CASP in Poland: Transitional MiCA Compliance & Regulatory Requirements
On December 30, 2024, Regulation (EU) 2023/1114, the Market in Crypto-Assets Regulation, came into full effect. It establishes uniform rules on the public offering and admission to trading of crypto-assets, with the exception of asset-referenced tokens and electronic money tokens. It also provides for requirements for the issuers of asset-referenced tokens and electronic money tokens, as well as for crypto-asset service providers.
Nevertheless, MiCA is only in its transitional process in Poland, as the national law required to align the domestic legal framework with the provisions of MiCA is still in the process of being developed. This article discusses the transitional period measures, requirements for crypto-asset service providers, and the role of the Polish Financial Supervision Authority in supporting compliance.

Provisional Continuation of Existing Operations
Consequently, for the period from 30 December 2024 until 30 June 2025, CASPs operating on 29 December 2024 and those entered in the virtual currency activity register may continue their activity without a MiCA authorization, but shall remain subject to the pre-existing domestic legal framework to which they were subject before the application of MiCA.
Extended Transition Period The draft act allows for the possibility of extending the transition period until September 30, 2025, on condition that entities file a full application for MiCA authorization with the KNF by May 1, 2025, and receive confirmation of its completeness. This will enable the continued operation of transitional rules until the KNF adopts a decision on the application.
Deferred Application of MiCA Obligations
During the transitional period, the entities are not obliged to comply fully with the provisions of MiCA before obtaining the relevant authorization from the KNF. In any case, all entities are recommended by KNF to start introducing the standards of MiCA proactively.
Regulatory and Supervisory Challenges
Under the new legislative draft, the KNF is the competent authority in charge of ensuring the compliance with MiCA. Until the draft law will be enacted, however, the KNF will not be able to process authorization applications and, otherwise enforce MiCA. CASP applications filed with the KNF before the enactment of domestic legislation will be held without review.
The KNF has expressed its commitment to and collaboration with the Ministry of Finance, as well as supervisory authorities like ESMA and EBA, for proper application or implementation of the provisions under MiCA. This will help in consumer protection and uphold the principles of the financial market.
KNF Recommendations for Crypto-Asset Service Providers
In view of the still pending legislative process, yet above all with a preoccupation for consumer protection, KNF-in cooperation with the Ministry of Finance-has issued a recommendation to CASP entities that plan further activity in the crypto-asset market to prepare themselves for the fulfillment of the MiCA requirements.
Harmonization to EU Standards
MiCA Regulation introduces the adoption of RTS, ITS, GL, and other delegated acts. A number of these have already been added into draft national legislation.
CASPs that would like to apply for the permit under the MiCA from KNF are encouraged to follow standards and guidelines published so far where already available and take due implementation effort to as soon as possible.
Licensing and Competency
Currently, the KNF has not been designated as the competent authority for regulating issuers of crypto-assets, other than asset-referenced tokens and electronic money tokens. Therefore, according to KNF any applications for the CASP license submitted in respect of such activities shall not be processed until the relevant legislation has been adopted.
Key Dates and Deadlines for CASP in Transitional Period
- December 30, 2024: MiCA provisions apply - transitional period begins. Chamber of Tax Administration in Katowice stops accepting applications.
- June 30, 2025: Transitional period expires for the first time.
- May 1, 2025: Full MiCA authorization applications to be submitted in order to extend transitional period.
- September 30, 2025: Last day on which an activity can be provided under transitional arrangements before authorization is obtained or activity is ceased.
Registration in the Register of Activities in the Virtual Currency Sector
In this respect, the Director of the Chamber of Tax Administration in Katowice has issued an official statement that, as of December 30, 2024, it will no longer be possible to register new entities in the Register of Activities in the Virtual Currency Sector. Bringing national laws in line with EU law is a priority, following the goal of uniform framework for oversight and compliance for crypto-assets in all EU Member States.
TFR Regulation Application to CASPs
Crypto Asset Service Providers shall be subject to the requirements under Regulation (EU) 2023/1113 of the European Parliament and of the Council of May 31, 2023 on information accompanying transfers of funds and certain crypto-assets, amending Directive (EU) 2015/849 (hereinafter referred to as the "TFR Regulation") as of December 30, 2024.
Key Obligations Under the TFR Regulation
The crypto-asset service providers are obliged, pursuant to the TFR Regulation, to apply existing procedures with the aim of ensuring that the requirements, among others, mentioned below are complied with, which involve verifying the ownership or control mechanisms associated with unhosted addresses, sender and recipient, involved in crypto-asset transfers, and transmitting detailed information on the originator and beneficiary of crypto-asset transfers.
The TFR Regulation has necessitated CASPs in transition period to establish required measures both in technical and organizational aspects to meet its requirements. These adjustments are crucial to fulfil obligations related to anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
Guidelines for Implementation of TFR by CASPs
Virtual asset service providers entities registered in the Register of Virtual Currency Activities by the Director of the Chamber of Tax Administration in Katowice shall comply with the TFR Regulation no later than December 30, 2024.
Given the above requirements, it is recommended that entities intending to continue operating in the virtual currency sector initiate relevant preparations to timely implement the obligations arising from the TFR Regulation.
Virtual asset service providers planning to maintain virtual currency activities, as well as those intending to obtain permit and authorization under Regulation (EU) 2023/1114 (MiCA), should follow the guidelines issued by the European Banking Authority (EBA) on July 4, 2024 implementing information requirements related to transfers of funds and certain crypto-assets, as provided under the TFR Regulation (EBA/GL/2024/11, hereinafter referred to as “Travel Rule Guidelines”).
Virtual asset service providers should also incorporate into their risk assessment and financial security measures the principles listed in the EBA Guidelines on Money Laundering and Terrorist Financing Risk Factors issued on July 31, 2021 (EBA/GL/2021/02), with particular attention to the amendments introduced by the EBA Guidelines of January 16, 2024 (EBA/GL/2024/01).
The above guidelines serve as a general framework by which entities shall undertake the clients' risk evaluation and adopt corresponding financial security measures, respectively, in line with dynamically changing regulatory requirements.