On December 2, 2024, a new version of the Polish Act of the Crypto-Assets Market was published. As a reminder, this law introduces mechanisms necessary for the implementation the Markets in Crypto-Assets Regulation (MiCA) into the Polish legal framework.The draft is still not final. It will require adoption by the Polish Parliament and signing by the President. Therefore,…
The legal framework for businesses in the field of cryptocurrencies will undergo a revolution in Poland and Europe in 2025. This is due to the entry into force of The Markets in Crypto-Assets Regulation – MiCA and the necessity of obtaining a new CASP license in Poland. However, in 2024, it is still possible to entry in the…
The Markets in Crypto-Assets Regulation - MiCA regulation introduces a new framework to govern crypto-asset activities, however it also establishes a transition period for existing VASPs in Poland to adapt to the new standards and apply for the necessary Crypto-Asset Service Provider (CASP) license.Polish VASPs already operating under national regulations (entry into Polish VASP Register), may make use…
As the deadline for Q3 2024 approaches, Virtual Asset Service Providers (VASPs) in Poland are once again preparing to submit their quarterly reports to the General Inspector of Financial Information (GIIF). The statistical report must be submitted by 18/10/2024, and it remains a critical compliance requirement for all companies engaged in services in the field of crypto assets…
Preparing and reviewing the internal documents and policies of a CASP is the most crucial aspect of obtaining a CASP license in Poland under the MiCA, Regulation (EU) 2023/1114.This article explores:the systematic classification of documents developed by our Law Firm in Poland;description and guidelines about on one of the document categories: Internal Compliance Documents of CASP under MiCA…
The deadline for submitting the mandatory quarterly report by VASPs in Poland for Q2 2024 is approaching within the next few days. Companies in Poland operating in the field of virtual currencies have to submit a statistical report by 18/07/2024. Obligation to submit quarterly reports by VASP in Poland Since 2024, Polish VASPs are required to submit quarterly…
As of 2024, VASP companies in Poland are obligated to prepare and submit quarterly reports containing statistical data. The quarterly report for the first quarter of 2024 has to be submitted by April 18, 2024. This article includes detailed information about the technical aspects and instructions for submitting quarterly reports by VASP in Poland. Technical aspects 1. Submitting…
The draft of new Polish regulation on crypto-assets has been submitted for public consultation. New law is a result of the adoption by the European Parliament and the Council (EU) of Regulation 2023/1113 of 31 May 2023 on accompanying information for transfers of funds and certain crypt-assets and amending Directive (EU) 2015/849, as well as Regulation 2023/1114 of…
Link to Part I questions indicated in quarterly report of VASPs in PolandLink to Part II questions indicated in quarterly report of VASPs in PolandSection 3 (Grupa 3)Active clientsTotal amount of active clientsTotal amount of VASP’s active clients.Active client - a client to whom VASP applies simplified financial security measures, a client who has at least one product,…
Link to Part I questions indicated in quarterly report of VASPs in PolandLink to Part III questions indicated in quarterly report of VASPs in PolandSection 2 (Grupa 2)Cash transactions (Transakcje gotówkowe)Cash Overall, Cash withdrawals, Cash Transactions Does VASP perform cash deposits or withdrawals? Number of cash withdrawals. Value of cash withdrawals converted to EUR at the average NBP…