Out of 2000 registered crypto firms in the EU, 938 are based in Poland, followed by Lithuania with 499 firms. The ease of registration in Poland, taking less than two weeks and costing around €150, is the main reason for its dominance. Physical office presence is not required, and the key advantage is access to other countries in the economic bloc.

The #MiCA law, effective in December 2024, could reshape the regulatory landscape in the region. Over the next 15 months, #Poland and other #EU member states will compete to attract businesses related to digital assets.

Local authorities must adapt their rules to align with Brussels' regulations. Those who move quickly may gain an advantage. According to MiCA, any crypto firm based in an EU country can easily expand to other member states.

France aims to lead in this regard, with plans to adapt local regulations before MiCA comes into effect. At present, there are dozens of companies that have applied for a license.

To obtain mandatory registration with the local Financial Markets Authority, officials assess business practices, personnel management, #IT systems, and conflict of interest policies. Firms must pay a €1000 fee for a basic license, with legal costs potentially reaching tens of thousands of euros.

#Crypto companies with a higher-level license can almost fully comply with MiCA requirements months ahead of schedule. Currently, only Societe Generale's subsidiary, Forge, holds this status.

In March 2023, French authorities introduced a series of new rules for licensing and registering cryptocurrency companies, which were softer compared to previous proposals. In April, the AMF began expediting applications from supervised crypto firms to comply with MiCA's pan-European rules.