MiCA in Poland – a compendium of knowledge about transition periods and deadlines in the draft law on the crypto-asset market

Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets (MiCA) is a landmark piece of legislation adopted by the European Union aimed at harmonising rules on crypto-assets across the EU. The introduction of MiCA is a response to the growing popularity of digital assets. The implementation of the new regulations brings significant changes for Polish companies and all participants in the cryptocurrency market. In this article, we comprehensively explain the most important issues concerning the MiCA transition period, as well as the details of Polish legislative solutions that will affect the activities of crypto-asset service providers (CASPs).

You can read more about this here: https://lbplegal.com/rozpoczecie-stosowania-mica-co-oznacza-dla-rynku-krypto-w-polsce/

MiCA transition period at EU level – 18-month safety buffer

The basic premise of the MiCA Regulation is to introduce a certain ‘time buffer’ during which existing crypto-asset service providers will be able to operate under the old rules laid down in national legislation. According to Article 143(3) of the MiCA Regulation, this period is 18 months from the date of application of the new rules, until 1 July 2026.

During this time, companies providing crypto-asset services may continue to operate in accordance with existing local regulations until they obtain the formal authorisation required by MiCA in accordance with Article 63 or until such authorisation is refused, whichever comes first. This is a particularly important stage for all entities, both those already present on the market and new players planning to enter the cryptocurrency market in the European Union.

Flexibility in setting transition periods at national level

MiCA provides flexibility for Member States in determining the length of the transition period. Recital 114 of the Regulation emphasises that if national regulations in force before 30 December 2024 were significantly less stringent than the MiCA requirements, Member States may decide to shorten or even omit the transitional period. This allows them to raise the standards of crypto-asset entities more quickly to the level set by the EU.

Article 143(3) MiCA – specific conditions for the use of the transitional period in the EU

Pursuant to Article 143(3) of MiCA, crypto-asset service providers who provided their services in accordance with applicable national law before 30 December 2024 may continue to operate under the existing rules until 1 July 2026, until they obtain authorisation under Article 63 of MiCA or until authorisation is refused. Only these companies will be eligible for transitional arrangements – companies that commence operations after that date will be subject to the full MiCA regime from the outset.

Provisions concerning entities not covered by the register of virtual currency activities in Poland

Poland is participating in the process of implementing the MiCA Regulation and in June 2025 submitted a draft law on the crypto-asset market to the Sejm.

Pursuant to Article 162 of the draft law, an entity which, on 29 December 2024, provided crypto-asset services within the meaning of Article 3(1)(16) of MiCA (for more information on the scope of services, see https://lbplegal.com/rozpoczecie-stosowania-mica-co-oznacza-dla-rynku-krypto-w-polsce/), but which do not constitute economic activities consisting in the provision of services in the field of:

a) exchange between virtual currencies and means of payment,

b) exchange between virtual currencies,

c) intermediation in the exchange referred to in point (a) or (b),

d) keeping accounts referred to in Article 2(17)(E) of the AML Act

– may provide these services in relation to crypto assets under the existing rules, but for no longer than:

• 4 months from the entry into force of the draft Act,

• or for 9 months from the date of entry into force of the draft act, if, within 3 months of the date of entry into force of this act, it submits a complete application for the issuance of this authorisation and receives the notification referred to in Article 63(4) of the MiCA Regulation.

Regulations for companies entered in the VASP register (i.e. the register of virtual currency activities) in Poland

For companies that were entered in the national VASP register on the date of entry into force of the draft act, similar rules apply – they may continue to operate under the existing rules for 4 months from the date of entry into force of the draft law, or for 9 months from the date of entry into force of the draft law if they submit a complete application within the prescribed time limit and receive notification of acceptance of the application.

An exception is if such an entity is removed from the register before the expiry of the specified time limits.

Practical consequences for the market – what do companies need to do?

The regulatory changes resulting from MiCA and the Polish Cryptoasset Market Act impose an obligation on companies to closely monitor the current legal situation and develop an implementation strategy. The key actions that companies operating on the market should take include, in particular:

• verifying their current legal status (whether the company is registered as a VASP, whether it has been operating in accordance with the existing regulations),
• preparing a complete set of documentation necessary to apply for a CASP licence,
• monitoring transition deadlines and responding quickly to any changes in legislation,
• implementing new internal procedures in accordance with MiCA and national requirements and guidelines from supervisory authorities.
• Failure to meet deadlines or lack of adequate preparation may result in the loss of the ability to operate on the crypto asset market in Poland and throughout the EU.

Documentation and formal obligations – challenges for companies

Preparing for the full implementation of MiCA will require companies to conduct an in-depth analysis and carry out numerous formal and legal activities. The CASP registration process is multi-stage and includes:

• developing AML/KYC policies and measures to prevent money laundering and terrorist financing,
• preparing compliance documentation and risk management rules,
• implementing comprehensive IT security and personal data protection procedures,
• providing detailed descriptions of services, products, technological architecture and mechanisms for securing customer funds,
• presenting risk analyses and business continuity plans.
• You can read more about this here: https://lbplegal.com/uzyskanie-zezwolenia-casp-kluczowe-informacje-dla-firm-kryptowalutowych/

Why start preparing for MiCA now?

Currently, despite the fact that the act implementing MiCA in Poland has not yet entered into force, it is worth starting to prepare documentation and analyse your own activities in terms of the new regulations in advance. Companies with a complete set of ready-made documents will be able to go through the CASP registration process faster and obtain the required permits. This allows for smooth continuation of operations and gaining a competitive advantage in the market.

Importantly, current legislative analyses do not indicate any risk of significant changes to the key provisions of the draft law, which is why preparatory measures are already fully justified at this stage.

No possibility to submit an application before the law enters into force

It is not yet possible to submit an application for CASP registration to the relevant authority, as the law enabling this process has not yet entered into force. However, our clients are providing services in accordance with the existing regulations, while preparing with us the documentation necessary to apply for a CASP licence.

The work on the bill so far does not indicate that the draft will undergo major changes. We recommend that you start preparing all the required documents now. Due to the broad scope of the guidelines already set by the EU authorities, completing all the documentation and introducing the necessary procedures may be time-consuming and require careful planning. Starting these preparations in advance will allow you to go through the registration process smoothly and adapt your business to the new requirements.

Gain an edge with professional MiCA support

The implementation of the MiCA Regulation and the new Crypto Asset Market Act in Poland requires a multi-stage, well-planned process covering legal, technical and management issues. Proper preparation and understanding of the transition periods are key to the smooth functioning of the crypto asset services market, both for existing and new entities.

Our law firm offers comprehensive support in the implementation of MiCA requirements – from completing documentation and training staff to ongoing compliance support and legal advice. We encourage companies that want to efficiently and effectively adapt to the new regulations to contact us – from consultation, through the preparation of policies and procedures, to the finalisation of the CASP registration process.

Don’t wait until the last minute – a delayed response to legislative changes may mean losing your competitive position and growth opportunities. Contact us!