July 1, 2026, is the cutoff date for the entire EU crypto-asset market. This date marks the end of the transition period provided for in the MiCA Regulation (Regulation (EU) 2023/1114), during which crypto-asset service providers (CASPs) could operate under existing national regimes. While some entities will have obtained MiCA-compliant authorization by then, others may not. This raises a fundamental question: what happens to such activities after the transition period?
The answer is provided by ESMA's position statement of June 23, 2026, which clarifies expectations for unauthorized CASPs regarding an orderly winding-down of operations while simultaneously protecting customer interests. On the same day, the Polish Financial Supervision Authority addressed the matter, drawing attention to the specific legal situation in Poland. A comparison of both documents provides a comprehensive picture of what awaits the industry and its customers after July 1.
What ESMA expects from unauthorized CASPs
ESMA's key message is clear: after the transition period ends, an entity without MiCA authorization cannot simply continue to operate as before, regardless of whether the national law of the Member State in question has already been adapted to MiCA or not. ESMA expects immediate and orderly winding-down measures, which boil down to three fundamental obligations.
Customer Acquisition Stop: Immediate cessation of onboarding of new EU customers, opening of new accounts and relationships, and all marketing and acquisition activities.
Limitation of services to position winding down: Services are provided only to the extent necessary to sell or transfer cryptoassets, reallocate them, or close out positions. Custody of client assets may only be continued for the period strictly necessary for the orderly winding down of the business.
Clear and Repeated Communication: Clearly, promptly, and repeatedly inform clients about asset protection measures being taken and the wind-down schedule. Communications should indicate the deadline after which remaining positions will be automatically closed and include information about client protection requirements.
Importantly, the provider must maintain full AML/CFT procedures throughout the wind-down process. ESMA also reminds that non-EU entities cannot provide or solicit services covered by MiCA to EU clients, with the narrow exception of reverse solicitation, which also applies to B2B relationships. It is also prohibited to entrust certain services, especially custody, to entities that do not hold CASP status.
Polish context
This is the most interesting part from the perspective of entities operating in Poland. In its announcement of June 23, 2026, the Polish Financial Supervision Authority (KNF) points out several circumstances that should be read in conjunction with ESMA's position.
First, in a statement dated June 19, 2026, the Director of the Tax Administration Chamber in Katowice reminded that an entry in the Polish register of virtual currency activities does not constitute a permit for activities regulated by MiCA. After July 1, such an entry will no longer authorize the conduct of virtual currency activities, either in Poland or abroad. For many domestic entrepreneurs who have relied on this entry, this means a reassessment of their entire operating model.
Secondly, the act implementing MiCA has not yet entered into force in Poland. Consequently, no national public administration body, including the Polish Financial Supervision Authority (KNF), has been designated as competent to supervise activities covered by this regulation, with the exception of issuers of e-money tokens. This creates a paradox: because MiCA is a directly applicable regulation, the obligations arising from it apply, but there is no national authority to grant permits and conduct ongoing supervision. This loophole, however, does not exempt from these obligations. ESMA explicitly states that its expectations apply regardless of the state of implementation of national law.
To sum up
July 1, 2026, marks the end of the era in which cryptoasset services could be provided in the EU under existing national regimes. For unauthorized CASPs, this means an orderly wind-down of operations, with absolute priority given to customer protection and maintaining AML/CFT procedures. For customers, this signals a need to verify the status of their provider and, if necessary, transfer assets in a timely manner. In Poland, the situation is further complicated by the lack of a law implementing MiCA and the failure to designate a supervisory authority, which creates significant legal uncertainty for entities operating in Poland. In this dynamic situation, it is worth closely monitoring announcements from the Polish Financial Supervision Authority (KNF) and ESMA.
This article is for informational purposes only and does not constitute legal advice.
Legal status as of June 24, 2026.
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