Over the past few months, a market developed in Poland — and across the EU — around what practitioners informally call CASP as a Service. Understanding what this model involves, why it emerged, and what MiCA means for it is now a practical priority for every virtual asset service provider operating in Poland.
What Is CASP as a Service?
The concept is straightforward. A company holds a CASP registration. Another company — typically one that wants to offer crypto-adjacent services without going through the registration process itself — enters into a commercial arrangement with the registered entity, operating under its regulatory umbrella in exchange for a fee.
It is a white-labelling model for regulatory coverage. And for a time, it was an elegant solution to a genuinely awkward problem.
Poland’s VASP framework, based on Article 153b of the AML Act, is registration-based rather than licence-based. The requirements are light. The supervisory framework is thin. In that environment, obtaining a VASP registration was a relatively simple exercise — and many did. Close to 2,000 entities registered in Poland under this framework.
For companies wanting to offer crypto-adjacent services without holding their own registration, operating under another entity’s regulatory umbrella was an accessible and commercially attractive option. A secondary market emerged.
Why MiCA Changes the Calculation Entirely
MiCA — Regulation (EU) 2023/1114 on markets in crypto-assets introduces a fundamentally different framework. A CASP licence is required to provide a defined range of crypto-asset services within the EU. The licence is entity-specific — granted to a particular legal entity based on that entity’s governance structure, capital requirements, compliance framework and management.
It cannot be shared. It cannot be sublicensed.
This distinction matters enormously. Under the old VASP registration framework, the regulatory coverage was light enough that commercial arrangements between registered and unregistered entities could operate in a grey area. Under MiCA, that grey area no longer exists in the same way.
The Specific Challenge for Poland
The situation in Poland adds a further layer of complexity. Due to the absence of implementing legislation transposing MiCA into Polish law, it is not currently possible to apply for a CASP licence in Poland — let alone obtain one before the July 2026 deadline.
This is precisely why CASP as a Service arrangements have emerged in the Polish market. Polish VASPs that do not want to lose their client base, and that have no realistic path to obtaining a MiCA-compliant CASP licence before the applicable date, are entering into arrangements with licensed CASPs. These arrangements are structured carefully — with contractual frameworks, AML obligations, and genuine oversight by the licensed entity.
For Polish VASPs facing a hard deadline with no available licence pathway, this model has real practical appeal.
Where the Regulatory Risk Sits
The appeal is real. But so are the risks — and they sit on both sides of the arrangement.
MiCA’s supervisory framework is materially stronger than Poland’s existing VASP regime. A financial supervisory authority will supervise the licensed CASP directly, with meaningful enforcement powers. Any arrangement that effectively allows a third party to provide crypto-asset services under the licensed entity’s name exposes both parties:
- The licence holder — for facilitating what may be characterised as unlicensed activity conducted by a third party under its regulatory cover
- The operator — for conducting crypto-asset services without holding its own authorisation
The key question is not whether the arrangement is labelled a service agreement, a white-label contract, or a distribution arrangement. The question is whether, in substance, the operator is providing crypto-asset services to end clients — and if so, whether that activity requires its own CASP authorisation.
Neither the label nor the contractual structure alone determines the answer. Supervisory authorities will look at the economic substance of the arrangement.
What Polish VASPs Must Decide Before July 2026
If you are currently operating as a registered Polish VASP, you face a decision that cannot be deferred.
Option 1: Obtain a CASP licence For most Polish VASPs, this path is not available before July 2026 given the absence of national implementing legislation. It remains the correct long-term path for entities intending to continue operations.
Option 2: Enter into a CASP as a Service arrangement This is viable for entities that can structure the arrangement properly — with genuine oversight, clear contractual frameworks, and a realistic compliance model. It is not a workaround. It is a commercial and regulatory arrangement that carries its own obligations and risks, and requires careful legal structuring.
Option 3: Restructure or exit Some entities may be able to restructure their model to fall outside MiCA’s scope. Others may need to exit the market. Continuing operations after the applicable MiCA deadline without a CASP licence — or a properly structured arrangement — exposes the entity to criminal liability under the applicable framework.
None of these options is straightforward. All of them require a careful legal analysis of the specific contractual arrangements, business model, and client relationships in place.
The Broader Point
MiCA represents a fundamental shift in how crypto-asset services are regulated, supervised and enforced across the EU. The old VASP registration framework in Poland was a transitional mechanism. MiCA replaces it with something categorically more demanding.
If your business model was built around the old framework — whether as a registered VASP, an operator working under another entity’s registration, or a service provider to either — the time to restructure is now.
The July 2026 deadline does not pause for entities that have not yet started their compliance analysis.
Katarzyna Szczudlik is a Partner at Schoenherr in Warsaw, ranked by Chambers & Partners among Poland’s top FinTech lawyers. She advises crypto-asset businesses, payment institutions and regulated financial entities on MiCA, AML, licensing and EU market entry. If you have questions about MiCA compliance or CASP licensing in Poland, get in touch.
