End of the MiCA transitional period - what does it mean for investors?
On 30 June 2026 the final deadline of the transitional period provided for in Article 143(3) of the MiCA Regulation (Markets in Crypto-Assets Regulation) expires. From 1 July 2026, providing crypto-asset services in the European Union without a CASP authorisation (Crypto-Asset Service Provider) will become unlawful. This covers operating exchanges, safekeeping crypto-assets on behalf of clients and brokering trades.
Poland has not managed to adopt a national crypto-assets act that would designate a supervisory authority and set out the licensing procedure. This means that the Polish Financial Supervision Authority (KNF) will have no formal powers to accept CASP licence applications. For Polish investors and crypto businesses this has serious practical consequences, although owning and buying crypto remains fully legal.
It is worth stressing that the existing VASP register, maintained by the Director of the Revenue Administration Regional Office in Katowice, will cease to be relevant at the end of June 2026. It was merely declaratory in nature and did not provide the level of vetting of entities that we know from the banking sector or payment institutions.
Will Poles lose access to crypto-assets from 1 July?
Rest assured - buying, holding and trading crypto-assets will remain legal. Polish residents will continue to be subject to the existing tax rules, including the obligation to pay income tax on capital gains when disposing of crypto-assets or exchanging them for fiat currencies (PLN, USD, EUR). The MiCA Regulation does not prohibit holding crypto - it regulates only the entities providing services in this market.
The real risk, however, concerns clients of exchanges that do not obtain a CASP authorisation before 1 July. In that case so-called geoblocking may occur - a user trying to log in from a Polish IP address will be cut off from the exchange's servers, and withdrawal requests may go unanswered. Importantly, using a VPN will not solve the problem, because exchanges identify clients primarily on the basis of KYC data (residential address, identity document, country of tax residence), and not solely the IP address.
In a statement of 17 April 2026, the European Securities and Markets Authority (ESMA) required unlicensed firms to carry out an orderly wind-down of their activities. Clients of such platforms should follow the operator's notices on withdrawing funds or transferring assets.
What should crypto exchange clients do?
The key step is to establish whether the exchange or service provider we use will operate under a MiCA licence after 1 July. If the platform already holds a CASP authorisation or has informed clients of a migration to a licensed entity - no additional action is needed. Large, global platforms have been preparing for this scenario for many months, moving their activity to jurisdictions with ready licensing procedures.
How to check whether an exchange has a MiCA licence?
The most reliable source of information is the ESMA register maintained under Articles 109 and 110 of MiCA. You should:
- Go to the official ESMA website and find the Interim MiCA Register section.
- Check whether the entity in question appears on the list of authorised service providers - the database contains details of approved companies from across the EU, together with the types of services they are authorised to provide.
- Verify that the operator is not on the list of non-compliant entities (Non-compliant entities) - if it is, withdraw your assets without delay.
- Additionally, confirm the entry in the register of the national supervisory authority of the state that issued the licence (e.g. the French AMF or the Lithuanian Lietuvos bankas).
If the exchange has not obtained a licence and announces the end of its operations in the EU, the most sensible course is to withdraw your funds before 1 July 2026 - to another licensed exchange or to your own hardware wallet. It is worth remembering the principle of "not your keys, not your coins", but a transfer to your own wallet after 1 July will be subject to the EU Travel Rule (Regulation 2023/1113), which requires detailed information about the sender and recipient of the transfer.
Three scenarios for Polish crypto businesses
The lack of a national crypto-assets act puts Polish crypto firms in a difficult position. In practice, business owners can choose between three paths forward:
1. Obtaining a CASP licence in another EU country
Some Polish entities have obtained, or are obtaining, a CASP authorisation in countries that implemented licensing procedures earlier - e.g. Lithuania, Germany or Estonia. Thanks to the passporting rule provided for in Article 65 of MiCA, a provider licensed in one Member State can provide services across the whole Union. A CASP registered in Lithuania can therefore lawfully serve clients in Poland without going through a Polish licensing process.
2. The agency model - cooperation with a foreign CASP
Polish firms can become agents of foreign CASPs, relying on their licences and regulatory infrastructure. Formally, the crypto service is provided by the foreign entity, while the Polish firm receives a commission for serving clients. This model resembles the activity of a credit intermediary acting for a bank. However, it involves organisational and financial dependence, as well as limited scope for independent growth.
3. Limiting activity to services outside the scope of MiCA
The MiCA Regulation does not cover all crypto-related activity. Outside its scope remain, among others, blockchain software development, building technical infrastructure and some projects involving NFTs, provided they do not meet the criteria of crypto-assets covered by the regulation. This is a path for technology firms that can concentrate on the infrastructure layer of the market.
Why should you discuss your situation with a lawyer?
The MiCA regulation introduces fundamental changes to the crypto-asset market in Europe. Both individual investors and business owners in the crypto sector face the need to make important decisions - from choosing a suitable exchange, through tax planning, to restructuring their business model. The absence of a Polish implementing act further complicates matters and creates legal uncertainty.
Mistakes made during this period can lead to loss of access to funds, problems with tax reporting or unintentional breaches of EU regulations. A consultation with a lawyer specialising in crypto law and MiCA regulation helps you avoid costly errors and choose the best strategy.
Do you need legal support with crypto regulation, MiCA licences or tax planning related to crypto-assets? Contact our firm - we will help you protect your interests in the new regulatory reality.
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