As more leading brokers enter the Polish market, Poland, as a crypto-friendly jurisdiction, is inevitably tightening its regulation of blockchain service providers' activities.
The chart below shows the current statistics of blockchain service provider companies registered in different EU member states. It is evident that compared to Paris, Berlin, and Eastern European countries, Poland has already become the preferred destination for newly registered blockchain service provider enterprises. Polish regulators are also actively promoting a series of measures, aiming to establish its capital, Warsaw, as the future blockchain service center of the EU.
On September 23 this year, the Polish Financial Information Authority (GIIF) mandated that all blockchain service operators must submit their quarterly operational data to the GIIF. The operational data report for the fourth quarter of 2023 is to be submitted between January 1 and 18, 2024.
Notably, the EU is expected to fully implement MiCA ("EU Digital Asset Management Act") across the EU starting from the first quarter of 2024. As a member of the EU, Poland will also introduce its own implementation legislation related to MiCA. Companies that obtained the Polish VASP license before this will also upgrade their licenses to comply with the EU MiCA regional license during the transition period.
Undoubtedly, Poland's regulation of blockchain activities and the gradual improvement of its related legislation will further make it an attractive jurisdiction for blockchain service providers. Obtaining a Polish VASP license will help blockchain service providers stand out in the competitive market and become trusted participants in the burgeoning EU blockchain market.
