Financial and Business News

XTB Bypasses Poland's MiCA Stalemate, Wins Cyprus Spot Crypto License

Friday, 19/12/2025 | 19:30 GMT by Damian Chmiel
  • The Polish fintech secured regulatory approval in Cyprus for spot crypto trading after Poland's president refused to sign the domestic MiCA legislation.
  • The publicly listed broker plans to launch spot crypto services for local clients in Cyprus in 2026.
XTB

XTB secured regulatory approval in Cyprus to offer spot cryptocurrency trading, sidestepping months of political deadlock in its home market over implementing the EU's digital asset framework.

In the background, there was an open letter to the president, a veto of a bill that runs to more than 300 pages in its Polish version, and an attempt to force it through parliament again in exactly the same form that the head of state had refused to sign.

After 11 Months Waiting, XTB Takes Crypto Business to Cyprus

The Cyprus Securities and Exchange Commission (CySEC) authorized XTB's local entity to provide spot crypto services under the Markets in Crypto-Assets (MiCA) regulation . The broker plans to roll out trading to clients in Cyprus first, then expand to other jurisdictions once it clears regulatory hurdles there.

Omar Arnaout, CEO of XTB, Source: LinkedIn

"This step will allow us not only to enhance our offering but also fully test this new feature before the planned rollout to other jurisdictions," Omar Arnaout, XTB's CEO, said in a statement.

The Cyprus move comes after XTB's public push for Poland to adopt MiCA legislation failed. President Karol Nawrocki has not signed a crypto bill that passed parliament, leaving Poland more than 11 months behind other EU members in implementing the bloc's digital asset rules.

Crypto Plans Date Back to Early 2025

Filip Kaczmarzyk, XTB
Filip Kaczmarzyk, Head of Trading at XTB

XTB first signaled its spot crypto ambitions in January when it posted a job listing for a "Head of Crypto" to build a digital asset trading platform. Filip Kaczmarzyk, the broker's head of trading, confirmed to FinanceMagnate.com that spot cryptocurrencies were under review, though he noted other products took priority at the time.

The company has offered crypto CFDs since 2018 but wanted to add actual digital assets to compete with platforms already providing spot trading.

Poland's draft crypto law became a flashpoint between industry players. XTB wrote an open letter to the president in November arguing that the absence of regulation posed bigger risks than any flaws in the proposed legislation. The broker warned that Polish investors were being pushed to offshore platforms outside national supervision.

“Without a local law, Polish investment firms cannot obtain the necessary licenses,” XTB says in a letter signed by two board members, including Jakub Kubacki and Kaczmarzyk.

334-Page Bill Drew Fire From Opposition

Critics including Sławomir Mentzen, leader of the opposition Konfederacja party, called Poland's proposed law "the most unfriendly in Europe." The bill runs to 334 pages compared to 23 in Austria and 16 in Romania. It hands oversight to the Financial Supervision Authority, or KNF, a regulator Mentzen accused of hostility toward crypto innovation.

The legislation includes a 0.4% tax on gross revenues that industry voices said would burden operators. Mentzen warned the regulator could blacklist companies "without the right to appeal."

Parliament passed the same bill a second time without changes, creating an unusual political standoff that left no clear path forward for domestic crypto regulation. The question is why the president would sign it now, and why the government is so determined to push it through in its unchanged form.

XTB acknowledged regulatory concerns but insisted that operating without any framework created worse problems. The company said only foreign entities could legally serve Polish customers under current rules, potentially costing the government tax revenue.

The Cyprus authorization lets XTB move forward with spot crypto trading while Poland's legislative process remains stuck. The broker said it would maintain both CFD and spot crypto products as separate instruments once services launch.

XTB secured regulatory approval in Cyprus to offer spot cryptocurrency trading, sidestepping months of political deadlock in its home market over implementing the EU's digital asset framework.

In the background, there was an open letter to the president, a veto of a bill that runs to more than 300 pages in its Polish version, and an attempt to force it through parliament again in exactly the same form that the head of state had refused to sign.

After 11 Months Waiting, XTB Takes Crypto Business to Cyprus

The Cyprus Securities and Exchange Commission (CySEC) authorized XTB's local entity to provide spot crypto services under the Markets in Crypto-Assets (MiCA) regulation . The broker plans to roll out trading to clients in Cyprus first, then expand to other jurisdictions once it clears regulatory hurdles there.

Omar Arnaout, CEO of XTB, Source: LinkedIn

"This step will allow us not only to enhance our offering but also fully test this new feature before the planned rollout to other jurisdictions," Omar Arnaout, XTB's CEO, said in a statement.

The Cyprus move comes after XTB's public push for Poland to adopt MiCA legislation failed. President Karol Nawrocki has not signed a crypto bill that passed parliament, leaving Poland more than 11 months behind other EU members in implementing the bloc's digital asset rules.

Crypto Plans Date Back to Early 2025

Filip Kaczmarzyk, XTB
Filip Kaczmarzyk, Head of Trading at XTB

XTB first signaled its spot crypto ambitions in January when it posted a job listing for a "Head of Crypto" to build a digital asset trading platform. Filip Kaczmarzyk, the broker's head of trading, confirmed to FinanceMagnate.com that spot cryptocurrencies were under review, though he noted other products took priority at the time.

The company has offered crypto CFDs since 2018 but wanted to add actual digital assets to compete with platforms already providing spot trading.

Poland's draft crypto law became a flashpoint between industry players. XTB wrote an open letter to the president in November arguing that the absence of regulation posed bigger risks than any flaws in the proposed legislation. The broker warned that Polish investors were being pushed to offshore platforms outside national supervision.

“Without a local law, Polish investment firms cannot obtain the necessary licenses,” XTB says in a letter signed by two board members, including Jakub Kubacki and Kaczmarzyk.

334-Page Bill Drew Fire From Opposition

Critics including Sławomir Mentzen, leader of the opposition Konfederacja party, called Poland's proposed law "the most unfriendly in Europe." The bill runs to 334 pages compared to 23 in Austria and 16 in Romania. It hands oversight to the Financial Supervision Authority, or KNF, a regulator Mentzen accused of hostility toward crypto innovation.

The legislation includes a 0.4% tax on gross revenues that industry voices said would burden operators. Mentzen warned the regulator could blacklist companies "without the right to appeal."

Parliament passed the same bill a second time without changes, creating an unusual political standoff that left no clear path forward for domestic crypto regulation. The question is why the president would sign it now, and why the government is so determined to push it through in its unchanged form.

XTB acknowledged regulatory concerns but insisted that operating without any framework created worse problems. The company said only foreign entities could legally serve Polish customers under current rules, potentially costing the government tax revenue.

The Cyprus authorization lets XTB move forward with spot crypto trading while Poland's legislative process remains stuck. The broker said it would maintain both CFD and spot crypto products as separate instruments once services launch.

Topics
xtb
MiCA
cysec
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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