POLAND Law and Practice Contributed by: Michał Wołoszański, Łukasz Kudela and Marta Solarska-Kaleńczuk, Wołoszański & Partners
which may include EU-established legal persons other than credit institutions and electronic-money institu- tions, require authorisation by the national compe- tent authority, must publish an approved white paper and are subject to ongoing prudential, governance, reserve-management, redemption, disclosure and reporting requirements. Significant ARTs are subject to enhanced requirements and direct EBA supervi- sion. Comparison With the Payments Framework Compared with the pre-existing payments framework, MiCA adds crypto-specific obligations for EMTs and creates a new bespoke framework for ARTs. The two regimes pursue similar regulatory outcomes – reserve backing, segregation, redemption rights, governance, disclosure and consumer protection – but reach them through different legal routes. Where stablecoins are used to provide payment services, additional pay- ment-services requirements may also be relevant. 6.2.3 Backing Assets E-Money Tokens For EMTs, the backing-asset regime builds on the existing e-money framework, supplemented by MiCA. Issuers must safeguard the funds received in exchange for e-money tokens, keep them segregated from their own assets and ensure that holders have a right of redemption at par value in the referenced cur- rency at any time. The funds must be held or invested only in accordance with the safeguards and invest- ment restrictions set out in the e-money and MiCA regimes. Asset-Referenced Tokens For ARTs, MiCA introduces a dedicated reserve- assets regime. Issuers must maintain a reserve of assets designed to cover the risks attached to the assets referenced by the token. The reserve must be segregated from the issuer’s own estate, protected from claims by the issuer’s creditors, held with eligi- ble custodians and managed under a documented reserve-management policy. ART issuers are also subject to own-funds and governance requirements. Composition and Custody Restrictions MiCA restricts the composition and custody of backing assets for both EMTs and ARTs. In general,
reserves must be held with authorised institutions and/or invested only in secure, low-risk and highly liquid assets, subject to concentration and risk-man- agement limits. These rules are intended to ensure redemption, protect holders and reduce contagion risks. Prohibition on Interest Issuers of ARTs and EMTs, and CASPs, are prohibited from granting interest or any other benefit linked to the length of time for which a holder holds the token. Yield-bearing arrangements involving stablecoins, such as lending or staking products, must therefore be structured carefully and may trigger separate regu- latory analysis. MiCA introduces enhanced requirements for ARTs and EMTs classified as “significant” by the EBA. Sig- nificant tokens are subject to additional own-funds, liquidity, reserve-management, governance, report- ing, recovery and redemption-planning requirements, reflecting the greater risks they may pose to financial stability, monetary policy transmission and payment systems. The EBA has a central role in the classifica- tion and supervision of significant ARTs and EMTs, while national competent authorities remain involved within the MiCA supervisory framework. Monetary Sovereignty Safeguards 6.2.4 Special Considerations Significant Tokens Regime MiCA also contains specific safeguards for stable tokens that could affect monetary sovereignty. ARTs and EMTs referencing non-EU currencies are subject to additional monitoring and reporting requirements where they are used as a means of exchange in the EU, and MiCA provides mechanisms to restrict exces- sive use in that capacity. This is particularly relevant for USD-referenced stablecoins used for payments or settlement in the EU. Polish Context In practice, EU CASPs must ensure that any ART or EMT they offer, admit to trading or support complies with MiCA. Non-MiCA-compliant stablecoins may need to be restricted or delisted from EU-regulated platforms. In Poland, the National Bank of Poland and Polish supervisors are expected to monitor the sys-
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