On 15 May 2025, Ministry of Finance published a new draft of the Polish Act on Crypto Assets Market. It is a key step in adapting MiCA, Regulation (EU) 2023/1114 in Poland. The draft contains important updates for Virtual Asset Service Providers (VASPs) preparing to apply for a CASP license in Poland. The changes primarily concern an extension of the transitional period.
This summary highlights the most relevant updates.
The new draft of Polish law adapting MiCA in now available on the government website tracking the legislative progress.
Transitional period
A major highlight of the new draft is the formal introduction of a phased transitional period, which will directly affect companies currently registered in VASP register that intend to obtain a CASP license in Poland.
- VASPs already listed in the national register can operate for 4 months under current rules after the law enters into force.
- Transmission period can be extended to 9 months, but only if:
- A complete CASP license application in Poland is submitted within 3 months of the law’s enactment.
- The company receives a confirmation of completeness under MiCA rules.
This allows Polish VASPs more time to adjust. But only those who act early can benefit from the 9-month period.
The Polish VASP Register shall be dissolved on the day following the expiration of 9 months from the date the draft enters into force.
Article 163(1)
From the date this Act enters into force until the date of issuance of the authorization referred to in Article 59(1)(a) of Regulation (EU) 2023/1114, or refusal to grant such authorization, an entity entered — on the date this Act enters into force — in the register of virtual currency activities may continue to conduct business involving the provision of services referred to in Article 2(1)(12) of the Act amended in Article 156, under the existing provisions and rules, but for no longer than:
- four months from the date this Act enters into force;
- nine months from the date this Act enters into force, provided that within three months of that date the entity submits a complete application for the authorization and receives the notification referred to in Article 63(4) of Regulation (EU) 2023/1114,
— unless the entity is removed from the register of virtual currency activities before the end of these periods.
When will CASP licensing start in Poland?
The law is still in draft form. It has not been adopted yet. The recent presidential election may have caused delays. I expect the law to pass in June or July 2025. However, it is highly likely that the new law will enter into force only after the summer period.
If that happens, the CASP license application process in Poland may start in Q3 2025. VASPs will likely have until mid-2026 to complete licensing.
Grounds for removal from the VASP Register
The new draft not only defines the conditions for the transitional period, but also sets out specific grounds for removal from the VASP Register during this time. This register will remain in force for up to 9 months after the act enters into force (per Article 167), but entities are not automatically guaranteed registration throughout the full period.
According to the draft, the authority responsible for the register may issue a decision to remove an VASP from the register if any of the following conditions are met:
1. Missing required business registration
- For natural persons: no entry in the Central Register and Information on Economic Activity (CEIDG).
- For legal entities or other organizations: no entry in the National Court Register (KRS).
2. Obstruction of regulatory oversight
The VASP may be removed if it is found that during the transitional period it:
- Fails to respond twice to control-related correspondence sent to its registered address in CEIDG or KRS;
- Refuses to accept or fails to collect a notice of intended inspection;
- Has been removed from the KRS as to its authorized representative(s) without registering a replacement;
- Has been removed from the KRS address registry without updating the address.
These provisions are intended to prevent the abuse of transitional rights by inactive or non-transparent entities.
3. AML compliance failures
If the General Inspector of Financial Information (GIIF) informs the authority that the VASP twice failed to meet its obligations under Article 76 (most likely referring to quarterly reporting obligations), it may also be removed from the register.
New requirements for Terms & Conditions
The new draft of the Polish Crypto Assets Market Act introduces specific requirements regarding the terms and conditions under which crypto asset services must be provided.
Under Article 5 of the draft:
- Every service provided by a CASP must be based on a written agreement with the client and supported by clearly defined terms and conditions.
- The terms and conditions must describe:
- The rights and obligations of both the CASP and the client;
- The procedures for concluding and terminating the agreement;
- Rules regarding powers of attorney;
- The format and scope of a mandatory client financial statement, which must be submitted in writing before the agreement is signed.
- The law allows an exception: If the structure of the crypto-asset or the specific nature of its circulation makes it impossible to standardize rights and obligations for all clients, the requirement to use terms and conditions may be waived.
This framework aims to improve transparency and legal clarity between CASPs and their clients. For VASPs seeking a CASP license in Poland, it will be essential to ensure that all client agreements and supporting documentation are compliant with these new requirements.
At a minimum, providers should:
- Draft or revise their general terms of service;
- Implement procedures for collecting financial declarations from clients;
These changes reflect the regulator’s focus on consumer protection, and failure to comply will likely become a red flag during the CASP licensing process.
As for the financial declarations of clients, the draft takes a rather enigmatic approach to defining the requirements. It states that the declaration must be in written form, but does not specify what content should be mandatorily included in such a statement.
Moreover, the most common way to meet the requirement of written form is by physically signing a printed document. In that case, both parties must exchange copies of the signed document, which — especially in cases where the declaration is submitted remotely — can significantly delay the process.
An alternative with the same legal effect as written form is the use of electronic form, provided the document is signed with a qualified electronic signature.
Crypto lending allowed again
The draft removes the earlier ban on lending in crypto assets. This opens the door for lending platforms or DeFi-style services. Such activity will still need a CASP license in Poland, and must comply with MiCA’s risk and conduct rules.
Crypto advice requirements
Advice or information about crypto asset services and the crypto assets themselves can only be provided to clients by an employee or contractor of the CASP — and only if that person has the required knowledge and competence in financial markets to perform their duties properly.
If an individual lacks the required knowledge or competence, they may still provide such information, but only under the supervision of a qualified person who does meet the criteria. In this case, the supervising individual bears legal responsibility for the information provided by the supervised party.
