Briefing
Poland’s Parliament has adopted the comprehensive Act on the Crypto-Assets Market, formalizing the national implementation of the EU’s Markets in Crypto-Assets (MiCA) regulation, which immediately establishes a significant operational cost and a clear compliance roadmap for all Crypto-Asset Service Providers (CASPs) operating within the jurisdiction. The primary consequence for the industry’s financial model is the introduction of a controversial supervisory fee, calculated at 0.4% of annual revenue , a measure that fundamentally challenges the profitability and competitive positioning of low-margin firms. Crucially, the final act provides a pragmatic, extended transitional period, allowing existing Virtual Asset Service Providers (VASPs) to continue operations without filing a CASP application until July 1, 2026.
Context
Prior to this national action, the overarching MiCA framework established harmonized rules across the European Union, yet it left critical operational and financial details ∞ such as the exact structure of supervisory fees and the length of the transitional period ∞ to the discretion of individual Member States’ National Competent Authorities (NCAs). This ambiguity created a compliance challenge, as firms could not finalize their financial models or operational roadmaps without knowing the jurisdiction-specific costs and deadlines. The prevailing uncertainty centered on whether national regulators would use their discretion to impose fees that risked regulatory arbitrage or to offer realistic transitional timelines for complex CASP license applications.
Analysis
The 0.4% fee on annual revenue is a direct and material alteration to the CASP business model, requiring an immediate update to financial planning and risk mitigation controls, particularly for exchanges and brokers operating on thin margins. This cost structure is expected to trigger a strategic review of corporate domicile and service scope, as Polish-based entities will face a competitive disadvantage against firms in EU jurisdictions with lower or profit-linked fees, thereby creating a risk of regulatory arbitrage. Conversely, the decision to extend the grandfathering clause, permitting VASP activity until July 1, 2026, provides a genuine, non-conditional window for compliance teams to adapt existing AML/KYC protocols, restructure governance, and prepare the extensive documentation required for a full MiCA license application. This clarity in timeline reduces immediate operational risk but heightens the long-term financial risk associated with the high fee.
Parameters
- Supervisory Fee Metric ∞ 0.4% of annual revenue. This fee is the mandatory charge levied on CASPs by the Polish Financial Supervision Authority (KNF) for regulatory oversight.
- Transitional Deadline ∞ July 1, 2026. This is the final date by which existing VASPs can operate without a formal CASP license application under the national MiCA framework.
- Adoption Date ∞ September 26, 2025. The date the Polish Parliament adopted the Act on the Crypto-Assets Market.
Outlook
The immediate forward-looking perspective centers on the potential for this high revenue-based fee to set an undesirable precedent or, conversely, to be challenged as anti-competitive, potentially leading to litigation or future legislative amendments. The fee introduces a new variable into the pan-European CASP licensing strategy, compelling firms to prioritize jurisdictions based on their final cost structures. The next phase will involve market participants lobbying for a fee cap or a shift to a profit-based metric, while the extended July 2026 deadline will likely accelerate cross-border licensing efforts, allowing firms to secure a MiCA “passport” from a more cost-effective EU member state before the national grandfathering period concludes.
