POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
10.5 Regulation of Blockchain Asset Trading Platforms Under MiCA, blockchain asset trading platforms are classified as CASPs and must obtain authorisation. They must comply with AML/CFT regulations, security standards and transparency requirements. Cryptocurrency exchanges fall under MiCA, requiring CASP registration and adherence to AML, transpar - ency and consumer protection rules. However, Poland has not yet implemented MiCA, meaning that no entity currently holds CASP status and no one has been able to apply for a CASP licence. MiCA applies directly in Poland without material national deviations. The vetoed Polish crypto-assets act was intended mainly to establish supervisory pro - cedures and CASP registration, rather than to intro - duce additional substantive obligations for trading platforms. Secondary market trading, including intermediary and P2P transactions, is subject to MiCA. While P2P transactions remain decentralised, high-volume trad - ers may need to register and comply with financial rules. KNF oversees compliance, enforces regulations and imposes sanctions to maintain market integrity. 10.6 Staking Under MiCA, EU member states have the authority to regulate staking services at the national level (Recital 94). The Polish crypto-assets act vetoed by the pres - ident contained far-reaching restrictions on staking services provided by CASPs. As the bill did not come into force, these restrictions are not currently applica - ble, and the future approach to staking under Polish law remains open. 10.7 Crypto-Related Lending Under MiCA, EU member states have the authority to regulate crypto-lending at the national level (Recital 94). The Polish crypto-assets act vetoed by the pres - ident contained an explicit ban on crypto-lending activities provided by CASPs. As the bill did not come into force, this prohibition is not currently applicable, and the future regulatory approach to crypto-related lending under Polish law remains open.
10.8 Cryptocurrency Derivatives Cryptocurrency derivatives fall under MiFID II regula - tions if they qualify as financial instruments. On 17 December 2024, ESMA’s Final Report (Annex III) out - lined criteria for classifying crypto-assets as financial instruments. If a derivative is based on a crypto-asset meeting these criteria, it is regulated under MiFID II regulations, requiring authorisation and compliance with investor protection rules. Otherwise, it may remain outside financial regulations, subject only to consumer pro - tection laws. Poland follows EU regulations without national modifi - cations, assessing crypto-asset derivatives on a case- by-case basis. 10.9 Decentralised Finance (DeFi) DeFi is not currently explicitly regulated under EU or Polish law. ESMA’s October 2023 report highlights challenges in applying existing rules to decentralised systems that lack intermediaries. MiCA and the DLT Pilot regime do not directly cover DeFi, leaving a regu - latory gap, which was reaffirmed by a joint ESMA–EBA report in January 2025 identifying DeFi as a niche seg - ment associated with heightened ICT and AML/CFT risks, rather than an area subject to imminent dedi - cated regulation. In Poland, there are no dedicated regulations for DeFi and no established supervisory practice has as yet been developed. A DeFi service facilitating security token or crypto-trading is not automatically exempt from regulation. If its activities fall under MiFID II regu - lations or AML laws, it may still have to comply. 10.10 Regulation of Funds There are currently no specific rules in Poland regard - ing investing in crypto-assets. Therefore, the general
rules for investing funds apply. 10.11 Virtual Currencies
Virtual currencies are legally defined under AML reg - ulations, distinguishing them from other blockchain assets. The definition follows EU AML directives, rec - ognising virtual currencies as a digital representation
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