POLAND Law and Practice Contributed by: Michał Wołoszański, Łukasz Kudela and Marta Solarska-Kaleńczuk, Wołoszański & Partners
International Alignment Polish supervisors operate in close alignment with the EU regulatory architecture. The KNF participates in the work of ESMA, EBA and the European Systemic Risk Board, including in relation to MiCA Level 2 and Level 3 measures. The AML framework is anchored in the FATF Recommendations through successive EU directives, the Transfer of Funds Regulation and the EU AML package adopted in 2024, including the crea- tion of the new EU Anti-Money Laundering Authority (AMLA). International Organization of Securities Com- missions (IOSCO) and Bank for International Settle- ments (BIS) standards influence the Polish approach primarily through EU-level legislation, supervisory convergence and guidance rather than through sepa- rate Polish soft law. The political controversy in Poland over the implementing act has been primarily about the scope of KNF powers, sanctions and regulatory burden, not about whether Poland should align with international standards. 2.2 Crypto-Asset Regulatory Frameworks Classification Under MiCA From 30 December 2024, the primary classification of crypto-assets in Poland follows MiCA. The regula- tion distinguishes between asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto- assets, a residual category that includes most util- ity tokens and unbacked cryptocurrencies. The pre- MiCA KNF position on the issuance and trading of crypto-assets, published in December 2020, remains relevant as interpretative guidance, particularly where a token may qualify as a financial instrument. Where a crypto-asset has the features of a financial instrument, MiCA does not apply and the existing securities and investment-services framework applies instead. Three Regulatory Layers Three overlapping regulatory layers govern crypto- assets in Poland: MiCA, which provides the EU-wide framework for the offering and admission to trading of crypto-assets and for the authorisation and supervi- sion of crypto-asset service providers; the AML/CFT regime under the Polish AML Act, under which activ- ity in virtual currencies has been a regulated activity requiring entry in the Register of Activity in the Field of Virtual Currencies, with VASPs treated as obliged institutions; and the financial-instruments framework,
which applies where a token qualifies as a financial instrument rather than a MiCA crypto-asset. Regulated Activities and Reserved Issuance Under MiCA, regulated crypto-asset services include custody and administration, operation of a trading platform, exchange of crypto-assets for funds or other crypto-assets, execution of orders, placing of crypto- assets, reception and transmission of orders, advice, portfolio management and transfer services. Issuance of ARTs generally requires authorisation under MiCA, subject to the separate regime applicable to credit institutions, while the offering of EMTs is reserved to credit institutions and authorised electronic-money institutions. Prohibited Activities and Retail Protection Polish law does not impose a blanket prohibition on crypto-asset activity as such. Activities become prohibited where they are carried out without the authorisation, notification, white paper or registration required under the applicable regime. The third ver- sion of the Polish MiCA implementing bill, passed by the Sejm on 15 May 2026 and approved by the Sen- ate, was intended to introduce significant administra- tive and criminal sanctions for unauthorised activity, including unauthorised provision of crypto-asset ser- vices. However, following a review of the bill adopted by the Sejm and the Senate, on 11 June 2026 the President once again exercised his veto and refused to sign the legislation into law MiCA also introduces enhanced protections for retail holders and clients, including rules on white papers, marketing communi- cations, withdrawal rights and the provision of certain crypto-asset services. 2.3 Regulated Firms and Legal Wrappers Wrapper Does Not Change the Underlying Activity Using a legal wrapper, such as an investment fund, does not change the regulatory characterisation of the underlying activity. If the fund, its manager or anoth- er entity performs a regulated crypto-asset service, offers crypto-assets, issues tokens or deals in tokens that qualify as financial instruments, the relevant MiCA, AML/CFT, payment-services or securities-law regime may still apply. The wrapper instead adds an additional layer of fund regulation, investor-protection rules, custody, valuation and disclosure requirements.
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