Licensing Crypto‑Asset Service Providers (CASPs) in Poland
Under the current draft Polish act that will transpose Regulation (EU) 2023/1114 (MiCA) when it comes into force—expected on 30 December 2024—a crypto-startup must assemble a full electronic dossier (ownership structure, governance, three-year capital projections, IT-security and client-asset-safeguarding frameworks) and pay the supervisory fee, submit it via the Polish Financial Supervision Commission’s (KNF) portal, undergo KNF’s detailed fit-and-proper, prudential and cyber-resilience review (during which the statutory clock stops whenever extra information or an on-site inspection is required), receive a written decision that may approve, refuse or condition the licence, await the decision’s finality and public registration, and only then commence operations—bearing in mind that any later change in services, ownership or key management must first be cleared by a licence variation.
Supervisor – all authorisations and ongoing prudential supervision are carried out by the Polish Financial Supervision Commission (Komisja Nadzoru Finansowego, “KNF”).
Services covered – every activity that falls within the definition of a “crypto‑asset service” in MiCA (e.g. custody, exchange, execution of orders, operating a trading platform, placing, reception and transmission of orders, advice and portfolio management) must be licensed if it is performed in or from the territory of Poland.
Territorial reach – both Polish undertakings and foreign firms that actively target Polish clients are in scope.
-
A single licence (“zezwolenie”) is granted for all crypto‑asset services the applicant intends to perform.
-
The authorisation is personal, non‑transferable and not automatically conveyed with the sale of a business or its assets; any acquirer must apply for its own licence.
-
The licence lapses automatically on:
-
the date a bankruptcy order is announced, or
-
three months after a liquidation order is opened.
KNF may issue an interim decision defining what activities the firm may still perform during wind‑down.
-
-
KNF may revoke the licence if the holder infringes MiCA or the Act; from the moment of revocation the firm may only carry out actions strictly necessary to close existing contracts.
-
A licence application in Poland proceeds through five sequential phases. Below is the practical sequence a new crypto-asset service provider should follow—presented entirely in narrative form, without tabular layout:
-
Preparation of the dossier
-
Assemble the complete application file and convert every document into a secure electronic format that preserves legal force.
-
Calculate and set aside the supervisory fee, which must accompany the filing.
-
-
Formal submission to the KNF
-
Transmit the electronic dossier and payment confirmation via the supervisory portal.
-
The KNF issues a receipt only when the set is formally complete; missing items will halt the clock.
-
-
Regulatory review
-
Supervisors assess fitness & propriety of managers and shareholders, adequacy of capital, organisational arrangements, IT and cyber-security resilience, and the overall prudential soundness of the business model.
-
The KNF can pause the review to demand supplementary explanations or on-site inspections; time limits resume only once the response is logged.
-
-
Decision and publication
-
The KNF delivers a written decision that may approve, refuse or impose conditions on the licence.
-
Once the decision is final (after any appeal window closes), the essential particulars are entered on the public register—unless publication would jeopardise investigations or client interests.
-
-
Commencement of operations
-
The startup may begin offering crypto-asset services in or from Poland only after the licence becomes final and effective.
-
Any subsequent change in the scope of services—or in ownership, management or key policies—requires a prior variation approved by the KNF.
-
By following this five-step pathway precisely, a startup ensures that it meets every procedural and substantive requirement laid down in the draft Polish Act implementing MiCA, paving the way for lawful operation and eventual EU-wide passporting of its services.
-
-
Initial capital / own funds – the higher of the absolute floor set in MiCA (between EUR 50 000 and EUR 150 000 depending on the services) and one quarter of the preceding year’s fixed overheads.
-
Ongoing coverage – own funds must be monitored continuously; if they fall below the threshold the provider must notify KNF without delay and restore compliance promptly.
-
Supervisory levy – licensed CASPs contribute pro‑rata to KNF’s operating costs; the calculation is based on the average value of clients’ crypto‑assets held in custody.
-
-
Directors, key function holders and 10 %+ shareholders must be of good repute, possess appropriate knowledge and experience and be able to dedicate sufficient time to their functions.
-
KNF may refuse the application or order the divestment of a holding that fails these standards.
-
-
KNF can enter premises, demand documents, conduct on‑site and remote inspections and impose remedial measures.
-
It may order the temporary blocking of distributed‑ledger addresses, custody wallets or bank accounts where there is a justified suspicion of crime.
-
Licensed firms must retain all business records (including order and transaction logs) in Poland or with an approved third‑party archiver and must hand over copies at KNF’s request.
-
Marketing communications must be fair, clear and not misleading; certain public statements may have to be filed with KNF in advance.
-
Regular statistical, prudential and incident reports are filed electronically; material changes in governance, ownership or business model require prior approval.
-
-
Assess service scope – map each planned activity against MiCA service categories.
-
Choose legal form and capitalise – set up a Polish entity (or branch) and inject own funds above the MiCA floor.
-
Draft the dossier early – the most time‑consuming elements are the IT‑security annex, safeguarding policies and financial projections.
-
Engage with KNF – informal pre‑application meetings are customary and help verify expectations.
-
File electronically – follow the technical format that will be set in the forthcoming ministerial regulation on electronic documents.
-
Prepare for inspection – ensure premises, systems and documentation are ready for KNF’s on‑site visit during the review.
-
Plan for public disclosure – KNF will publish key licence data and any sanctions; anticipate media queries.
-
Budget for supervision – include the recurrent levy in your financial model.
-
Stay agile – any material change (new business line, new director, cross‑border passport) requires a variation request to KNF.
-
Behind Licentium
Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
