Lawmakers in Poland have approved a long-discussed cryptocurrency bill, moving to align the country with the European Union’s Markets in Crypto-Assets regulation as a fraud investigation linked to a major exchange sparks political tensions in Warsaw.
The law, which was issued on Friday, establishes licensing, oversight, and consumer protection mechanisms for the entire crypto community, according to Reuters to announce. Poland faces a July deadline to implement MiCA or risk forcing domestic companies to suspend crypto-asset operations, according to the financial watchdog.
Votes have arrived as prosecutors check it out The collapse of Zondacrypto, once the world’s largest exchange, where thousands of users are unable to earn money. Officials estimate a loss of more than 350 million zlotys, about $96 million, turning the case into one of the biggest crypto failures in Central Europe.
Prime Minister Donald Tusk has connected the platform to foreign powers, citing security findings that point to Russian capital behind the exchange. He said that the company started to be unclear and complained about the way it supported in the past events related to anti-national protests. Moscow has denied any involvement in the destruction or cover-up throughout Europe.
The founder of Zondacrypto, Sylwester Suszek, has been missing since 2022. Polish journalists say that his successor, Przemyslaw Kral, lives in Israel, where he has citizenship, which could interfere with any efforts.
Poland is experimenting with crypto regulation
The issue has further divided Poland’s political system how to drive digital economy. President Karol Nawrocki, with the support of the opposition, opposed the previous measures, saying that tougher laws and heavy penalties would push companies out of the country. He has proposed an alternative with lower fines and greater oversight by the courts.
At the same time, others Polish lawmakers have pushed for more stringent measures. Proposals from members of the Law and Justice party would ban crypto-related businesses, citing consumer risk and limited user power. The plan will introduce operating sanctions in the sector, marking one of the most restrictive measures in the EU.
The government’s bill instead places supervision with the Polish Financial Supervision Authority, giving it the power to freeze donations, freeze accounts, and impose penalties for market abuse. Supporters argue that cooperation with MiCA will provide legal certainty and restore confidence after the collapse of Zondacrypto.
For investors and companies, the outcome now depends on whether the president signs the legislation. Another veto could leave Poland in violation of EU requirements, raising the prospect of market disruption at a time when scrutiny of the sector has grown.
