POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
ity tokens). Since MiCAR is directly applicable across the EU, Poland has not introduced addi - tional classification rules. Before MiCAR, there were no specific Polish regulations defining blockchain asset classifica - tions and crypto-assets were generally assessed under existing financial and consumer protec - tion laws. To date, there are no comprehensive official statements from Polish regulators regard - ing how tokens should be classified beyond the MiCAR framework. In terms of security v non-security classifica - tion, Poland applies EU-wide regulations without national modifications, relying on MiFID II and ESMA guidelines. Due to the limited number of token issuances in Poland before MiCAR, there is no well-estab - lished regulatory practice in this area. As a result, assessments are made on a case-by-case basis. 10.4 Regulation of “Issuers” of Blockchain Assets Under MiCAR, “issuers” of crypto-assets must publish a white paper outlining key details about the asset, issuer and risks. It must be submitted to KNF, although formal approval is only required for asset-referenced tokens and e-money tokens, which also face additional capital and governance requirements. In Poland, regulations for “issuers” derive direct - ly from MiCAR, with no significant national modi - fications. KNF will oversee compliance, but no issuer has been able to submit a white paper yet, as Poland has not passed the MiCAR imple - mentation law. Non-compliance with MiCAR can result in severe administrative sanctions, including fines, opera -
tional bans and restrictions on business activi - ties. Additionally, CASPs such as exchanges and wallet providers must obtain authorisation and comply with AML/CFT regulations. 10.5 Regulation of Blockchain Asset Trading Platforms Under MiCAR, blockchain asset trading plat - forms are classified as CASPs and must obtain authorisation. They must comply with AML/CFT regulations, security standards and transpar - ency requirements. Cryptocurrency exchanges fall under MiCAR, requiring CASP registration and adherence to AML, transparency and consumer protection rules. However, Poland has not yet implemented MiCAR, meaning that no entity currently holds CASP status and no one has been able to apply for a CASP licence. Poland follows MiCAR without significant nation - al modifications. The upcoming Cryptoassets Act focuses on CASP registration rather than adding new obligations for trading platforms. Secondary market trading, including intermedi - aries and P2P transactions, is subject to MiCAR. While P2P transactions remain decentralised, high-volume traders may need to register and comply with financial rules. KNF will oversee compliance, enforce regulations and impose sanctions to maintain market integrity. 10.6 Staking Under MiCAR, EU member states have the authority to regulate staking services at the national level (Recital 94). Poland’s draft Cryp - toassets Act proposes significant restrictions on staking, although the exact scope remains legally uncertain.
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