Bitcoin and Ethereum ETPs begin trading in Warsaw as Poland’s MiCA legislation remains vetoed

Four cryptocurrency ETPs began trading on the Warsaw Stock Exchange this week, offering Polish investors regulated exposure to Bitcoin, Ethereum, Solana, and XRP in local currency — even as Poland’s MiCA compliance legislation remains stalled after two presidential vetoes and a July deadline that could render certain crypto operations unlawful.

The new Warsaw Stock Exchange Crypto ETPs, issued by Sweden-based Virtune AB, provide exposure to Bitcoin, Ethereum, Solana and XRP, and will be available to Polish investors in local currency without requiring direct crypto custody.

The move places Warsaw Stock Exchange Crypto ETPs at the center of a growing debate over digital asset regulation in Poland.

A government-backed bill intended to align domestic rules with the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework remains in limbo after being vetoed twice by President Karol Nawrocki.

According to Poland’s financial watchdog, Polish Financial Supervision Authority (KNF), failure to adopt compliant legislation by July 1 could render certain crypto activities unlawful.

Warsaw Stock Exchange Crypto ETPs expand regulated access

The four Warsaw Stock Exchange Crypto ETPs are structured as exchange-traded notes (ETNs) and are backed by underlying digital assets.

The products include the Virtune Bitcoin Prime ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, and Virtune XRP ETP.

According to the exchange’s resolution, the instruments offer exposure to major cryptocurrencies, including Bitcoin, Ethereum, Solana and XRP.

The Ethereum and Solana products incorporate staking features, allowing investors to benefit from additional yield generated by network participation.

Virtune states that all underlying crypto assets are custodied with Coinbase and verified using Chainlink Proof of Reserves technology to ensure transparency.

“The launch on the Warsaw Stock Exchange marks an important milestone for Virtune, and Poland is a priority market for us,” — Christopher Kock, CEO, Virtune AB, in a company press release.

As of February 27, the Warsaw Stock Exchange lists 400 companies, including 18 foreign entities, with total capitalization exceeding 2.5 trillion Polish złoty (over $710 billion), according to official exchange data.

The introduction of Warsaw Stock Exchange Crypto ETPs integrates digital assets into the largest and most liquid market in Central and Eastern Europe.

How Polish investors can access the products

The Warsaw Stock Exchange Crypto ETPs can be purchased in Polish złoty through standard brokerage accounts.

Investors are not required to open crypto wallets or manage private keys, reducing operational risks associated with self-custody or exchange-based holdings.

The products are also eligible for inclusion in IKE (Individual Retirement Account) and IKZE (Individual Retirement Security Account) plans, voluntary long-term savings schemes that offer tax advantages under Polish law.

This feature broadens the appeal of Warsaw Stock Exchange Crypto ETPs to retail and retirement-focused investors seeking regulated exposure to digital assets.

ETNs differ from exchange-traded funds (ETFs) in structure. While ETFs directly hold underlying assets, ETNs are debt instruments that track the performance of a reference asset.

Poland’s first Bitcoin ETF was listed on the WSE in September, marking a gradual expansion of crypto-linked investment vehicles on the exchange.

Regulatory uncertainty clouds outlook

The rollout of Warsaw Stock Exchange Crypto ETPs comes against a backdrop of unresolved legislative changes.

The Polish government drafted a bill to transpose MiCA provisions into national law, but the proposal was vetoed twice by President Nawrocki and has faced criticism from industry stakeholders.

Industry participants have warned that aspects of the draft law could hinder domestic crypto businesses.

Meanwhile, the KNF has cautioned that if compliant legislation is not enacted by July 1, certain crypto operations could become illegal under EU rules.

“The implementation of MiCA requires appropriate national provisions to ensure legal certainty,” — Polish Financial Supervision Authority (KNF), in regulatory communications.

Despite the uncertainty, the debut of Warsaw Stock Exchange Crypto ETPs signals institutional willingness to integrate digital assets within regulated capital markets.

Virtune, which manages approximately $260 million in assets and holds a dominant share of the crypto ETN market in Scandinavia, has indicated plans to introduce additional crypto-based products in Poland later this year.

For crypto investors and policymakers alike, the Warsaw Stock Exchange Crypto ETPs highlight a dual reality: growing demand for regulated digital asset exposure, and unresolved questions over how Poland will implement EU-wide crypto standards.

As the July regulatory deadline approaches, the performance and reception of these products may shape the country’s broader digital finance trajectory.