THE IMPACT OF MICA REGULATION IMPLEMENTATION ON THE POLISH CRYPTO-ASSET MARKET – CONSEQUENCES, REGULATORY CHALLENGES AND PROSPECTS FOR REFORM
THE IMPACT OF MICA REGULATION IMPLEMENTATION ON THE POLISH CRYPTO-ASSET MARKET – CONSEQUENCES, REGULATORY CHALLENGES AND PROSPECTS FOR REFORM

Summary/Abstract: The aim of this article is to provide a critical assessment of the compliance of the Polish draftact implementing the MiCA Regulation with the objectives and the letter of the Regulation,and to verify the hypothesis that certain provisions constitute instances of gold-plating,increasing compliance costs without delivering proportionate benefits, while simultaneouslyleaving significant regulatory gaps unaddressed. The study applies a comparative legalanalysis (Poland vs. selected EU Member States), a functional analysis (substance over form),and a regulatory impact assessment.Findings. 1. Poland effectively shortened the transitional period for CASPs to six months; afterthis date, MiCA authorisation or passporting (Article 65) is required. The claim of an ‘automatic18-month’ period for Poland is incorrect. 2. The draft introduces regulations exceeding the scopeof MiCA (including a public domain register and preventive account freezes), which requirea rigorous proportionality test and consistency with the DSA. 3. The fee model of up to 0.4%of revenues is not extreme by EU standards but may significantly burden entities with highvolumes and low margins. 4. Identified gaps include: the absence of ‘soft law’ instruments andclear criteria for DeFi and NFTs; in the area of stablecoins, prudential and infrastructural issuesand overlaps between the MiCA, PSD2, and EMD regimes remain key barriers. The research hypothesis was largely confirmed: the Polish implementation is restrictiveand, in parts, overly detailed, increasing both costs and uncertainty while failing to adequatelyaddress technologically sensitive areas (DeFi, NFTs, PLN-EMTs). It is therefore advisable tocalibrate above-minimum instruments and close the identified gaps through soft-law measuresand operational solutions. The second part of the conclusion presents systemic and operationalrecommendations.

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