Kanga secures MiCA licence in Latvia to access EU market as Poland’s crypto bill faces third presidential veto

Polish cryptocurrency platform Kanga has obtained a Class 3 MiCA authorisation from the Bank of Latvia, giving it regulatory access to all EU member states through the bloc’s passporting mechanism, a move the company made after Poland’s president vetoed domestic crypto legislation for the third time on June 11.

The approval, announced on June 25, comes as Poland remains locked in a political stalemate over the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA). While lawmakers continue debating domestic legislation ahead of the EU’s transitional deadline, the Kanga Exchange MiCA license allows the company to move forward with its expansion plans under existing European rules.

According to the company, SIA AlphaRoute, operating under the Kanga Exchange EU brand, received a Class 3 authorization from the Bank of Latvia following approval by the regulator’s Supervisory Committee. The Kanga Exchange MiCA license was officially granted on June 18 and authorizes the platform to provide services across all EU member states through MiCA’s passporting mechanism.

Kanga Exchange MiCA license opens access to EU market

The newly obtained Kanga Exchange MiCA license enables the exchange to offer a broad range of services across the European Union, including cryptocurrency custody, trading, and digital asset transfer services.

The authorization represents a significant step for the company, which began preparing for the regulatory transition months before applying for approval.

According to SIA AlphaRoute CEO Dominik Tomczyk, the company deliberately used the MiCA transition period to align its operations with the incoming regulatory standards.

“From the very beginning, we knew that we had to use the transitional period provided for under the MiCA regulation to prepare the organisation to operate within the new regulatory framework,” — Dominik Tomczyk, CEO, SIA AlphaRoute.

The company said customers will receive further information regarding service updates and operational adjustments through official communication channels.

The approval positions Kanga among a growing number of cryptocurrency firms seeking regulatory certainty within the European market as MiCA becomes the continent’s primary framework for digital asset oversight.

Latvia emerges as a gateway for regulated crypto firms

The Kanga Exchange MiCA license was obtained after the company evaluated multiple European jurisdictions before selecting Latvia as its preferred licensing destination.

MiCA has become a key regulatory benchmark for crypto businesses seeking legal clarity and access to the EU’s single market. Under the framework, firms licensed in one member state can expand services across the bloc through a notification process rather than pursuing separate approvals in each country.

For Kanga, securing the Kanga Exchange MiCA license in Latvia effectively provides a pathway to operate throughout the EU despite uncertainty surrounding Poland’s domestic implementation process.

The move also highlights increasing competition among European jurisdictions seeking to attract digital asset businesses by offering clear regulatory pathways and efficient authorization procedures.

Poland’s MiCA implementation remains stalled

The timing of the Kanga Exchange MiCA license approval is particularly notable given Poland’s ongoing struggle to finalize legislation implementing the European framework.

President Karol Nawrocki vetoed a government-backed cryptocurrency bill for the third time on June 11, arguing that successive versions failed to address concerns he had previously raised. Among those concerns were provisions he considered excessively burdensome for crypto companies operating in the country.

The repeated vetoes have left Poland without finalized MiCA implementation legislation as the European Union approaches its July 1 transitional deadline.

In response, lawmakers from the Poland 2050 party, a member of Prime Minister Donald Tusk’s governing coalition, have reportedly introduced a revised proposal aimed at breaking the deadlock.

According to the bill’s sponsors, the updated version would reduce certain fees, eliminate selected regulatory provisions, and create a framework viewed as more accommodating for cryptocurrency businesses.

The legislative uncertainty has encouraged some industry participants to seek regulatory approvals in other European jurisdictions, making the Kanga Exchange MiCA license a potentially strategic advantage for the company.

Regulatory scrutiny grows across Poland’s crypto industry

While Kanga advances its European expansion plans, Poland’s cryptocurrency sector continues to face increasing regulatory and legal scrutiny.

Authorities are currently investigating allegations involving Zonda, Poland’s largest cryptocurrency exchange. Prosecutors reportedly estimate customer losses linked to the case at more than 350 million zlotys, equivalent to approximately $92.7 million.

The investigation has intensified discussions around the need for robust oversight and investor protection measures within Poland’s digital asset ecosystem.

Against this backdrop, the Kanga Exchange MiCA license may provide the company with greater regulatory certainty and credibility as the European crypto industry adapts to MiCA’s requirements.