XTB Secures Cyprus Crypto License Amid Polish Deadlock

XTB secures a Cyprus MiCA crypto license, launching spot trading plans while Poland’s stalled legislation delays domestic crypto regulation.

Key points:

• XTB received CySEC approval to offer spot cryptocurrency trading in Cyprus under the EU’s MiCA framework.
• Poland’s failure to implement MiCA pushed XTB to expand its crypto business outside its home market.

XTB has secured regulatory approval in Cyprus to offer spot cryptocurrency trading, allowing the Polish fintech to move ahead with its crypto plans as Poland remains stalled over implementing the EU’s Markets in Crypto-Assets (MiCA) framework.

The Cyprus Securities and Exchange Commission (CySEC) authorized XTB’s local subsidiary to provide spot crypto services under MiCA. The publicly listed broker plans to launch spot cryptocurrency trading for clients in Cyprus in 2026 and then expand to other jurisdictions once it obtains the required approvals.

“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,” said Omar Arnaout, CEO of XTB, in a statement.

XTB Secures Cyprus Crypto License Amid Polish Deadlock

XTB’s move follows nearly a year of political deadlock in Poland, where President Karol Nawrocki has refused to sign a domestic crypto bill designed to implement MiCA. Although parliament passed the legislation, the president vetoed the more than 300-page bill, and lawmakers later attempted to pass it again without changes, prolonging uncertainty for local firms.

The delay has left Poland more than 11 months behind other EU member states in adopting the bloc’s digital asset rules. During that time, XTB and other industry participants warned that the lack of regulation forced Polish investors toward offshore platforms operating outside national supervision.

In November, XTB sent an open letter to the president arguing that operating without a legal framework posed greater risks than any shortcomings in the proposed law. “Without a local law, Polish investment firms cannot obtain the necessary licenses,” the company wrote in a letter signed by board members Jakub Kubacki and Filip Kaczmarzyk.

Crypto Plans in the Works Since Early 2025

XTB has prepared for spot crypto trading since early 2025. In January, the broker advertised for a “Head of Crypto” role to build a digital asset trading platform. Filip Kaczmarzyk, XTB’s Head of Trading, later confirmed that the company was reviewing spot cryptocurrency offerings, although other products initially took priority.

XTB has offered crypto contracts for difference (CFDs) since 2018, but aims to add spot trading to compete with platforms that already provide direct access to digital assets.

Poland’s draft crypto law has sparked strong opposition. Critics, including Sławomir Mentzen, leader of the Konfederacja party, labeled the bill “the most unfriendly in Europe.” The legislation spans 334 pages—far longer than comparable laws in Austria or Romania—and places oversight under the Financial Supervision Authority (KNF), which opponents accuse of being hostile to crypto innovation.

The bill also introduces a 0.4% tax on gross revenues, which industry representatives say would burden operators. Mentzen warned that the regulator could blacklist companies without a right to appeal.

Despite acknowledging flaws in the proposed law, XTB has maintained that the absence of any regulatory framework creates even greater problems. The company has argued that current conditions favor foreign firms, potentially depriving Poland of tax revenue and domestic oversight.

Cyprus License Clears the Way Forward

With CySEC’s authorization, XTB can move ahead with its spot crypto strategy while Poland’s legislative process remains unresolved. The broker said it will continue to offer both crypto CFDs and spot cryptocurrencies as separate products once the new services go live.

For now, Cyprus provides XTB with a regulatory foothold under MiCA—one that allows the company to test and refine its spot crypto offering while waiting for clarity in its home market.

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