Polish exchange Kanga hops MiCA fence through Latvia, leaves Warsaw guessing 🦘

Polish-founded crypto exchange Kanga has secured a Markets in Crypto-Assets Regulation (MiCA) license in Latvia, giving the firm a regulated pathway to operate across the European Union. The exchange's operator, SIA AlphaRoute, received a Class 3 MiCA license from the Bank of Latvia on June 18 after the bank's Supervisory Committee approved the authorization, according to a Wednesday statement shared with Cointelegraph. The license authorizes the company to provide services including crypto custody, trading and transfers across the bloc.

SIA AlphaRoute CEO Dominik Tomczyk said Kanga began the pre-licensing process in Latvia in November 2025 after reviewing several jurisdictions. "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," Tomczyk said. The company said it will provide customers with additional details about operational changes and service terms through its official communication channels.

Kanga's approval comes as Poland remains without MiCA implementation legislation ahead of the EU's July 1 transitional deadline. Lawmakers have been trying to break a deadlock following three presidential vetoes. President Nawrocki vetoed a government-backed crypto bill for a third time on June 11, saying successive versions failed to address his objections, including provisions he considered overly burdensome for crypto companies.

Members of the Poland 2050 party, part of Prime Minister Donald Tusk's governing coalition, have since reportedly submitted a new proposal incorporating several changes requested by the president. According to the bill's sponsors, the proposal would reduce some fees, remove certain regulatory provisions and make the framework less restrictive for crypto companies, and Poland 2050 reportedly called for the legislation to be fast-tracked through parliament.

Poland's crypto sector also faces heightened scrutiny following a fraud investigation into Zonda, the country's largest crypto exchange, where prosecutors estimate customer losses exceed 350 million zlotys (about $92.7 million).