Abstract

30 December 2025 marked a year of applicability of Regulation 2023/1114 of the European Parliament and of the Council (EU) on markets in crypto-assets (MiCA) with regard to regulating commercial activity of the so-called crypto-asset service providers (CASPs). One of the most important provisions of MiCA is a prohibition of undertaking activity as a CASP without the authorization issued by the competent authority of a Member State, in which the company concerned has its registered seat. If a Member State does not designate a competent authority, the companies that have a registered seat therein are stripped of the possibility of operating as a CASP. Such a situation occurred in Poland - where the President used his veto power over the proposed act of parliament that was supposed to designate the President of the Financial Supervision Authority as the authority tasked with issuing permissions to operate as a CASP. In the light of the current state of affairs, this article conducts an analysis of the situation of the undertakings that have their registered seat in Poland and that are active or wish to pursue activity as a CASP - whose situation is overshadowed by the ongoing political conflict. Moreover, the article offers a systemic point of view on the issues - and a solution to the main problem - that form, in the authors’ opinion, a compromise capable of dismissing the phantom of stagnation in the Polish crypto-assets sector, while keeping - for the time being - the most controversial matters unresolved.