CASP license in Poland according to MiCA

Since December 30, 2024, the Markets in Crypto-Assets Regulation (MiCA) has been fully applicable in Poland, setting uniform requirements for the public offering and admission to trading of crypto assets such as asset-linked tokens (ARTs) and electronic money tokens (EMTs). MiCA also sets out requirements for crypto asset service providers (CASPs). However, the draft Polish law on the crypto asset market is still in the legislative process.

Companies wishing to provide cryptocurrency-related services must obtain a CASP license to legally operate in the European Union. This license will allow the company to offer its services in all EU countries.

Services requiring a CASP license:

• Providing crypto asset custody and management services on behalf of clients;
• Managing a crypto asset trading platform;
• Exchanging crypto assets for fiat currencies;
• Exchange of crypto assets for other crypto assets;
• Execution of orders to buy crypto assets;
• Placement of crypto assets on the market;
• Reception and transmission of orders for crypto assets;
• Consultations on crypto assets;
• Management of a crypto asset portfolio;
• Provision of crypto asset transfer services.

Transition process for companies with a VASP license

Companies with the status of VASP (Virtual Asset Service Providers) will have to undergo recategorization into CASP. Until June 30, 2025, they can continue to operate under the current VASP license. However, to continue operating after this date, companies must submit a complete application for a CASP license by May 1, 2025 and receive confirmation from the Polish Financial Supervision Commission (KNF) on its completeness. Such companies may operate under a VASP license until their CASP license is approved, but not later than September 30, 2025.

CASP License Obtaining Procedure

From June 30, 2025, provision of crypto-related services is only possible on the basis of a CASP license issued by KNF. CASP license is available to the following legal entities:

• Authorized CASP (Limited Liability Company or Joint Stock Company);
• Financial organizations such as credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, UCITS management companies and alternative investment fund managers.

Requirements for obtaining a CASP license:

• Having a registered office in the country where the crypto services are planned to be provided;
• The board of directors must be located in the EU, with at least one director being an EU resident;
• Compliance with minimum capital requirements (the amount depends on the type of crypto services);
• Preparation of internal documentation in accordance with MiCA;
• Compliance with requirements for management and shareholders;
• Compliance with technical regulations (RTS, ITS, GL) and other regulations.

Conclusion

To obtain a CASP license, it is necessary to prepare an extensive package of documents, including a business plan, confirmation of compliance with MiCA requirements, a description of corporate governance, documents confirming the reputation and competence of managers, information on the ownership structure and shareholders, internal control and risk management mechanisms (including anti-money laundering measures), technical documentation on IT systems, a description of client asset segregation procedures, a policy for the storage and administration of crypto assets, as well as regulations for the operation of the trading platform and mechanisms to prevent market manipulation. You will also need a description of the order execution policy, pricing methodology and the provision of crypto asset transfer services. All this requires significant costs.

IT-OFFSHORE offers comprehensive support in the process of obtaining a CASP license. Our experts will help you prepare all the necessary documentation, conduct legal analysis, ensure compliance with MiCA requirements and interact with regulators, thereby optimizing your costs. We also provide services for DORA IT audit, opening a bank account and other related processes necessary for successful licensing.

Poland continues to adapt to MiCA requirements, making obtaining a CASP license a key step for crypto companies wishing to operate within the framework of European legislation.