The Polish Financial Supervision Authority spoke on the issue of cryptocurrencies. An industry in the waiting room for liquidation
2026-02-10 18:00
publication
2026-02-10 18:00
While the Sejm and the Presidential Palace are arguing about the shape of the act on the crypto-assets market, the Polish Financial Supervision Authority publishes a position that explains what the fate of Polish companies operating in this industry will probably be. The time to adapt to EU MiCA standards will end on July 1 and if politicians do not reach an agreement soon, local companies will be forced to move out or suspend their operations.
While Polish politicians were accusing each other of “destroying Web3” and “supporting Russian services”, the market needs specifics. He did not receive them during over 2 years of work on the act, the main purpose of which was to “encase” the EU MiCA regulation in Polish law – appointing a supervisor and defining sanctions for breaking the law.
The Polish Financial Supervision Authority has just published a document that specifies the situation of entities from this industry in the face of a legal loophole.
Ghost overseer? KNF on the ESMA list with reservations
The situation of Polish supervision over the crypto-asset market is unprecedented. Although the act designating the Polish Financial Supervision Authority (KNF) as the competent authority has not yet entered into force, the Polish supervisor is already on the list of the European Securities and Markets Authority (ESMA).
However, the Polish Financial Supervision Authority explains that this entry is of a purely technical nature and is subject to a reservation that there is no formal designation. As a result, the Commission's competences are currently limited only to issuers of e-money tokens (EMT).
In key market areas, such as supervision of service providers (CASP) or the issuance of asset-linked tokens (ART), there is a vacuum in the Polish legal system.
The trap of the transition period
For companies already operating on the Polish market, Art. 143 section 3 of the MiCA Regulation. It allows entities providing crypto-asset services to continue operating in accordance with existing national law. In Polish reality, this means functioning based on an entry in the register of virtual currencies kept by the Chamber of Tax Administration in Katowice.
However, the KNF Office makes it clear in its position: entities benefiting from the transitional period operate only locally. They cannot benefit from EU rules for cross-border operation. What's more soon they will not be able to provide services in Poland either.
The transition period set by MiCA ends on July 1, 2026. If Poland does not designate the competent authority by then and the entities do not obtain a license, they will lose the ability to legally provide services, the Polish Financial Supervision Authority pointed out.
Theoretically, companies will be able to unfreeze their operations if the appropriate law is finally adopted in Poland and they obtain a permit. In practice, however, they will have lost the market and customers by then.
Is Poland an open market to foreigners, but closed to its own people?
While Polish companies are trapped in the national register without the possibility of entering the EU market, foreign service providers (CASP) can freely enter Poland with licenses obtained in other countries.
The position of the Polish Financial Supervision Authority appears at a time of extreme political polarization around the topic of cryptocurrencies. On the one hand, the government coalition is pushing for regulations that, in its opinion, protect Poles investing in this market and fight the “Russian trace” in crypto scandals. The act is intended to provide the Polish Financial Supervision Authority with rigorous tools: from blocking internet domains to fines of up to PLN 10 million and criminal liability.
On the other hand, the opposition, represented by, among others, by Janusz Kowalski criticizes the government for “over-regulation”, pointing out that the Polish act has 118 pages, while the German implementation is 78 pages long and the Czech one is only 14 pages long. The dispute also concerns the severity of penalties – PiS announced its own draft law based on the “EU + 0” principle.
What's next for the Polish cryptocurrency industry?
Although on December 18, 2025, the Sejm passed the act again (241 votes in favour), the fate of the provisions depends on the decision of the head of state. The KNF Office makes it clear in its position: the deadline of July 1, 2026 is not subject to extension either by national law or by the decision of officials.
The only hope for Polish cryptocurrency companies that would like to continue operating from Poland is to quickly adopt the act and start the licensing process. However, there is little hope for such an ending.
The majority in the Sejm did not allow even minor amendments to the act on the crypto-assets market to be passed, and it returned to the president in an almost identical form to the one he had vetoed. The ideas submitted by Poland 2050, which were also supported by PiS and Konfederacja, were rejected by the votes of KO and the Left.
As we hear from a person associated with the industry, another veto by Karol Nawrocki is most likely. Perhaps PiS will submit its proposal for a law after it. The only question is whether it won't get stuck in the parliamentary freezer.
The effects of the legal paralysis around the cryptocurrency industry in Poland are clear: Polish companies that want to continue operating on this market will operate from other EU countries and pay taxes there. An example is XTB, which obtained the appropriate license in Cyprus in December.
Michał Misiura
