MiCA is now fully in force across the EU — or is it?

🚨 MiCA is now fully in force across the EU — or is it?

The MiCA Regulation is a key legal framework of the European Union for the virtual assets market. It officially entered into force on 30 December 2024 and is now fully applied across all 27 EU member states, providing a unified legal basis for service providers operating in this space.

MiCA establishes harmonised requirements for licensing and supervision, investor protection rules, corporate governance standards, and capital requirements for companies operating in the European market. The regulation also introduces a unified “passporting” regime: a MiCA licence issued in one EU country grants the right to operate across the entire European Economic Area.

🇵🇱 Poland — the exception among EU countries

Despite MiCA taking effect at the EU level, Poland currently lacks a functioning national implementation law that would enable local companies to obtain MiCA licences. Due to a presidential veto on the bill regulating the virtual asset market and the absence of a coordinated national procedure, Poland has found itself in a regulatory limbo where MiCA formally applies, but the licensing mechanism for service providers (CASPs) does not function.

This creates a paradoxical situation:

✖️ New companies cannot obtain a MiCA licence in Poland because there is no national authority empowered to issue it.

⚖️ Existing service providers may continue operating under previous registrations until the end of the transition period, but without a clear legal framework for new entrants.

📉 The absence of clear procedures in Poland creates a regulatory vacuum that could deter investment and innovation projects.

At the same time, other EU countries are already actively implementing MiCA at the national level — establishing transition rules, oversight mechanisms, and licensing procedures, making them significantly more attractive for businesses. For instance, Spain’s supervisory authority CNMV has published detailed transitional rules for VASPs under MiCA.

🧩 What does this mean for companies and how to prepare now

✔️ The availability of MiCA across the EU is a major advantage for companies looking to expand their operations in Europe under a standardised legal framework.
✔️ Poland remains a jurisdiction of regulatory uncertainty, where firms cannot apply for a MiCA licence until the national legislation is formally adopted. However, current companies that hold VASP registrations can continue operating without restrictions.

📌 Recommendations for businesses:

🚀 Consider obtaining a MiCA licence in other EU countries as a pathway to full access to the single market.

🇵🇱 For companies registered in Poland, it is important to closely monitor changes in national legislation.

🇨🇦 An alternative or complementary option — an MSB licence in Canada or the United States, which offers additional regulatory legitimacy outside the EU.

🏦 At the same time, work on opening accounts for operational scaling and long-term business expansion.

Finance IQHub supports businesses in navigating modern market conditions. We provide expert consulting and full support with licensing and account opening.