Kanga Exchange Secures MiCA License in Latvia for EU-Wide Crypto Operations
Polish-founded crypto exchange gains EU authorization amidst regulatory deadlock in its home country.
Quick Look
- Polish-founded Kanga Exchange has obtained a Markets in Crypto-Assets Regulation (MiCA) license in Latvia, enabling it to provide crypto custody, trading, and transfer services across the European Union.
- This approval comes as Poland faces a legislative deadlock on MiCA implementation, with a new proposal submitted after three presidential vetoes.
AI-generated summary
Why It Matters
The EU's Markets in Crypto-Assets Regulation (MiCA) is set to transition by July 1, aiming to standardize crypto regulation across member states. Kanga Exchange has proactively sought compliance in Latvia.
Kanga, a crypto exchange founded in Poland, said it has obtained a Markets in Crypto-Assets Regulation (MiCA) license in Latvia, allowing it to provide services across the European Union in accordance with the cross-border notification procedure under the framework.
SIA AlphaRoute, operating under the Kanga Exchange EU brand, received a Class 3 MiCA license from the Bank of Latvia after its Supervisory Committee approved the authorization, according to a Wednesday statement shared with Cointelegraph.
The license was granted on June 18 and authorizes the company to provide services, including crypto custody, trading and transfers, across the EU, said the exchange.
Kanga's approval comes as Poland remains without MiCA implementation legislation ahead of the EU's July 1 transitional deadline, with lawmakers still trying to break a deadlock following three presidential vetoes.
Kanga’s path to EU-wide operations
Kanga began the pre-licensing process in Latvia in November 2025 after reviewing several jurisdictions, according to SIA AlphaRoute CEO Dominik Tomczyk.
“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.
Poland's MiCA deadlock
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. 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).
What to Watch
AI outlook — possibilities, not facts
Poland's new MiCA proposal will be fast-tracked through parliament.
Likely · Within weeks
Open Questions
- Will Poland's new MiCA proposal pass parliament quickly?
- How will Kanga's EU operations expand following the license?
- What will be the outcome of the Zonda fraud investigation?
