As of January 16, 2025, the European Union's Markets in Crypto-Assets (MiCA) regulation has been in effect since December 30, 2024, establishing a unified framework for crypto-asset operations across member states. However, the implementation status varies between Poland and Belgium.
Poland:
Poland has not yet enacted national legislation to fully integrate MiCA into its legal system. This delay has led to ambiguity among crypto industry participants regarding the applicability of MiCA and the transitional provisions. Notably, Poland did not pass its national crypto legislation before December 30, 2024, which, according to some industry representatives, allows existing Virtual Asset Service Providers (VASPs) to continue operations under the full 18-month transitional period provided by MiCA, until July 2026. However, the Polish Financial Supervision Authority (KNF) has indicated that the adoption of the Polish Crypto Asset Market Act after December 30, 2024, does not eliminate the possibility of shortening the transitional period. This discrepancy may lead to disputes between VASPs and the KNF regarding operational timelines.
Belgium:
Belgium, similar to Poland, has not yet enacted the necessary national legislation to fully implement MiCA. As a result, there is uncertainty among crypto-asset service providers regarding the regulatory framework and compliance requirements during this transitional phase. The absence of clear national guidelines may affect the operations of existing and prospective crypto service providers in Belgium.
Conclusion:
While MiCA aims to harmonize crypto-asset regulations across the EU, the lack of prompt national legislative action in Poland and Belgium has created uncertainty in the crypto industry. Stakeholders in these countries should closely monitor legislative developments and engage with regulatory authorities to ensure compliance during this transitio
nal period.