Act on the Crypto-Assets Market getting closer – what does the latest draft provide?

In recent days, a new version of the draft Act on the Crypto-Assets Market has been published, which aims to implement the EU’s MiCA (Markets in Crypto-Assets) Regulation nationally. This regulation plays a key role in structuring the rules of crypto-asset service providers (CASPs) across the European Union.

The Polish draft law envisages empowering the Polish Financial Supervision Authority (PFSA) to act as a national supervisory authority, as well as clarifying information, supervisory and operational obligations under EU regulations.

What does the draft law provide for?

• The draft provides for a transition period of 4 months from the date of entry into force of the Act. If an application for authorisation is made within the first 3 months, the activity can continue for an additional 5 months.
• The previously planned ban on lending has been dropped.
• A maximum supervisory fee of 0.4% of the average revenue of the supervised activity (from the last three financial years) has been set. The fee does not apply to foreign entities operating in Poland on a single passport basis.
• The draft provides for the PFSA to maintain a register of internet domains that violate the MiCA Regulation. Domains used for conducting business without the required authorisation or used for conducting business in breach of the MiCA will be entered in the register.
• It will be permissible to establish security interests – including blocks and pledges – on customers’ crypto-assets. It will also be permissible to undertake activities related to the establishment of collateral in another form.
• Confidentiality obligations for persons performing activities for CASPs are foreseen, as well as broad supervisory powers for the PFSA, including access to documents covered by professional secrecy.

Status of work and next steps

Although the MiCA Regulation is directly applicable in all EU Member States, the lack of national implementing legislation currently prevents the PFSA from putting the authorisation procedure into practice. As announced by the regulator and the Ministry of Finance, the law implementing MiCA in Poland is expected to be enacted in the second or third quarter of 2025, although no binding date for the completion of legislative work has been indicated so far.