The MiCA Regulation and Poland's regulatory vacuum - how did it come to this?
On 1 July 2026, the final transitional period provided for in the European MiCA (Markets in Crypto-Assets) Regulation expired. From that day, operating in the crypto-asset market without a CASP (Crypto Asset Service Provider) licence is illegal in the European Union. The MiCA Regulation applies directly in all member states, but each country had to adopt its own implementing act - designating a supervisory authority and setting out licensing rules and a catalogue of sanctions.
Poland has not done so. Three vetoes by President Karol Nawrocki of the government's draft act have left our country in a regulatory vacuum. As legal adviser Anna Sekura-Konopka of the law firm KPP Konieczny Polak i Partnerzy observes, there was more than enough time to pass the legislation - other European countries managed to adopt the relevant rules on time. Poland, meanwhile, one of the largest crypto markets in the EU by number of users, remains without a national legal framework.
The consequences of this situation are multi-dimensional and affect both businesses and individual investors. The lack of an act means not only legal uncertainty, but also a real outflow of capital and companies from the Polish economy.
The exodus of Polish crypto companies abroad
One of the most serious consequences of the legislative delays is the mass emigration of Polish crypto companies to other jurisdictions. A significant proportion of entities that previously operated on the domestic market have already obtained CASP licences in other EU member states. Thanks to the passporting rule contained in the MiCA Regulation, these firms can lawfully provide services throughout the Union - including in Poland - but they pay their taxes in the countries that gave them a stable legal environment.
For entrepreneurs who have not obtained a foreign licence, there are alternative ways of staying in the market. The first is to operate as an agent of a licensed foreign entity. In this model, the Polish branch acts as an intermediary, organisationally and financially dependent on a company from another EU country. The second option is to limit activity to services outside the MiCA catalogue - for example, trading in certain NFT tokens, which, as unique and non-fungible certificates of ownership recorded on a blockchain, are not subject to the new rules.
In both cases, however, Poland loses tax revenue, jobs and competitive position. The expert states plainly that even if the act is finally passed in autumn 2026, it will be - in her own words - "mustard after dinner".
Risks for individual investors in Poland
The lack of national regulation hits not only business, but above all individual Polish investors, who become more exposed to abuse and loss of funds. Without an act designating a supervisory authority, the Polish Financial Supervision Authority (KNF) has no statutory mandate to deal with the crypto-asset market - as it confirmed itself in an official statement.
This means that if problems arise with a foreign crypto service provider, Polish users will not be able to lodge complaints or pursue claims in Poland. Having to seek legal help in a foreign jurisdiction involves higher costs, language barriers and longer proceedings.
The Binance case and the risk of account freezes
A particularly high-profile case is that of the Binance exchange - the world's largest crypto platform, used by hundreds of thousands of Polish users. Binance has not obtained a MiCA licence, which in practice may mean the freezing of EU citizens' accounts and an inability to buy and sell crypto-assets through it. The exchange has announced that withdrawals will be possible, but the use of geoblocking - blocking access based on a user's European IP address - has not been ruled out.
How to protect your crypto-assets - practical tips
In light of these risks, experts recommend taking specific protective steps. Every crypto holder should above all:
- Verify the exchange's licence - check whether the platform you use holds a valid CASP licence issued in one of the EU member states.
- Transfer funds to a non-custodial wallet - that is, a wallet in which the user controls their own private keys, in line with the principle "not your keys, not your coins".
- Consider a hardware wallet - a physical device kept separate from the internet, providing the highest level of security and particularly recommended for larger amounts.
- Consult a lawyer - to assess your individual legal and tax situation in the context of the new European regulations.
The president's three vetoes - what did the vetoed act contain?
The act, vetoed three times by President Nawrocki, was meant to be the Polish implementation of the MiCA Regulation. It provided for the KNF to act as supervisory authority over the crypto-asset market, with a broad range of powers. Among other things, the KNF could block bank and crypto-asset accounts, suspend transactions for up to 96 hours (extendable to 6 months) and impose financial penalties on entities breaching the rules.
The act also regulated supervisory fees - the maximum rate for token issuers was to be 0.5%, and for crypto-asset service providers 0.4%. It also provided for a register of fraudulent internet domains and criminal liability for offences related to issuing tokens and providing services without the required notification.
In the expert's view, the vetoed act was admittedly an example of gold plating - it introduced a wider range of obligations than MiCA required - but even such over-regulation would have been far better than the current legal position. The absence of any national rules is the worst possible scenario for both the market and consumers.
What next for crypto-asset regulation in Poland? Outlook and recommendations
Experts assume that in autumn 2026 the Sejm will make another attempt to pass a crypto-asset act. Until then, however, Polish investors and businesses must operate in conditions of legal uncertainty. The lack of a supervisory authority, the inability to pursue claims in Poland and the outflow of companies abroad are real problems that require an immediate response - at least at an individual level.
The situation also shows how important it is to monitor regulatory changes on an ongoing basis and to adapt your investment strategy to a rapidly changing legal environment. The crypto-asset market in Poland has not ceased to exist - only the legal context in which it operates has changed, and this requires even greater caution and awareness from market participants.
Do you hold crypto-assets and are unsure how the new rules affect your legal position? Contact our firm - our specialists will help you assess the risk, secure your assets and comply with the requirements of the MiCA Regulation. Do not wait for the regulatory vacuum to hit your wallet - book a consultation today.
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