OmarArnaout, chief executive of Polish retail broker XTB, says spot cryptocurrencytrading could reshape the company's revenue structure within two to threeyears, but only if Poland gets out of the way.Speaking inan interview with PolishYouTube channel Comparic, Arnaout was unusually blunt about how lopsidedXTB's income currently is. "Around95%, maybe even more, of revenues are generated from CFD instruments,"he said, calling the situation a source of genuine frustration. His ambition:bring that figure down to roughly 70%, with crypto and equities filling thegap.That's nota small shift. It would mean building an entirely new revenue stream fromscratch, one that doesn't yet exist for XTB in any meaningful form in its homemarket.Poland's Crypto DeadlockIs Costing XTB on the Stock MarketTheobstacle isn't product development or client demand, it's regulation. Polandremains one of the few EU member states that hasn't implemented MiCA, thebloc's digital asset framework, leaving XTB unable to offer spot cryptocurrencytrading to Polish clients through a domestic license.Arnaoutdidn't hide his feelings about it. He said the situation "really hurts,”not just because of the revenue opportunity being missed, but because of whatit means for XTB's valuation. "I'm convinced we would have a completelydifferent valuation on the stock exchange if we had greater revenuediversification," he said.That's apointed comment from a CEO whose company trades on the Warsaw Stock Exchange.XTB shares hit an all-time high of nearly 92 PLN last month despite a weakerearnings quarter, driven largely by record client growth. But Arnaout issignaling that the stock could be worth considerably more if crypto revenueswere already in the mix.XTB secured a MiCAlicense in Cyprus in December 2025, sidestepping the Polish legislative impasse by routing its spot cryptoambitions through its Cypriot entity. The plan is to test the product therebefore rolling it out across the EU. But it's a workaround, not a solution,and Arnaout knows it. XTB hadpreviously written an open letter to Poland's president urging him to sign thedomestic crypto bill, warning that the absence of a local framework was pushingPolish investors toward offshore platforms outside national supervision.Client Demand Is AlreadyThere, Revenue Isn'tThecommercial case for spot crypto at XTB isn't theoretical. Arnaout said thatevery time something moves in the crypto market, XTB sees a surge in both newclient signups and activity from existing users , even though the company onlyoffers crypto CFDs, not actual digital assets. "Inflowsof new clients and the activity of existing clients is simplyrecord-breaking," he said, describing these moments as practically alwayshitting new highs.That's thesecond source of pain he described: watching high-intent crypto customersarrive on the platform while being unable to offer them the product theyactually want. Competitors based in jurisdictions where MiCA has already beenimplemented can offer spot crypto to Polish clients, creating what Arnaoutcalled an uneven playing field. "They have cryptocurrencies and offercryptocurrencies to their clients, and we cannot do this," he said.TheCFD-heavy revenue structure isn't just a diversification problem, it's avolatility problem. As FinanceMagnates,comreported in April 2025, CFD revenues accounted for over 97% of XTB's income in Q1 2025, withthe company's profitability tightly linked to market conditions. In flat orrange-bound markets, that model generates less. Arnaout acknowledged 2025 wasexactly that kind of year, roughly flat on most major indices from Aprilthrough September.Equities Could Also ChipAway at CFD DominanceArnaout's70% target isn't riding entirely on crypto. He also pointed to equities as agrowing contributor, particularly as XTB's client base continues to expandrapidly.The brokeradded 864,000 new accounts in 2025, roughly equivalent to its entire pre-2020history of client acquisition compressed into a single year. As reportedearlier this month,Arnaout is targeting at least 1.2 million new clients in 2026, with ambitionsto push toward 1.3 or 1.4 million. The logic is simple: a larger, more activeclient base trading stocks and ETFs means more non-CFD revenue, even withoutcrypto.That shiftin client behavior is already visible. Only 7% of newXTB clients in 2025 chose CFDs as their first transaction, down from 80% in 2019. The newcohort is predominantly buying ETFs and stocks, lower-margin products but onesthat build a stickier, longer-term client relationship. Over 80% of new clientsin 2025 opened their first position in an ETF, an investment plan built onETFs, or equities.The revenuemath hasn't fully caught up with that behavioral shift yet. Equities and ETFsdon't currently generate enough per-user income to offset what CFDs bring induring volatile periods. Spot crypto, with its higher margins andround-the-clock trading, is the more obvious lever. Arnaout clearly sees it thesame way, which is why, for now, regulatory gridlock in Warsaw remains his mostpressing business problem.This article was written by Damian Chmiel at www.financemagnates.com.