5 key takeaways
- The Polish Sejm adopted the Crypto-Assets Market Act – but the President referred it back for reconsideration, leaving Poland without implementing legislation for MiCA.
- The MiCA transitional deadline expired on 1 July 2026 – meaning VASP registration no longer provides regulatory cover for crypto-asset services in Poland
- Polish entities still cannot apply for a CASP licence in Poland – because no national competent authority has been designated and no application procedure exists
- The practical options for Polish crypto businesses are: obtain a CASP licence in another EU Member State and passport into Poland, operate under a properly structured CASP as a Service arrangement, or cease operations
- Criminal liability applies to entities continuing to provide crypto-asset services without a CASP licence or a properly structured arrangement
I have worked with Polish crypto businesses through the most disruptive regulatory transition the Polish crypto market has seen. The presidential veto on the Crypto-Assets Market Act has created a situation that is genuinely unusual in EU regulatory history: Poland still lacks a national competent authority empowered to grant CASP licences, meaning Polish entities are unable to obtain a CASP licence domestically even though MiCA has been fully applicable across the EU since December 2024.
This post explains where Polish crypto businesses stand now, what the available options are, and what to expect next.
For background on the VASP-to-CASP transition and CASP as a Service arrangements, see CASP as a Service Under MiCA in Poland and VASP vs CASP Under MiCA Poland.
If you want to listen to my thoughts on Polish CASP/ VASP situation, I will be speaking at a webinar organized by Januar, feel free to register –
https://my.demio.com/ref/1ZMComZRdHNc4d9C?utm_source=linkedin&utm_medium=socialmedia&utm_campaign=micaaftergrandfathering&utm_content=event&utm_term=ks
See also my posts about this topic on Linkedin: https://www.linkedin.com/posts/katarzyna-szczudlik_crypto-vasp-poland-activity-7462431260078972928-ESip?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAjJ9VwBVhd9v4eRWOkTtco29t6f5wHqTSg
Poland CASP Licence 2026: What Happened
The timeline
| Date | Event |
|---|---|
| December 2024 | MiCA fully applicable across the EU |
| January–June 2026 | Polish entities in transitional period — VASP registration still valid |
| 15 May 2026 | Sejm adopts Crypto-Assets Market Act |
| May 2026 | President refers Act back to Sejm for reconsideration |
| 1 July 2026 | MiCA transitional period expires — VASP registration no longer valid |
| August 2026 | Poland still without implementing legislation — no CASP licensing procedure available |
What the presidential veto means in practice
The President’s referral of the Act back to the Sejm means that Poland’s implementing legislation for MiCA did not enter into force before the transitional deadline. Consequently:
- KNF has not been designated as the national competent authority for CASP licensing
- No application procedure for CASP licences exists in Poland
- Polish entities cannot obtain a CASP licence through KNF
Importantly, this does not mean that MiCA does not apply in Poland. MiCA is an EU Regulation – it applies directly in every Member State regardless of whether national implementing legislation exists. Consequently, the prohibition on providing crypto-asset services without a CASP licence applies in Poland – but Polish entities have no domestic path to obtain one.
Poland CASP Licence 2026: What Are the Options?
Option 1 – Obtain a CASP licence in another EU Member State
This is the most robust long-term solution. An entity licensed as a CASP in any EU Member State can passport its services into Poland on a cross-border basis. Polish customers can currently be served by entities authorised in another EU Member State operating in Poland on a cross-border basis.
In practice, this means establishing a subsidiary or branch in a Member State where CASP licensing is operational, obtaining a CASP licence from that state’s competent authority, and then notifying KNF of cross-border provision of services into Poland.
Timing: CASP licensing in most EU Member States takes 6-12 months from a complete application. Consequently, entities that have not yet begun this process face a significant gap period.
Option 2 – CASP as a Service arrangement
Polish entities that cannot obtain their own CASP licence before operating can enter into a CASP as a Service arrangement – operating under the regulatory umbrella of a licensed CASP entity. For a detailed analysis of how these arrangements work and the regulatory risks they carry, see CASP as a Service Under MiCA in Poland.
Specifically, a properly structured CASP as a Service arrangement requires:
- A licensed CASP entity that genuinely oversees the arrangement
- Clear contractual frameworks allocating MiCA obligations between the parties
- AML/CFT obligations borne by the appropriate entity
- Substance – the arrangement must not be a shell that allows an unlicensed entity to effectively operate as a CASP
Warning: supervisory authorities look at the economic substance of the arrangement. Furthermore, both parties face regulatory exposure if the arrangement is not genuinely structured as oversight rather than delegation of a licence.
Option 3 – Restructure to fall outside MiCA’s scope
Not all crypto-related activities require a CASP licence. Specifically, purely technical service providers, decentralised protocols without an identifiable issuer, and certain ancillary activities may fall outside MiCA’s service definitions. Consequently, a careful mapping of activities against MiCA’s scope can identify whether restructuring is viable.
Option 4 – Wait for Polish implementing legislation
The presidential veto does not permanently block Poland’s MiCA implementation – it returns the Act to the Sejm for reconsideration. Consequently, Polish implementing legislation could enter into force in the coming months, opening a domestic CASP licensing route. However, the timing is uncertain, and operating without authorisation in the interim carries criminal liability.
What Comes Next
The most likely near-term scenario is that the Sejm re-examines the Act and passes a revised version. Once implementing legislation enters into force and KNF is designated as the competent authority, a domestic CASP licensing procedure will open. Entities that have already obtained CASP licences in other EU Member States will be well-positioned to convert these to Polish authorisations or continue on a cross-border passport basis.
Additionally, entities currently operating under CASP as a Service arrangements should treat these as transitional – and begin preparing for their own CASP authorisation once a Polish licensing route is available.
Bottom Line on Poland CASP Licence 2026
The presidential veto has created genuine legal uncertainty for Polish crypto businesses. Nevertheless, the options available – cross-border passporting from another EU Member State, properly structured CASP as a Service arrangements, or activity restructuring – provide workable paths forward for entities that address the situation proactively.
Operating without a CASP licence or a properly structured arrangement after 1 July 2026 is not a viable option. The criminal liability framework applies regardless of Poland’s domestic legislative situation.
If you have questions about CASP licensing, MiCA compliance or post-veto options for your Polish crypto business, get in touch. For more on MiCA and crypto regulation, see the FinTech, Banking & Financial Regulation practice area page.
Related posts:
- CASP as a Service Under MiCA in Poland
- VASP vs CASP Under MiCA Poland
- Fintech, AI Act and NIS2 Lawyer in Poland
Katarzyna Szczudlik is a Partner at Schoenherr in Warsaw and one of Poland’s leading lawyers advising crypto-asset businesses on MiCA compliance, CASP licensing and Poland market entry. Ranked by Chambers & Partners (FinTech) and Legal 500 EMEA. Get in touch.
