MiCA implementation in Poland (updated draft bill)

In February 2024, Poland first published a draft law on crypto assets (Projekt ustawy o kryptoaktywach). However, on 09 August 2024, after public consultations and expressions of opinion, an updated text of the draft law was published (about 400 amendments were made).

In this article, we will describe the main provisions of the new draft law that CASPs will need to comply with if the document is adopted in the version as of 09 August 2024.

According to Article 2 of the draft law, crypto asset service provider means a crypto asset service provider within the meaning of Article 3(1)(15) of Regulation 2023/1114 (i.e. a legal person or other undertaking whose trade or business is the provision of one or more crypto asset services to clients on a professional basis and which is authorised to provide crypto asset services in accordance with Article 59 of the MiSA).

!The most important change in this proposed version is the shortening of the transition period

Polish VASP providers must obtain a CASP licence by 30 June 2025 (the previous version of the draft law provided for obtaining a licence by 31 December 2025). Entities that are subject to the CASP licence requirement and are not VASP providers may provide their services until the Komisji Nadzoru Finansowego (the ‘KNF’ or ‘Commission’) decides on their licence application, provided that they submit a complete licence application by 1 May 2025 and receive a notification from the competent authority confirming receipt of the application.

Applications for registration in the register of activities in the field of virtual currency services submitted and not reviewed before the date of entry into force of this Law shall remain without consideration.

During the period between the date of entry into force of this Law and the date of granting or refusal to grant the authorisation referred to in Article 59(1)(a) of Regulation 2023/1114, but not longer than until 30 June 2025, an entity entered in the Register of Virtual Currency Activities as of the date of entry into force of this Law shall carry out activities in the field of virtual currencies in accordance with the provisions on the prevention of money laundering and terrorist financing in the current version, and the competent authority for maintaining the Register of Activities in the Field of Virtual Currencies shall, by its decision, exclude the entity carrying out activities in the field of virtual currencies from this Register. 

The KNF shall now promptly inform the authority responsible for the register of the granting or refusal to grant the authorisation referred to in Article 59(1)(a) of Regulation 2023/1114 to the entity referred to in Article 152(1) during the period from 30 December 2024 to 30 June 2025.

The register of activities with virtual currencies will be cancelled from 1 July 2025. 

The draft law has expanded the KNF’s supervisory powers to oversee participants in crypto asset markets

 In particular:

  • The KNF may inspect the activities of issuers of asset-linked tokens or e-money tokens, offerors, persons applying for admission to trade in crypto assets, and crypto asset service providers to determine whether the activities of such entities comply with the provisions of the Law and Regulation 2023/1114, as well as delegated and implementing regulations issued pursuant thereto.
  • The Commission or its authorised representative may transmit and receive from the competent crypto asset market supervisory authorities of other Member States of the European Union the information necessary for the proper performance of its supervisory tasks, including the tasks set out in Regulation 2023/1114, or to ensure the proper conduct of judicial, administrative, criminal, investigative and control proceedings in cases related to the exercise of such supervision.
  • The KNF, by its decision, must approve a plan prepared by the issuer of tokens related to assets commonly used as a means of exchanging crypto assets for money, indicating actions aimed at maintaining a certain threshold of value and volume of transactions.
  • The KNF’s powers to block cryptocurrency or cash accounts have been strengthened. 
  • The KNF will maintain a register of Internet domains. The Register shall include: (1) the internet domain of an entity used for crypto activities without legal authorisation or other permission in accordance with the provisions of Regulation 2023/1114; (2) an internet domain used for activities in breach of Regulation 2023/1114, other than those referred to in paragraph 1, unless there are other effective measures that will lead to the cessation of the breach of Regulation 2023/1114 by the crypto asset service provider within a reasonable period of time.

Provision on the payment of the annual contribution to cover the costs related to the supervision of the cryptocurrency market

Pursuant to Article 74 of the draft law, the Crypto Asset Service Provider is obliged to make an annual contribution to cover the costs related to the supervision of the cryptocurrency market, which is determined on the basis of the average value of the total revenue for the last three financial years preceding the year for which the contribution is paid, in the amount of not more than 0.5% of this average value, but not less than the equivalent of PLN 500.

Comprehensive income includes:

1) income from the core business of providing services related to crypto assets;

2) income from crypto assets held for trading.

A crypto asset service provider that starts providing crypto asset services shall make the first payment for the year following the year in which it started providing such services, and for cryptocurrency service providers for which the financial year covers a period other than a calendar year – for the calendar year following the year in which the first financial year ended, and the basis for calculating the average value of the total income for the first three years of providing such services is the following

1) in the first calendar year for which the payment is made – the amount of total income for the previous year;

2) in the next calendar year – the average value of the total income for the two years preceding the year for which the payment is made.

The draft law also provides for certain amounts of fees

 For example:

  • A fee of no more than EUR 4,500 for the transfer to the Commission by the competent authority for supervision of the cryptocurrency market of another EU Member State that authorised a foreign cryptocurrency service provider of information relating to the activities of this provider in the territory of the Republic of Poland. The fee shall be paid by the foreign cryptocurrency service provider to whom the information relates. The foreign cryptocurrency service provider does not pay the said fee if, on the basis of reciprocity, Polish business entities operating as a cryptocurrency service provider in the country in which the provider is established do not pay such a fee.
  • The fee for the KNF’s approval of an updated information document on asset-linked tokens will be EUR 1,000.
  • The fee for submission to the KNF of an information document intended for users of crypto assets or an information document for electronic money tokens will be EUR 1,000.

In the draft law, the amounts are stated in euros. However, Article 10 provides for the equivalent and calculation in Polish zlotys of the amount expressed in euros referred to in various articles of the document.

A cryptocurrency service provider for which the Republic of Poland is the state of origin is obliged to provide the Commission with information on its activities, financial position and events that may affect its activities related to the provision of cryptocurrency services. CASPs must immediately inform the Commission of any changes to the data contained in the authorisation application. They must also provide the Commission with documents confirming the information specified in these provisions, if the nature of the information requires confirmation. The Minister responsible for financial institutions shall determine by regulation the detailed scope of such information and the deadlines for its transmission, as well as other documents, taking into account the need to standardise the way this information is transmitted and to ensure the effectiveness of the Commission’s supervision.

The draft law also improves the means of protecting investors’ funds

The draft law defines various violations and liability for them. For example, a person who, without being authorised to do so, carries out activities related to the provision of cryptocurrency services referred to in Article 59 (‘Authorisation’) and Article 60 of Regulation 2023/1114 shall be punished by a fine of up to PLN 5,000,000 or imprisonment for up to 5 years, or both. The same penalty is imposed on a person who commits the same act acting on behalf of or in the interests of a legal entity or an organisational unit without legal personality.

The provisions on liability have been changed

 For example:

  • Fines may also be imposed, in certain cases, on holders of crypto assets (including natural persons) such a fine may be imposed in the amount of up to PLN 2,250,000;
  • The KNF should be empowered to impose higher administrative fines than previously proposed. In particular, the draft law provides for fines even in excess of PLN 66,000,000 (approximately EUR 15,000,000).

In case of adoption of the draft law without amendments, it is proposed that the Act will enter into force on 30 December 2024.

Manimama OÜ will be happy to assist you in adapting your Polish company to MiCA requirements! We work to make you work!


Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.


The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.