Kanga, a cryptocurrency exchange founded in Poland, has obtained a Class 3 MiCA license from Latvia's Financial and Capital Market Commission. The license permits the company to offer crypto services across the European Union without needing separate approvals in each member state.
The move underscores a regulatory gap in Poland itself. While EU member states are required to transpose the Markets in Crypto-Assets Regulation (MiCA) into national law, Poland's implementation remains incomplete. The Financial Supervision Authority (KNF) oversees crypto businesses in Poland, but without full national rules in place, companies face legal ambiguity and administrative friction at home.
Class 3 licenses under MiCA typically allow exchanges to offer a broader range of services, including custody and trading in crypto-assets and stablecoins, compared to lower-tier licenses that impose tighter restrictions. The EU licensing model eliminates the need for operators to chase dozens of separate national registrations, a competitive advantage that Latvia's regulator now offers to Kanga.
Poland's legislative process on MiCA implementation has faced delays. Lawmakers have debated the framework's terms, and the KNF continues to clarify how it will supervise the sector under both transitional rules and the eventual national law. In the interim, Polish crypto firms operate under older regulations and forward guidance rather than statutory clarity.
Kanga's decision to license in Latvia reflects a practical response used by other EU crypto companies facing slow or uncertain implementation in their home jurisdictions. Rather than wait for Poland to finalize its MiCA rulebook, the company secured a license in a jurisdiction that has already completed the process. This approach preserves access to the EU market while Polish regulators and lawmakers finish their work.
The KNF has indicated it will continue to supervise registered crypto firms under current law. Once Poland transposes MiCA fully, firms licensed elsewhere in the EU will remain able to serve Polish customers if they comply with the regulation, though the KNF may impose additional national-level requirements.