Poland's crypto licensing deadlock benefits EU firms
Poland's failure to pass crypto legislation has left domestic firms unable to obtain licenses while EU-authorized competitors enter the market. On September 4, the Sejm failed to override President Karol Nawrocki's veto of the necessary legislation for the European Union's Markets in Crypto-Assets (MiCA) Regulation, extending a licensing gap over two months after Poland's transition period ended. Lawmakers recorded 241 votes in favor, 198 against, and three abstentions, not meeting the threshold to overturn the veto. Without this legislation, Poland has not designated the authority needed to process MiCA applications, and the Polish Financial Supervision Authority has stated that authorization proceedings cannot begin until this designation is legally established. Consequently, firms seeking Polish licenses are stalled while competitors authorized in other EU countries can operate. MiCA allows authorized crypto-asset service providers to function across member states through their home regulator, enabling them to notify their regulator of intended countries and services for cross-border activity. This advantage became more pronounced after July 1, when the maximum MiCA transition period expired, as companies can no longer rely on Poland's previous virtual-currency activity register for authorization. The Katowice Tax Administration Chamber confirmed that entries on this register no longer provide authorization, and Polish regulators assert that domestic legislation cannot extend the transition. This effectively closes the old route before a new one is established. A Polish crypto group can still reach customers through an affiliate with MiCA authorization in another EU country. Firms unwilling to wait for Polish legislation may seek authorization in other member states where MiCA licensing is operational.
-- Price
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