The grace period for crypto-asset service providers to operate without a license under the EU’s MiCA regulation expires on July 1. Only 20 percent of firms across the Union have obtained the necessary authorization, leaving the majority scrambling to either return funds or transfer assets to licensed entities. In Poland, the situation is especially dire because the president vetoed the domestic implementing law, making it impossible for local companies to apply for a license at all.
The new regulatory framework, known as the Markets in Crypto-Assets regulation, was designed to bring order and consumer protection to the volatile crypto sector. From July 1, any firm offering crypto services – from exchanges to wallet providers – without a valid license will be operating illegally under EU law. The Polish Ministry of Finance has warned investors that a mere entry in the Polish register of virtual currency activities does not constitute a license under MiCA and will not entitle firms to operate after the deadline.
According to sources cited by “Rzeczpospolita”, Poland’s failure to pass the crypto-asset law has harmed not only the interests of crypto companies but also the rights of consumers. The country now faces a legal vacuum where local firms cannot become compliant while European counterparts have already secured licenses in other member states.
Eighty percent of crypto firms face shutdown
Across the European Union, an estimated 80 percent of crypto-asset service providers have not obtained the MiCA license. These companies are now legally obliged to cease operations and either return client funds or transfer them to a licensed entity. The largest players, including global giant Binance, have managed to secure licenses in other EU countries, but many smaller and medium-sized firms are at risk of insolvency.
– The entry in the Polish register of virtual currency activities is not a license for regulated activity under MiCA and after July 1 will not entitle you to conduct business in virtual currencies, either in Poland or abroad – stated the director of the Tax Administration Chamber in Katowice in an official communication.
Polish investors face uncertainty over their savings
For Polish investors who have placed their money with unlicensed platforms, the situation is particularly nerve-wracking. The Ministry of Finance has advised them to personally verify whether their funds are held with authorized providers. If not, they risk being unable to withdraw their crypto assets or fiat money once the providers are forced to shut down.
The lack of a national licensing framework leaves Polish consumers without the protections that MiCA was supposed to guarantee. Unlike investors in Germany, France, or the Netherlands – where national regulators have been actively granting licenses – Poles must rely on foreign-based platforms that may not have a physical presence or legal responsibility in the country.
Industry experts warn that the coming weeks could see a wave of asset freezes, sudden closures, and legal battles as unlicensed firms attempt to wind down operations. The Polish government is under pressure to urgently pass the vetoed legislation or find an alternative solution, but with the political calendar uncertain, many investors are already moving their funds abroad.
Źródło: WNP.PL, Fot. Mc_Cloud / Shutterstock
