MiCA Poland

Navigating MICA Compliance for Poland’s VASP Registration Holders

As the landscape of crypto assets evolves, so do the regulations that govern it. The introduction of Regulation 2023/1114 by the European Parliament and the Council, known as the Markets in Crypto-Assets (MICA), marks a significant shift for crypto-asset service providers (CASPs). This blog post outlines what you need to do to comply with MICA and how Complium can support you through this transition.

Prepare for Polish Government Actions 

The Polish government is working on implementing MICA, expected to come into force by the end of 2024, with a six-month transition period. The Polish Financial Supervision Authority (KNF) is going to oversee the implementation, licensing, and enforcement of MICA regulations in Poland. 

How Do You Meet CASP Obligations Under MICA? 

Client Relations Obligations 

To ensure compliance, you need to: 

• Act transparently and fairly, providing clear, non-misleading information to clients. 

• Make policies on pricing, costs, and fees publicly available. 

• Inform clients of the risks associated with crypto assets. 

Financial Safety Standards 

MICA prioritizes security to protect clients. Here’s what you need to do: 

• Maintain prudential safeguards, including a minimum share capital of EUR 125,000 or one-quarter of the previous year’s fixed overheads. 

• Ensure adequate arrangements to safeguard client funds and crypto assets. 

• Taking out an appropriate insurance policy to cover potential losses to customers. 

Personnel Requirements 

Your management bodies must meet specific standards: 

• Ensure members, such as Mangement Boards and shareholders have a good reputation and possess appropriate knowledge, skills, and experience. 

• Verify that shareholders and Board Members with qualifying holdings do not adversely affect the management of your CASP. 

Establish Required Policies and Procedures 

To meet MICA requirements, CASPs must: 

• Ensure continuity in services and secure ICT systems. 

• Establish business continuity policies. 

• Establish a complaint policy to handle client complaints effectively. 

• Identify, manage, and disclose conflicts of interest transparently, with use of publicly disclosed policies. 

How Can Complium Support You? 

To assist you with the upcoming changes, Complium, in collaboration with a qualified law firm, is prepared to: 

• Draft necessary documentation. 

• Help create relevant policies and procedures. 

• Guide you through the CASP license application process. 

• Support with substance and employee’s management 

• Answer any questions you may have. 

Conclusion 

The introduction of MICA will bring significant changes, but it aims to enhance consumer protection, market stability, and overall confidence in the crypto-asset market. While the transition may seem challenging, it promotes a secure and transparent environment, fostering broader adoption and trust in digital assets. 

For more detailed information, please refer to the MICA guide we have prepared for you. 

 

Sincerely, 

The Complium Team 

Office@complium.eu  

 

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