Polish lawmakers have approved a long-debated cryptocurrency bill, moving to align the country with the European Union’s Markets in Crypto-Assets regulation as a fraud probe tied to a major exchange fuels political tension in Warsaw.
The legislation, passed on Friday, sets a framework for licensing, supervision, and consumer protection across the crypto sector, according to Reuters reporting. Poland faces a July deadline to implement MiCA or risk forcing domestic firms to halt crypto-asset services, according to the national financial watchdog.
The vote lands as prosecutors investigate the collapse of Zondacrypto, once the country’s largest exchange, where thousands of users remain unable to access funds. Authorities estimate losses at more than 350 million zlotys, about $96 million, turning the case into one of the most significant crypto failures in Central Europe.
Prime Minister Donald Tusk has linked the platform to alleged foreign influence, citing security service findings that point to Russian capital behind the exchange. He has described the company’s origins as opaque and raised concerns about its past sponsorship of events involving figures from the nationalist opposition. Moscow has denied any role in sabotage or covert activity across Europe.
Zondacrypto’s founder, Sylwester Suszek, has been missing since 2022. Polish media report that his successor, Przemyslaw Kral, resides in Israel, where he holds citizenship, a factor that may complicate any extradition effort.
Poland is weighing the regulation of crypto
The scandal has sharpened divisions within Poland’s political system over how to regulate digital assets. President Karol Nawrocki, backed by the opposition, has vetoed earlier versions of the bill, arguing that strict rules and high penalties could push companies out of the country. He has proposed an alternative framework with lower fines and stronger court oversight of enforcement actions.
At the same time, some Polish lawmakers have pushed for far stricter measures. A proposal from members of the Law and Justice party would ban crypto-related business activity, citing consumer risk and limited enforcement capacity. The plan would introduce criminal penalties for operating in the sector, marking one of the most restrictive approaches within the EU.
The government’s bill instead places oversight with the Polish Financial Supervision Authority, granting it powers to suspend offerings, block accounts, and impose penalties for market abuse. Supporters argue that alignment with MiCA will provide legal clarity and restore confidence after the Zondacrypto collapse.
For investors and firms, the outcome now hinges on whether the president signs the legislation. Another veto could leave Poland in breach of EU requirements, raising the prospect of market disruption at a time when scrutiny of the sector has intensified.