entity in Poland is a necessary condition for the continuation of the permit application process.
2. Business assessment
This phase includes in-depth consulting to understand your business model, scope of activities and compliance needs. The main tasks include:
◆ Determine the scope of services provided, such as custody, exchange, asset exchange, order execution, portfolio management or consulting services.
◆ Evaluate the minimum capital requirements based on the scope of services.
◆ Define specific regulatory obligations related to your business model.
◆ Assess potential compliance risks and operational adjustment needs.
3. Document preparation
The next phase focuses on the development and submission of a complete set of documents to demonstrate compliance with MiCA requirements. This requires your internal team to work with us to prepare the following:
◆ Detailed operational process description.
◆ Anti-Money Laundering (AML) and Risk Management Framework.
◆ Corporate governance policies, including the appointment of compliance officers and key personnel.
◆ Financial documentation to meet capital requirements.
4. Application submission and regulatory communication
This phase includes the submission of the CASP license application to the Polish Financial Supervisory Authority (KNF), the maintenance of communication with the supervisory authority, and the handling of any follow-up questions. The main steps include:
◆ Final review and submission of application materials.
◆ We are in continuous communication with KNF to address feedback and supplemental requests.
◆ We will provide follow-up support to ensure a smooth review process.
At Crypto License, we are focused on helping businesses navigate the complexities of MiCA and the regulatory environment in Poland. With years of experience in crypto compliance and license applications, our team ensures that your application is completed efficiently and professionally. From preliminary consultation to post-approval support, we will accompany you all the way.
Follow us for the latest developments in MiCA and its implementation in Poland. Contact us today to start your Polish CASP license application journey.
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