POLAND Law and Practice Contributed by: Michał Wołoszański, Łukasz Kudela and Marta Solarska-Kaleńczuk, Wołoszański & Partners
ticularly once reporting on crypto-asset transactions begins for the 2026 reporting period. 1.2.5 Insolvency No dedicated insolvency regime There is no dedicated insolvency or resolution regime for crypto-asset firms in Poland; the general Polish bankruptcy and restructuring laws apply. Three practi- cal issues recur in proceedings involving crypto-asset operators: • the segregation of client assets, as assets belong- ing to clients should not form part of the bank- ruptcy estate if they can be legally characterised as third-party assets and remain properly segregated and identifiable, whereas clients may be left with general bankruptcy claims where segregation has not been maintained; • the technical ability of the trustee to identify, secure and dispose of the assets, which requires control over private keys and co-ordination with custodi- ans and exchanges, alongside KYC compliance on any subsequent disposal; and • the choice of valuation date given crypto-asset volatility, which has not been definitively settled. MiCA Wind-Down Requirements MiCA introduces prudential, safeguarding and order- ly wind-down requirements for CASPs, including an obligation to maintain a plan for orderly wind-down without undue harm to clients. As of the date of this publication, no Polish authority has been vested with a dedicated crypto-specific resolution mandate com- parable to the bank-resolution framework. 1.2.6 Industry and Trade Bodies Industry bodies specific to the crypto-asset segment include: • the Polish Bitcoin Association ( Polskie Stowar- zyszenie Bitcoin ), one of the longest-standing organisations of this type in Poland; • the Polish Chamber of Blockchain and New Tech- nologies ( Izba Gospodarcza Blockchain i Nowych Technologii ), which represents market participants active in blockchain and crypto-asset services and has been vocal in the debate on MiCA implementa- tion; and
• the FinTech Poland Foundation. These bodies have no supervisory or rule-making powers; they participate in public consultations, con- duct educational activities and provide a forum for the development of market practice. 2. Regulation 2.1 Regulators and International Alignment Polish Financial Supervision Authority (KNF) The KNF is the central supervisor of the Polish finan- cial market and the most relevant regulator for crypto- asset businesses once the Polish MiCA implementing framework is in force. The KNF already supervises banks, investment firms, payment institutions and electronic-money institutions under the existing sectoral regimes, which is relevant in particular to tokenised financial instruments, payment services and e-money tokens. The Polish implementing bill desig- nates the KNF as the national competent authority for the remaining MiCA scope, including the authorisation and supervision of ART issuers, offerors and persons seeking admission to trading of other crypto-assets, and crypto-asset service providers. Until the imple- menting act enters into force, however, Polish MiCA authorisations for CASPs cannot be granted domes- tically. The legislative process remains ongoing and the final scope of the KNF’s MiCA-related powers is subject to the outcome of that process. Other Relevant Authorities The AML supervisory layer rests with the General Inspector of Financial Information (GIIF), within the Ministry of Finance, while the Director of the Tax Administration Chamber in Katowice maintains the Register of Activity in the Field of Virtual Currencies. Data protection falls to the Personal Data Protection Office (UODO). The Ministry of Finance is the policy author of the implementing legislation and of the cryp- to-asset tax regime. The National Bank of Poland is not designated as a supervisor of the crypto-asset market, but remains relevant to policy discussions on payment systems, stablecoins, monetary policy impli- cations and any prospective digital zloty.
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