Crypto in Europe: MiCA Leaves Poland Behind

Nearly 2,000 registered actors and no MiCA approvals issued locally. Poland had one of the most developed crypto ecosystems in Central Europe. However, it approaches the new regulated European market without a fully operational national framework. According to Mateusz Kara, founder of Morphic Financial Group, this political blockage could turn the country into a mere consumer market for foreign platforms.

Key Points

• The eighteen-month MiCA grace period ended on July 1st: without approval, no crypto services in the Union.
• Due to the lack of an implementing law, the Polish KNF could not process any applications, while over a hundred licenses were issued elsewhere.
• President Karol Nawrocki's veto in the fall of 2025 left a legal void that Parliament cannot overcome.
• Polish actors are relocating to Vilnius, Prague, or Valletta, taking their teams and tax bases with them.

Since July 1st, the former Polish registry is no longer sufficient.

The MiCA regulation fully applies to crypto asset service providers since December 2024. However, a transitional period allowed companies already active to continue their operations under their former national regime for a maximum of eighteen months.

This period ended on July 1st, 2026. From the following day, platforms must possess a MiCA authorization granted in a member state to continue legally offering their services in the European Union.

The tax administration of Katowice, which previously managed the Polish registry of virtual currency activities, has confirmed that this registration no longer constitutes a valid authorization. It also specifies that it is not a supervisory authority under MiCA and does not have the power to grant these approvals.

Polish providers who have not obtained a license in another European country must therefore cease their activities and allow their clients to recover their assets. The European passport, however, allows a platform licensed elsewhere in the Union to continue serving Polish users.

According to figures cited by Mateusz Kara in his article published in Coindesk, Germany had issued 57 licenses, compared to 26 for France and 26 for the Netherlands. Poland had none.

MiCA secures the market but accelerates its concentration.

MiCA now imposes significant requirements regarding capital, governance, asset custody, anti-money laundering, and consumer protection. The minimum required capital reaches 50,000, 125,000, or 150,000 euros depending on the services offered.

In addition to these amounts, legal expenses, audits, and the creation of compliance teams must be considered. According to Mateusz Kara, a complete approval procedure can cost up to 700,000 euros. Such a level constitutes a difficult barrier for small businesses coming from the former Polish registry.

This consolidation represents one of MiCA's indirect objectives: to eliminate the most fragile operators and bring crypto closer to the standards applied to traditional financial services. It should favor stronger companies, capable of working with banks and institutional investors.

However, the absence of a national approval pathway places Warsaw at a disadvantage. Polish companies able to bear these costs can apply for a license in the Netherlands, Germany, or another member state, taking their compliance teams and investments with them.

Thus, MiCA does not prevent Poles from using crypto services. It risks mainly eliminating local offerings -- which sometimes is not a bad thing -- in favor of licensed actors abroad. The market remains, but the economic value and jobs that could accompany it are gradually leaving the country.

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