Self-custodial wallet / non-custodial software in Poland
Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.
Self-custodial wallet is conditionally permitted in Poland without local incorporation, subject to AML obligations and none licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- No
- Licensing burden
- None
- Last updated
- 2026-07-13
Key Restrictions
- The publisher of non-custodial/self-custodial wallet software never holds, controls, or has access to user funds or private keys, and therefore does not fall within the Polish definition of a 'virtual currency safekeeping wallet service' (which requires safeguarding private keys 'on behalf of clients').
- The Polish AML Act's VASP registration regime applies only to entities that 'hold' virtual currencies or maintain access keys 'on behalf of' users — pure software publishing without custody does not trigger this.
- EU MiCA regulation (applicable from 30 December 2024) also requires custody/administration of crypto-assets on behalf of clients to trigger authorization — non-custodial software does not meet this criterion.
Key Risks
- Regulatory ambiguity: Polish authorities have not issued formal guidance specifically addressing non-custodial wallet publishers, creating interpretive risk.
- If the software includes any built-in swap/exchange features or fiat on-ramp integration, the publisher could be reclassified as providing exchange services under Polish or MiCA rules.
- Future MiCA implementation may broaden definitions; a functional or economic-substance test could theoretically capture software that facilitates transactions even without custody.
- Enforcement action against similar operators in other EU Member States (e.g., Germany, BaFin) has targeted non-custodial wallet providers — Polish authorities could follow suit.
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
The AML Act of 1 March 2018 covers businesses keeping virtual-currency accounts (Art 2(1) pkt 12 lit. d), defined in Art 2(2) pkt 17 lit. e as an electronic set of identification data giving authorised persons the ability to use virtual-currency units, including to exchange them.
Under Art 2(1) pkt 12 of Poland's AML Act of 1 March 2018 (consolidated Dz.U. 2025 poz. 644), businesses providing virtual-currency exchange, intermediation or account-keeping (custody) services are obliged institutions, and Art 129m makes that activity conditional on entry in the register of virtual-currency activity; the register has accepted no new entries since 30 December 2024.
Poland's pre-MiCA regime is the register of virtual-currency activity under Arts 129m–129z of the AML Act of 1 March 2018, kept for the Minister of Finance by the Director of IAS Katowice (not GIIF); it has accepted no new entries since 30 December 2024, and since 1 July 2026 an entry confers no right to provide crypto-asset services.
Poland's AML Act treats keeping virtual-currency accounts (Art 2(2) pkt 17(e)) only as an AML-obliged activity (Art 2(1) pkt 12(d)) and sets register conditions limited to a clean criminal record and knowledge or experience (Arts 129n–129o), with no custody or prudential standards for custodians.
Poland has no MiCA implementing act as of 14 October 2026: the Act on the crypto-asset market passed the Sejm three times (prints 1424, 2064, 2529) and was vetoed by the President on 1 Dec 2025, 12 Feb 2026 and 11 Jun 2026; each override vote failed (5 Dec 2025, 17 Apr 2026, 4 Sep 2026). No Polish competent authority is designated for crypto-asset service providers, so no Polish CASP authorisation can be obtained (Ministry of Finance, 9 June 2026); KNF would have been the authority under the vetoed acts.
Requirement: Under MiCA, entities wishing to provide custody and administration of crypto-assets will need to obtain an authorization from their competent national authority (likely the Polish Financial Supervision Authority – KNF). This authorization will be passportable across the EU.
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- medium
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — pure non-custodial/self-custodial wallet software publishing is not currently captured by Poland's VASP registration regime or AML Act because the publisher never holds, controls, or safeguards private keys on behalf of users, and no license or registration is required for this activity alone, but the absence of formal guidance creates interpretive risk, and any integrated exchange/fiat services would trigger obligations.
Questions this verdict aims to answer
- Does software publishing trigger VASP / MSB classification?
- Do AML obligations attach when no custody exists?
- What disclosure or consumer-protection rules apply?