Is Poland’s Regulatory Environment Limiting Its Crypto Market?

Poland is one of Europe’s most active crypto markets, yet its regulatory environment is increasingly seen as a brake on innovation rather than an enabler. In a conversation with Piotr Brewiński, President of FinTech Poland, he described a country with strong talent, demand, and infrastructure in digital assets, but held back by politics and supervisory conservatism.

According to the ARI10 2026 report, Poland leads Europe in crypto adoption with 47.1% of respondents engaging with digital assets. This momentum exists as the country finalises its implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA).

On May 15, Polish lawmakers adopted a government-backed bill that grants the Polish Financial Supervision Authority (KNF) expanded powers, including the ability to suspend offers, block accounts, and impose fines up to 25 million zlotys.

The move came just ahead of the July 2026 compliance deadline and followed the collapse of Zondacrypto, the former top exchange that lost 99.7% of its Bitcoin reserves with estimated user losses exceeding 96 million dollars amid an ongoing fraud probe.

FinTech Poland, an independent non-profit think tank founded in 2016, works to facilitate dialogue among startups, banks, regulators, and policymakers.

With over 200 active fintech companies employing more than 22,000 specialists, the organisation promotes Poland as a next-generation financial hub. It supports players across the spectrum, from innovative startups to infrastructure providers such as PayU, Fiserv, Autopay and Worldline.

MiCA as the Beginning of the Story, Not the End

MiCA was intended to bring clarity and harmonisation, but in Poland its implementation has become highly politicised.

Brewiński explained that the discussion about crypto should be strictly technical because it involves a simple implementation of an EU regulatory framework. Instead, it turned political. Earlier bills were vetoed by President Karol Nawrocki over concerns about excessive burdens that could drive companies abroad.

Brewiński expressed disappointment that mature companies, which could have been flagship Polish players, were forced to operate as foreign entities. The organisation continues to support such members, including those operating temporarily outside Poland, with the hope they can return.

Brewiński stressed that MiCA should be viewed as a foundation rather than a ceiling:

“We do not look at MiCA as the end of the story. It’s the beginning of the story,”

He highlighted opportunities in building a broader digital asset strategy, including tokenised bonds, tokenised funds, and digital representations of traditional financial instruments.

Balancing Security, Politics and Innovation

Brewiński described the Polish financial supervisor as highly focused on security but limited in supporting innovation. “We are secure and stable,” he said. “But on the other hand, there is still a gap for innovation.”

The supervisory approach remains shaped primarily by large banks and insurers. Rules designed for major institutions are often applied uniformly to much smaller fintech and crypto startups. FinTech Poland has advocated for greater proportionality and flexibility. Regulatory challenges are the main reason the organisation exists.

“Regulatory challenges of our members, and not only our members, but also market participants, is the main reason why FinTech Poland exists,” Brewiński said.

The organisation monitors changes and analyses cases through 12 dedicated working groups. It proposes solutions on topics ranging from DORA and AI governance to crypto-bank relations. For individual members facing hurdles, the organisation connects them with expert advisors, arranges direct meetings with KNF, and advocates at ministerial levels. The goal is a competitive regulatory framework that supports growth without compromising security.

Brewiński asserts that membership is transparent and credibility-focused, where companies undergo review to align with ecosystem values.

“There is no difference between the members in ecosystem… they receive the same kind of support, the same access to the same meetings, to the same values, to the same regulatory papers,” Brewiński emphasised.

How Does FinTech Poland Cooperate with State-Linked Banks?

PKO BP, the largest commercial bank in Poland, is a strategic partner for Fintech Poland and is backed by a significant Polish State Treasury share.

“Only 30% of the shares are owned by the state in Poland. So, 70% of the bank is owned by investors globally,” Brewiński explained, highlighting that while it remains an important asset for the state, “bank activity is quite far away from the political impact”.

Brewiński sees both advantages and challenges in state involvement. It brings stronger regulatory dialogue and innovation support, but also bureaucracy and slower openness to startups. “We are fully open for this kind of cooperation because it helps the whole ecosystem”, he said.

“They [PKO BP] are very important for the whole ecosystem, because they bring the scale, the maturity, their expertise, and their access to the clients”, said Brewiński.

Unusual Membership Raises Questions

Wyser, a global executive search and selection firm (part of GI Group Holding) specialising in middle-to-senior management recruitment across Sales & Marketing, Finance & Accounting, and Technical Engineering, recently joined Fintech Poland as a member.

This move appears somewhat unusual given Wyser’s limited direct background or established presence in the fintech sector. We reached out to Wyser for background on the membership and their planned contribution to the Polish fintech ecosystem.

Brewiński did not shed much light on the situation. We also contacted GI Group Holding, Wyser’s parent company who declined to provide details on its membership arrangements with FinTech Poland:

“As far as memberships are concerned, we do not provide detailed information regarding membership arrangements or terms. For further information about the FinTech Poland membership framework, we recommend contacting FinTech Poland directly,” said a representative.

A Push for European Relevance

FinTech Poland views MiCA as the start of a wider digital finance transformation. Key priorities include advancing digital assets, launching Poland’s first stablecoin, implementing PSD3 and PSR, and strengthening cybersecurity.

“Poland is the most attacked market in Europe from the cyber perspective,” Brewiński said. The organisation implements DORA standards, promotes bank-fintech data sharing for fraud prevention, and builds resilience across the ecosystem.

Through its European Digital Innovation Hub grant, FinTech Poland will support SMEs in adopting cutting-edge financial tools over the next three to five years.

Brewiński emphasised the goal of keeping Polish crypto companies in Poland. The aim is for them to be regulated locally, innovate there, and export solutions rather than passporting from other jurisdiction.

Around this many entities are currently active on the Polish fintech market and the FinTech Poland community today brings together 200 companies shaping the future of financial innovation in the region.

Author: Ruben McCarthy