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The grace period for crypto asset service providers to operate without a license under the EU’s MiCA regulation ends on July 1. Only 20 percent of entities in the bloc have obtained the necessary authorization, while the rest are required to cease operations or transfer clients’ funds to licensed platforms. In Poland, the situation is particularly dire because the president vetoed the implementing law, leaving both firms and investors in legal limbo.
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According to information published by 'Rzeczpospolita’, the vast majority of crypto exchanges and wallet providers across the European Union have failed to secure a license under the new Markets in Crypto-Assets (MiCA) framework. These entities must now either return clients’ money or move their cryptoassets to a regulated provider. Failure to do so could lead to severe penalties and, in practice, may result in blocked withdrawals for investors.
In Poland, the situation is even more complex. The president’s veto of the national law implementing MiCA means that no domestic company can obtain a license from Polish authorities. As one source quoted by 'Rz’ puts it, the Polish government has not only harmed the interests of crypto firms but also violated consumer rights.
Polish register not enough
The Director of the Tax Administration Chamber in Katowice has issued a clear statement: an entry in the Polish register of virtual currency activities does not constitute a license under MiCA. After July 1, such registration will not authorize any entity to provide services either in Poland or abroad.
This means that investors who trusted companies with only a Polish registration may now find themselves trapped. Their funds are stuck on platforms that are no longer legally allowed to operate, and the path to withdrawal is uncertain.
Global players get licensed, others vanish
Some major players, such as the global exchange Binance, have obtained licenses in other EU member states. However, the vast majority – an estimated 80 percent of all service providers in the EU – have not. For them, the only options are to shut down or transfer clients to licensed partners.
Authorities are now advising investors to verify whether their funds are held with authorized providers. The message from the Ministry of Finance is blunt: check your accounts now, because after July 1, you may lose access to your money.
The looming chaos is not just a regulatory issue – it is a real threat to the liquidity of the entire crypto market in Europe. Many smaller platforms may simply disappear without returning funds, leaving thousands of retail investors empty-handed.
Źródło: WNP.PL (wnp.pl), Fot. Shutterstock/Mc_Cloud
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