Nearly 2,000 entities were registered in Poland, but no MiCA license has been issued locally. The eighteen-month transition period granted by the European regulation ended on July 1, 2026, leaving Polish service providers unable to continue their activities without a license obtained in another member state. President Karol Nawrocki’s veto in fall 2025 created a legal vacuum that the Polish Parliament failed to fill, preventing the KNF from processing applications. By comparison, Germany issued 57 authorizations, while France and the Netherlands each issued 26. Facing procedure costs that can reach 700,000 euros and minimum capital requirements ranging from 50,000 to 150,000 euros, Polish companies are re-domiciling to Vilnius, Prague, or Valletta, taking their teams and tax bases with them.
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