Digital Assets Law and CASP Licensing

What is MiCA (MiCAR) and who does it apply to?

MiCA (Markets in Crypto-Assets Regulation) is an EU regulation governing the crypto-asset market — covering token issuers, crypto-asset service providers (CASPs), and rules on consumer protection and market stability. It applies to any entity providing crypto-asset services in the EU, regardless of where it is headquartered.

The Polish act implementing MiCA is still going through the legislative process, but the requirements flow directly from the EU regulation, which applies directly. Companies should confirm their current status with an advisor before relying on any specific date.

What is the difference between VASP and CASP?

VASP (Virtual Asset Service Provider) was a registration status used in Poland before full MiCA implementation — crypto service providers registered with the Katowice Tax Administration Chamber. CASP (Crypto-Asset Service Provider) is a licence granted under MiCA, valid uniformly across the EU (with the possibility of passporting services between member states). The VASP register loses legal significance at the end of the transitional period — after that date, a CASP licence is the only lawful basis for operating.

What does a CASP licence cost, and what are the capital requirements?

The example scope of services is indicative — the final mapping of a specific service to a class requires individual analysis. Beyond initial capital, a CASP licence requires a range of internal procedures (risk management, cybersecurity, complaints handling, business continuity) and management must meet the „fit and proper" requirement.

VASP-to-CASP transition — what to do during the period of uncertainty

The VASP register maintained by the Katowice Tax Administration Chamber loses legal significance at the end of June 2026. Companies currently registered as VASPs should already be preparing CASP licence documentation (capital, procedures, fit-and-proper) regardless of uncertainty over the final shape of the Polish implementing act — the requirements flow directly from the EU regulation. See also our support for cryptocurrency businesses.

Key legal topics

Asset tokenization — how to do it lawfully

Tokenization records a right (e.g. to real estate, a company share, or a receivable) as a digital token on a blockchain. The key legal question is classification — whether the token qualifies as a crypto-asset under MiCA or as a financial instrument under MiFID II. That classification determines the entire regulatory path: licensing obligations, prospectus requirements, and disclosure duties.

Stablecoins — EMTs and ARTs

MiCA introduces two categories of value-referenced tokens: EMTs (e-money tokens) — tokens referencing the value of a single official currency (e.g. EUR), treated similarly to electronic money; and ARTs (asset-referenced tokens) — tokens referencing the value of a basket of assets, currencies, or commodities. Issuers of both categories are subject to separate, elevated capital, reserve, and reporting requirements set out directly in MiCA.

Custody of crypto-assets

Entities providing crypto-asset custody on behalf of clients are subject to obligations to segregate client assets from their own, maintain a record of holdings, and bear liability for the loss of client crypto-assets entrusted to them, on the terms set out in MiCA.

What legal form does a DAO take in Poland?

Decentralized autonomous organizations (DAOs) have no directly assigned legal form in Poland. In practice this creates real risk: without an appropriate structure (a foundation, a company, or a foreign vehicle), DAO participants may face unlimited personal liability for the organization's obligations under general civil-law principles. This requires individual structuring analysis before launching a project.

NFTs and copyright — what does a buyer actually acquire?

Buying an NFT does not automatically mean acquiring copyright in the associated work (image, music, video) — the token records ownership of a digital object on the blockchain, separate from the copyright in the work it represents. The buyer's rights depend entirely on the licence granted by the creator or issuer at the point of sale — without such a licence, the buyer owns the token itself, not the right to commercially exploit the underlying work.

AML/CFT obligations for crypto companies

Crypto-asset service providers in Poland are „obligated institutions" under the anti-money-laundering act — this covers customer identification and verification (KYC), ongoing transaction monitoring, the „travel rule" for crypto-asset transfers, and reporting suspicious transactions to the Polish Financial Intelligence Unit (GIIF). See also Compliance and ESG.

Do you need a CASP licence? A quick check

• Do you provide services involving custody, exchange, or trading of crypto-assets for clients in the EU?
• Do you operate a platform enabling users to buy or sell crypto-assets?
• Do you issue a token referencing the value of a currency or a basket of assets (a stablecoin)?
• Were you previously registered as a VASP in Poland?

If the answer to any of these is „yes", your business will most likely require a CASP licence. We can help you assess the scope of your obligations and prepare the documentation in a CASP readiness review.