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 final composition of the law may change in course of legislative process.
The latest changes to the draft of Polish Act on Crypto-Assets Market primarily concern the transition period before obtaining CASP license.
New Provisions Regarding MiCA Transition Period in Poland
I have already covered the MiCA transition period in Poland in Guidance part 3: MiCA Transition Period in Poland. The new version of the Polish Act on the Crypto-Assets Market has finally make some improvements to the transition period for entities registered in the Polish VASP register.
According to the new version of the draft:
from the date of entry into force (December 30, 2024) until the date of obtaining a CASP license or the refusal of such authorization, but no later than 30/06/2025, entities registered in the VASP Register may continue conducting virtual currency-related activities in accordance with the existing anti-money laundering and counter-terrorist financing regulations.
Between 30/06/2025, and no later than 30/09/2025, these entities may continue providing services in the field of crypt assets until they obtain or are denied the CASP authorization, provided that a complete application for this authorization is submitted before 1/05/2025, and the entity receives the notification referred to in Article 63(4) of MiCA.
In practice, this means that, under the appropriate conditions, a VASP registered in Poland before December 30, 2024, will be able to continue its operations until the end of September 2024. Importantly, a Polish VASP will be allowed to operate under the existing terms, regardless of the scope of the authorization applied for under the CASP license process. Consequently, if the VASP held full authorization for:
- exchange between virtual currencies and means of payment;
- exchange between virtual currencies;
- intermediation in the exchanges referred to in points a or b;
- maintaining accounts in electronic form containing identifying data enabling authorized persons to use virtual currency units, including conducting transactions involving their exchange,
it will be able to continue these operations regardless of the scope of the submitted CASP authorization application under MiCA.
The Financial Supervisory Commission (“KNF” – new regulator) will immediately inform the VASP Register upon receiving a CASP license application.
If an application for a CASP license is not submitted, the existing VASP will be automatically removed from the register on 30/06/2025.
The VASP register itself will be dissolved on October 1, 2025.
