For businesses operating in Poland, it is vital to understand the change from national virtual asset regulations to the new EU framework. Companies looking for a crypto license in Poland must adjust their functions to MiCA standards and get their authorization as a Crypto-Asset Service Provider (CASP).
MiCA Regulation and CASP Framework in Poland
MiCA is designing EU-wide regulatory guidelines for crypto-asset operations. The goal is to improve investor protection, transparency of the market, and stability of the financial system. Authorized CASPs will be able to offer their services across the EEA through passporting, which will greatly facilitate the operations of crypto companies.
| Area | MiCA Goals |
| Consumer Protection | Ensure the safety of clients’ assets and the protection of their rights |
| Market Integrity | Eliminate abuse and manipulation |
| Transparency | Unify disclosure requirements |
| Cross-Border Activity | Allow service provision on an EU-wide basis |
VASP to CASP Transition Under MiCA
A lot of Poland’s crypto companies, which were listed as VASPs under anti-money laundering laws, will have to request CASP authorization under the new MiCA framework. Only meeting deepened governance, operational, and risk-management criteria will allow existing registrations that are not indefinitely valid to be replaced by new ones.
Buying a Polish VASP-registered company for sale prepared for transition under upcoming MiCA/CASP regulations may be worthwhile for investors and entrepreneurs who want to enter the market quickly. However, the company will need to meet all the MiCA authorization requirements after the purchase.
CASP Licensing Requirements and Scope
A broader spectrum of crypto-asset services fall under the CASP regulation. The businesses that might be required to get authorization include those that provide custody and handling of crypto-assets, operate trading platforms, exchange crypto-assets for funds or other crypto-assets, carry out client orders, issue crypto-assets, supply transfer services, or offer portfolio management and advisory services.
Among the crucial criteria for applicants are:
- setting up a corporate entity in the EU;
- implementing a suitable governance structure and management;
- board members and required personnel are fit and proper;
- proper procedures for AML and KYC;
- ability to withstand operational disruptions and measures for cybersecurity;
- provisions for the protection of clients’ assets;
- functions of compliance and risk management internally.
Depending on the type and volume of services, the respective obligations may differ.
Poland’s Regulatory Authority (KNF) Role
The Polish Financial Supervision Authority (KNF) is the main regulator of the financial market in Poland. KNF handles the examination of the CASP cases, their alignment to the rules, as well as the CASP’s activities monitoring. The granting of a license involves the evaluation of the company structure, monetary capability, oversight mechanisms, and risk management.
If the MiCA rules are not followed, KNF may ask for additional information and even initiate oversight actions. Firms wishing to run their businesses in Poland first have to assemble all required paperwork and establish the procedures that are in line with the law before submitting an application.
Application Process and Compliance Rules
Getting a CASP license requires a lot of time and effort before initiating the actual procedure. Main elements are:
- identifying the business model and MiCA area;
- setting up the company with all the legal documents;
- creating detailed guidelines and protocols that include AML;
- compliance, cybersecurity, and risk management.
After preparing, the applicant gives the files to the proper authority, gets checked by the regulator, answers their questions, and finally gets the license that allows starting regulated activities. After issuance, CASPs are required to keep compliance on an ongoing basis, which includes submitting periodic reports, sticking to governance standards, ensuring client asset protection, and conducting regular risk assessments.
Conclusion
MiCA is the instrument that is significantly changing how crypto is regulated in Poland and the rest of the EU. The stricter CASP licensing system will be setting the framework for the VASPs which were registered before. The reasons for the successful authorization are preparation in advance, the right structuring of a legal entity, and a well-established system of compliance. Eternity Law International will provide you with a wide range of business consulting services, including legal consultation on CASP licensing, MiCA adherence, and crypto-enterprise structuring in Poland.
FAQ
Who needs a CASP licence in Poland?
If you are a company that offers regulated crypto-asset services as per MiCA, in general you will need a CASP license.
Can VASPs continue operating under MiCA?
Present VASPs could enjoy transitional benefits and at the same time, they will have to get a CASP license in order to carry out regulated activities.
What services are covered by CASP?
The main activities include custody, exchange, operation of trading platforms, order execution, transfer of crypto-assets, management of portfolio, as well as advisory services related to crypto.
What are the main licensing requirements?
The major criteria are effective company governance, compliance with AML/KYC rules, good risk management, cyber security, competent management and client asset protection.
What happens without CASP approval?
You may face regulatory enforcement actions, limitations, fines, and disruption to your business if you operate regulated crypto-asset services without obtaining the required authorization.
