Crypto-assets Act. The Polish Financial Supervision Authority warns against the consequences of a veto
“Each Member State is obliged to designate under its national law a competent authority responsible for performing the functions and obligations provided for in the MiCA Regulation. Due to the lack of entry into force in Poland of the appropriate act, no national public administration body has been designated in the territory of the Republic of Poland as the competent authority in relation to: a) offerors, persons applying for admission to trading of cryptoassets other than asset-linked tokens (“ART”) or e-money tokens (“EMT”), b) ART issuers and (c) crypto-asset service providers,” the Polish Financial Supervision Authority points out in a press release on Tuesday.
The Polish Financial Supervision Authority is the competent authority for issuers of e-money (EMT). It states in its position that those offering crypto-assets other than ART or EMT, persons applying for the admission of such crypto-assets to trading or operators of trading platforms for such crypto-assets are obliged to notify their information document regarding the crypto-asset to the competent authority of their home Member State. And there is no such bodybecause the act that was supposed to give such powers to the Polish Financial Supervision Authority was vetoed by President Karol Nawrocki.
According to the Polish Financial Supervision Authority, after July 1, 2026 domestic entities will lose the ability to provide services in the field of cryptoassets under the MiCA Regulation until appropriate permission is obtained and the deadline cannot be extended. The only solution will be to set up a business abroad.
The Sejm voted in January this year. new act on cryptoassets. Compared to the vetoed version only the maximum fee for the Polish Financial Supervision Authority was reduced from 0.4 to 0.1 percent. revenues and this is practically the only major change in the regulations. This is intended to encourage the president to sign it. And the arguments of the Polish Financial Supervision Authority about the tight deadlines.
In the legal situation before the implementation of MiCA, the largest entity, i.e. the Bitbay exchange, and currently zondacrypto, moved from Poland to Estonia, complaining, among others, the negative attitude of the Polish Financial Supervision Authority towards this type of activity and relations with Polish regulators. It still does the same thing, only it develops from Estonia, paying taxes there.
“Muzzle for the crypto market”
“The ongoing discussion concerns primarily what the process of obtaining a MiCA license in Poland will look like and what the future of the local cryptocurrency market will look like. […] We are currently in an advanced phase of the MiCA licensing process conducted outside Poland,” zondacrypto reported in December.
— The act should implement what MiCA introduces one by one, and not constitute a muzzle on the crypto market, as is the case now, commented Przemysław Kral, president of the Estonian BB Trade, the owner of the zondacrypto platform, to Business Insider. – This law does not concern me so much because it actually concerns entities that have to apply for a license in Poland. I don't think anyone in their right mind would do that [występował o licencję w Polsce — red.]actually. Well, I'm waiting to see what happens next. I think that the bill, if it continues to be so restrictive, will not be able to stand, he said even before the presidential veto, encouraging the veto.
The Polish Financial Supervision Authority is reluctant to use crypto-assets
He pointed to an interview with a representative of the Polish Financial Supervision Authority, who recommended obtaining a license elsewhere, and not necessarily in Poland. – Well, if this is the regulator's approach, then I wish you luck – said Kral.
The Bitbay exchange was once included on the Polish Financial Supervision Authority's warning list. It was argued that if a given entity runs accounts where customers deposit and keep funds, it must have the consent of the Polish Financial Supervision Authority. Violation of this provision was punishable by up to two years' imprisonment or a fine of up to PLN 5 million. This is how the Estonian Zonda was created and the Polish BitBay disappeared.
We are still waiting for the Zonda president's comment on the current position of the Polish Financial Supervision Authority and as soon as it appears, we will make it available.
zondacrypto indicates that Poland was the last country to take action to implement cryptocurrency regulations in line with the MiCA regulation.
“The adoption of an act regulating the crypto-assets market in Poland is beneficial to us, as it would effectively eliminate from the Polish market entities that currently offer such services without meeting the requirements of the MICA regulation. Therefore, if we were guided only by our own interest, we would call for the signing of this bill as soon as possible, because its provisions, which are clearly more restrictive than the MiCA regulation, they will eliminate from the market entities that would like to apply for a license in Polandand therefore our competition,” it was emphasized.
