Navigating Poland's Crypto-Asset Authorisation Process

The PFSA has introduced a four-layer regulatory framework for crypto-asset service providers (CASP), comprising Regulation (EU) 2023/1114, technical standards, joint EBA–ESMA guidelines, and the Polish Crypto-Asset Market Act. The authorisation process involves multiple stages, including acknowledgement of receipt, assessment of formal completeness, substantive assessment, and notification of the decision.

The required documentation includes a programme of operations, corporate documents, AML, KYC, and Travel Rule procedures, ICT documentation, and business continuity plan. The PFSA also conducts a fit-and-proper assessment of management body members, including reputation, knowledge and experience, independence of mind, sufficient time commitment, and collective suitability.

The capital requirement is set at EUR 50,000 for advisory services and EUR 150,000 for operating a crypto-asset trading platform. The PFSA may require higher capital where the scale of activity, risk profile, or complexity of the business model so warrant. Administrative sanctions include pecuniary penalties of up to PLN 30 million, prohibition on providing services, and prohibition on responsible persons holding office in CASP bodies.