Information has appeared on the website of the Government Legislative Centre regarding work on the draft act concerning the crypto-asset market. The draft of 8 May 2025 aims to implement into Polish law the provisions of EU legislation, including the MiCA Regulation (2024/1114) and Regulation 2023/1113 concerning information accompanying transfers of funds and certain crypto-assets.

The most important changes in the draft act of 8 May 2025 include:

• shortening of the transitional period for CASPs – the draft provides for a 4-month transitional period for CASPs from the date of entry into force of the proposed act. Submission of an application within the first 3 months allows operations for another 9 months;
• consequences of losing authorisation for CASPs – the KNF may order the transfer to another crypto-asset service provider of the rights and obligations arising from contracts concluded with clients (with the consent of both parties), when the authorisation expires or is revoked;
• requirement for the Client to submit a financial statement in the agreement – the provider conditions the conclusion of a contract for the provision of crypto-asset services on the Client submitting a statement regarding their financial situation. It should be noted that the draft act requires this statement to be in written form;
• withdrawal from the ban on lending in crypto-assets – the current draft of the act withdraws from the existing ban on granting loans in crypto-assets and on intermediating in the conclusion of crypto-asset loan transactions by the service provider;
• introduction of a supervisory fee collected from CASPs and ART issuers – the annual fee to cover the costs of supervision is to amount to no more than 0.4% of the rate calculated on the average revenues from the last 3 financial years, achieved by the service provider. The minimum amount remains unchanged and is the equivalent in PLN of 500 EURO. The fee does not apply to foreign entities operating in Poland on the basis of a single passport;
• creation of a register of internet domains violating the provisions of the MiCA Regulation – the draft act provides for the maintenance by the Polish Financial Supervision Authority of a register of internet domains violating the provisions of the MiCA Regulation. The register is to include domains used to conduct activities without the required authorisation or used to conduct activities in violation of the provisions of MiCA;
• introduction of collateral on clients’ crypto-assets – the draft act allows for the establishment of collateral – including freezes (penalty for absence) and pledges – on clients’ crypto-assets. It is also permissible to undertake actions related to establishing collateral in other forms;
• training of personnel of crypto-asset service providers – the service provider is obliged to ensure the maintenance and enhancement of the knowledge and competencies of its employees. Moreover, it establishes and implements a policy for conducting training for natural persons. Detailed requirements in this regard will be specified by way of a regulation by the Minister competent for financial institutions;
• introduction of terms of service for crypto-asset services and procedures – the service provider provides services on the basis of terms and conditions and the previously mentioned agreement concluded with the client. The draft act imposes the obligation to precisely define the rules for the provision of services, including:

i. the rights and obligations of the provider and the client arising therefrom;

ii. the conditions for concluding and terminating the agreement for the provision of crypto-asset services;

iii. the requirements regarding the granting of powers of attorney;

iv. the requirements for the Client to submit a statement regarding their financial situation and its form;

• introduction of new rules for electronic money institutions (EMIs) – a domestic electronic money institution that, after the entry into force of this act, intends to begin the issuance of tokens constituting e-money may do so upon obtaining an amendment to its authorisation.

A domestic electronic money institution that, before the entry into force of the act, was already issuing tokens being e-money may continue this activity on the basis of its existing authorisation, provided that within 3 months from the date of entry into force of the act it submits to the KNF an application for its amendment, but not later than until the Polish Financial Supervision Authority issues a decision regarding the amendment of that authorisation.

Although the MiCA Regulation applies directly in all EU countries, the lack of national implementing provisions currently prevents the practical commencement of the authorisation procedure by the Polish Financial Supervision Authority. According to the draft, the act is to enter into force 14 days after the date of its promulgation.

Currently, the draft act has been submitted to the Standing Committee of the Council of Ministers, which marks the beginning of the next stage of the legislative process.

Adoption of the draft by the Council of Ministers is planned for Q2 2025.