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).
Virtual currency safekeeping wallet service: This refers to the provision of services for safeguarding private cryptographic keys on behalf of clients, to hold, store, and transfer virtual currencies. This explicitly covers custody providers.
Requirement: Entities providing services related to virtual currencies, including "holding virtual currencies, including offering services to their users that consist of maintaining virtual currency instruments or access keys on their behalf," are considered Virtual Asset Service Providers (VASPs). These entities are obliged to register in the Register of Activities in the Field of Virtual Currencies (Rejestr Działalności w Zakresie Walut Wirtualnych).
Current (Registration): Poland operates a registration regime for VASPs under its AML Act. This means entities must register their activities with GIIF and comply with AML/CTF obligations. It is not a full "licensing" regime in the sense of prudential supervision (e.g., capital adequacy, operational risk, consumer protection oversight by KNF) like banks or investment firms currently face. The focus is purely on preventing money laundering and terrorist financing.
Current Status: There is no specific definition of a "qualified custodian" for virtual assets within current Polish law. The AML Act focuses on identifying and registering VASPs for AML/CFT purposes, not on their operational qualifications or prudential standards as custodians.
Future (MiCA - Licensing): The EU's Markets in Crypto-Assets Regulation (MiCA) will introduce a comprehensive licensing regime for a broader range of crypto-asset services across the EU. MiCA will come into full effect in December 2024 for most provisions. Once MiCA is fully applicable, entities providing crypto-asset services (CASPs) as defined under MiCA will need to obtain a license from a national competent authority (in Poland, likely KNF) and will be subject to more extensive prudential, organisational, and consumer protection requirements, including capital requirements.
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?