Poland’s draft crypto-assets act is meant to transpose the EU’s MiCA regulation. The proposal makes the Financial Supervision Authority (KNF) the lead regulator and introduces both financial and criminal penalties for violations. The draft sets licensing rules for service providers, abolishes the VASP registry by 2025, and imposes reporting duties on issuers. It also grants KNF powers to freeze accounts for up to 96 hours, extendable to six months with prosecutor approval. On 23 September 2025, the Public Finance Committee approved amendments that clarified supervisory powers, added minimum prison terms for unauthorized providers, refined definitions for currency exchange, and extended compliance deadlines for blocking orders. Other EU states are also moving at different speeds on MiCA. France and Germany are integrating the regulation into existing licensing systems, often with transitional relief. Lithuania and Estonia have tightened provider rules early, while Spain has delayed enforcement to give firms more time.
