Regardless of whether the president signs or vetoes the Act of November 7, 2025 on cryptoassets, companies wanting to run, for example, a cryptocurrency exchange in Poland are facing an increasing problem. They have no one to register their business with. The role of the supervisor to which companies should submit applications for registration is to be played by the Polish Financial Supervision Authority.
As Katarzyna Szczudlik says, as a result, companies are already moving their operations to other countries and will not return to Poland. They can provide cryptocurrency trading services to Poles with a license from another European Union country.
The problem is that, according to Katarzyna Szczudlik, the Polish act provides for excessive regulations that go far beyond what is provided for in the EU regulation on cryptoassets, i.e. MiCA. Therefore, the lawyer does not agree with Deputy Minister of Finance Jurand Drop, who in an interview for Business Insider argued that the Act on Crypto-Assets is a “one-to-one implementation of the EU MiCA regulation”.
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It is better for the president to sign the bill on cryptoassets or veto it
The Act on Crypto-Assets essentially implements the EU MiCA directive into the national law. However, it is not known what President Karol Nawrocki's decision will be, i.e. whether he will sign it or veto it. Which decision will be more beneficial for Polish companies?
— In my opinion, both vetoing and signing the bills in their current form will not be good for the cryptoasset market. If the president signs the act in the form adopted by the parliament, in my opinion we will be dealing with far-reaching overregulation, says Katarzyna Szczudlik. The expert explains that the act provides the basis for issuing a number of implementing regulations. – They will delay the whole process. Moreover, MICA is a regulation at the European level, for which implementing regulations are also issued at the EU level. This is why I consider national implementing regulations to be an absolutely wrong solution – says Katarzyna Szczudlik.
The expert adds that also The criminal provisions provided for in the Crypto-Assets Act also go much further than what results from MICA. — They also disregard other regulations that apply to the capital market — emphasizes Katarzyna Szczudlik. For example, the lawyer points out, even applying for admission to trading in cryptoassets if the company does not meet the requirements will be punishable. — There are no such penalties in other regulations relating to capital markets. Penalties are usually imposed on entities that have met the requirements and do not comply with them after obtaining a license, notes Katarzyna Szczudlik.
Would it be better for companies if the president vetoed the crypto-assets bill?
— The Act on Crypto-Assets is far from perfect. However, if it does not exist at all (the president will veto it), then this will deepen the current legal uncertainty. As a consequence, we will have a further outflow of capital and crypto-asset projects from the Polish market – warns Katarzyna Szczudlik. The expert adds that a law in any form, even a very imperfect one, is better than no law at all. — The lack of an act will mean that no one will know what legal regime applies to this sector of the financial market, says Katarzyna Szczudlik.
Entities providing cryptocurrency services will not know whether they have complete freedom to provide services on the Polish market (because there will be no supervisory authority) or, on the contrary, whether they cannot provide services at all.
— I expect that the Polish Financial Supervision Authority will maintain the position that we are prohibited from providing this type of services. The Commission may refer to the fact that European regulations apply here, i.e. the MiCA regulation. The cut-off date is June 30, 2026. Member States must establish supervision over the crypto-asset market by then. If Poland does not make it, companies will not be able to provide crypto-asset services in Poland – explains Katarzyna Szczudlik.
The MiCA regulation requires each EU country to establish a crypto market supervisor
| Panchenko Vladimir / Shutterstock
Companies are already fleeing to Poland. Where do they obtain crypto asset licenses
Katarzyna Szczudlik adds thatsome entities are already registering in other countries and continuing to provide services to Poles. — Very large Polish cryptocurrency exchanges have decided to obtain a license abroad and have already received it. They couldn't afford legal uncertainty, and they didn't want to stop operating in the middle of next year due to lack of regulations. However, the regulations allow you to obtain a MiCA license in any European Union country and, on this basis, provide services within the EU, including Poland. – says the attorney and partner at the Schoenher law firm.
Popular directions for obtaining licenses by Polish entities include the Netherlands, Malta and the Czech Republic, which is a geographically close direction.
— In the Czech Republic, a very short act implementing MiCA was chosen (it consists of several A4 pages, and for comparison, the Polish act together with the justification is over 100 pages). It designates a supervisory authority, which is a key issue, and specifies, to a minimum, additional elements provided for in the MIiCA Regulation. Hence its attractiveness not only for Polish entities, says Katarzyna Szczudlik.
Why do Polish crypto-asset entities choose these three countries?
— Firstly, because the supervisory authorities in these countries are open to dialogue. Secondly, it is about the prestige of the market. For example, the Netherlands is considered a market that is well received around the world. Thirdly, the Czech direction is geographical proximity, which makes it easy to create corporate structures in the Czech Republic. Fourthly, it comes down to it also about the costs of the MiCA license – explains Katarzyna Szczudlik.
For example, the costs of a MiCA license in France are very high, and it is difficult to obtain and the supervisor is very demanding. Costs in the Czech Republic are much lower. In addition, there are the costs of legal services, which are also relatively low among our southern neighbors.
Do Polish entities that are now registering in the Czech Republic, the Netherlands or Malta also intend to apply for a Polish license?
— Such entities will provide services under Maltese, Czech and Dutch licenses. They will have no need to register in Poland – replies the expert.
What if there is no Polish law by June 30, 2026?
— There is time until June 30 next year to reach a compromise. If Poland does not do this, we may face potential liability for failure to implement EU regulations. In my opinion, if this happens, there will be nothing to save at all, because there will be no Polish entities on the crypto market. Each month of delay causes more entities that are still considering staying on the Polish market to emigrate from this market.If they cannot operate in Poland, they will go to other markets and will never return to Poland – warnsKatarzyna Szczudlik.
Author: Łukasz Zalewski, journalist of the Law section of Business Insider Polska
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
