What follows from the KNF’s position in connection with the lack of designation of a competent authority for crypto-asset supervision in Poland?
Is the Polish crypto-asset market facing a serious crisis? On February 10th 2026, the Polish Financial Supervision Authority (UKNF) published its Position on the functioning of this sector in the absence of an act on the crypto-asset market.
Below are listed the key conclusions following from this communication:
Polish entities providing crypto-asset services (currently VASPs), which operate on the basis of national regulations and are entered in the register of virtual currency activities, may continue their operations only within the transitional period provided for in the article 143 section 3 of the MiCA regulation – no later than till July 1st, 2026.
The UKNF clearly states that this deadline cannot be extended, either by statute or by a supervisory decision.
Importantly, as emphasized by the UKNF itself, until the Polish crypto-assets act enters into force, there is no competent authority in Poland authorized to accept applications for CASP authorization under MiCA regulation.
For VASPs themselves and for the Polish crypto-asset market, this means that after July 1st, 2026, domestic entities will lose the ability to provide crypto-asset services.
What About Foreign EU CASPs?
The UKNF clearly indicated in its statement that the lack of formal designation of a competent authority in Poland does not constitute an obstacle to the cross-border provision of services by entities that have obtained authorization in another UE member country. After completing an effective notification to their home authority, such entities may offer their services in Poland – both before and after 1st of July 2026.
Poland Compared to other EU countries
Polish entities are currently operating within a “closed” transitional period and have no possibility of submitting an application for authorization to provide crypto-asset services.
At the same time, entities from other member countries that have already obtained a CASP license may fully benefit from the passporting mechanism provided for in the MiCA regulation and offer their services cross-border, including the Polish market.
Participants in the domestic crypto-asset market are increasingly asking when real conditions will be created in Poland to initiate the licensing process under the MiCA regime. Many entities already have complete CASP application documentation prepared and are merely waiting for the opportunity to formally submit it.
However, prolonged regulatory uncertainty is causing entrepreneurs to consider applying for authorization in other member countries, such as Lithuania, Latvia, or Malta – where procedures are already available. This raises the question whether under the current circumstances, this is the only realistic path enabling them to continue operating, including the Polish market.
Conclusions
“We believe that the legislator will decide to promptly adopt the act. Otherwise, the crypto-asset market in Poland will disappear (as it will relocate to other jurisdictions), and the discussion regarding the costs of supervisory financing or the supervisory competences of the UKNF over this market will lose practical relevance. There will be no entities in Poland directly subject to UKNF supervision,” comments Monika Macura -Legal Advisor.
“In the longer term, this would mean not only an outflow of capital and workplaces, but also a reduced influence of domestic supervision on the shape and development of the crypto-asset market in Europe,” she concludes.
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