Polish trading giant XTB has secured a license in Cyprus to offer spot cryptocurrency trading, sidestepping an 11-month political stalemate at home over EU crypto rules.
The Cyprus Securities and Exchange Commission authorized XTB under the EU’s Markets in Crypto-Assets (MiCA) regulation. The firm will launch services first in Cyprus as a testing ground before expanding elsewhere.
The move follows XTB’s failed push for Poland to adopt its own MiCA law. President Karol Nawrocki vetoed a 334-page crypto bill, which the government later sent back to parliament unchanged—creating a rare political standoff.
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In an open letter last November, XTB warned that the regulatory vacuum was pushing Polish investors to unregulated offshore platforms. Meanwhile, critics like opposition leader Sławomir Mentzen called Poland’s proposed law “the most unfriendly in Europe,” citing its complexity and a 0.4% revenue tax.
XTB has offered crypto CFDs since 2018 but sought to add spot trading to compete with rivals like Revolut. With the Cyprus license, it can now move forward while Poland’s regulatory process remains frozen.
