The deadline for crypto asset service providers to obtain a license under the EU’s MiCA regulation has passed, and only 20% of firms across the bloc have complied. With the remaining 80% forced to cease operations, investors face a high risk of losing access to their funds, especially in Poland where a presidential veto has blocked the national licensing framework.
From July 1, 2026, all entities offering crypto services in the European Union must hold a license under the Markets in Crypto-Assets regulation (MiCA). The transition period, during which unlicensed providers could operate legally, has ended. According to data cited by the Polish daily Rzeczpospolita, only one in five crypto firms in the EU managed to secure the required authorization.
For the remaining companies, the only lawful options are to either return clients’ money or transfer the crypto assets to a licensed provider. However, many smaller platforms lack the resources or willingness to comply, leaving their users in a precarious position. In Poland, the situation is further complicated by the president’s decision to veto the domestic implementation law, making it impossible for any Polish-based firm to obtain a MiCA license.
Poland’s regulatory vacuum deepens the crisis
The lack of a Polish licensing pathway has created a legal gray zone. Local crypto exchanges and wallet providers cannot apply for a permit, even if they wished to comply with EU rules. The Polish government has not proposed an alternative solution, prompting warnings from market observers about a potential wave of investor losses.
– Sam wpis do polskiego rejestru działalności z zakresu walut wirtualnych nie stanowi zezwolenia na prowadzenie działalności regulowanej przez MiCA i po 1 lipca nie będzie uprawniał do wykonywania działalności w zakresie walut wirtualnych, ani w Polsce, ani poza jej granicami – said a director of the Tax Administration Chamber in Katowice in an official communication, as quoted by Rzeczpospolita. (Translation: „The mere entry in the Polish register of virtual currency activities does not constitute a permit to conduct regulated activity under MiCA and after July 1 will not entitle to perform virtual currency activities, either in Poland or abroad.”)
Major global exchanges like Binance managed to obtain licenses in other EU member states, but thousands of smaller operators across the union have not. Polish investors who trusted unlicensed domestic platforms may find themselves unable to withdraw their funds or transfer them to authorized entities.
What investors should do now
The Ministry of Finance has advised individuals to independently verify whether their crypto service provider holds a valid MiCA license. The regulator’s communication urges caution: if a platform has not obtained authorization elsewhere in the EU, it will be operating illegally from July 1 onwards, and clients should demand immediate withdrawal or transfer of their assets.
Industry experts warn that the coming weeks could see widespread suspension of services, frozen accounts, and even outright disappearance of some platforms. Investors who fail to act quickly risk losing their capital entirely. The situation highlights the risks of unregulated crypto markets and the importance of using only licensed intermediaries.
According to the article, in Poland the absence of a local licensing regime violates not only the interests of crypto firms but also consumer rights. Without a clear legal framework, enforcement against rogue operators becomes difficult, leaving retail investors with limited recourse.
Źródło: wnp.pl, Fot. Shutterstock
