Poland's Crypto Licensing Gridlock Gives Foreign Firms an Edge

Poland's crypto market has hit a roadblock as a result of a failed vote in the Sejm to override President Karol Nawrocki's veto of legislation implementing parts of the European Union's Markets in Crypto-Assets (MiCA) Regulation. The vote on September 4 fell short, with 241 lawmakers voting in favor and 198 against, along with three abstentions. This means that Poland has yet to designate a domestic authority needed to process ordinary MiCA applications.

The Polish Financial Supervision Authority's office confirmed that authorization proceedings cannot begin until the designation is made by law. As a result, firms seeking a Polish license are stuck while competitors authorized elsewhere in the EU can operate across member states through their home regulator. This is because MiCA allows an authorized crypto-asset service provider to operate across member states through its home regulator.

While this creates a licensing gap for domestic firms, foreign EU-authorized rivals continue to enter the market. Polish regulators have confirmed that the route of using an EU license remains available to firms seeking to operate in Poland's market.