Poland crypto bill passes amid exchange fraud rift
Polish lawmakers have approved a long-debated cryptocurrency bill as the country moves closer to the European Union’s Markets in Crypto-Assets regulation.
The legislation sets rules for licensing, supervision, and consumer protection across Poland’s crypto sector.
The vote comes as Warsaw faces a July deadline to implement MiCA and avoid disruption to domestic crypto-asset services.
Poland’s financial watchdog has warned that firms could face pressure to halt services if the country fails to meet EU requirements.
The bill passed during a politically sensitive period as prosecutors continue to investigate the collapse of Zondacrypto.
Zondacrypto was once regarded as Poland’s largest cryptocurrency exchange before users lost access to funds.
Authorities estimate that losses linked to the exchange collapse exceed 350 million zlotys, or about $96 million.
The case has become one of Central Europe’s most significant crypto failures and has placed fresh scrutiny on digital asset oversight.
Prime Minister Donald Tusk has linked the exchange to alleged foreign influence after citing security service findings.
Tusk said those findings pointed to Russian capital behind the platform, raising concerns over the company’s background and ownership structure.
He also questioned the exchange’s earlier sponsorship of events involving figures connected to the nationalist opposition.
Russia has denied any involvement in sabotage, covert activity, or interference across Europe.
The investigation has grown more complicated because Zondacrypto founder Sylwester Suszek has been missing since 2022.
Polish media have reported that his successor, Przemyslaw Kral, lives in Israel and holds Israeli citizenship.
That situation could make any future extradition effort more difficult if Polish authorities seek his return.
The Zondacrypto scandal has deepened political divisions over how Poland should regulate the crypto industry.
President Karol Nawrocki, who has opposition backing, previously vetoed earlier versions of the crypto bill.
Nawrocki argued that strict rules and heavy penalties could drive digital asset companies out of Poland.
He has proposed a different framework with lower fines and stronger court oversight over enforcement actions.
Some lawmakers have pushed for a much tougher response to crypto-related risks.
Members of the Law and Justice party have proposed banning crypto-related business activity over concerns about consumer harm and weak enforcement capacity.
That proposal would create criminal penalties for operating in the sector and would place Poland among the EU’s strictest crypto markets.
The government’s bill takes a less severe path by giving oversight powers to the Polish Financial Supervision Authority.
The regulator would gain the power to suspend offerings, block accounts, and impose penalties for market abuse.
Supporters say MiCA alignment would give firms clearer rules and help rebuild trust after the Zondacrypto collapse.
Investors and crypto businesses now await the president’s decision on whether to sign the legislation.
Another veto could leave Poland at odds with EU requirements and raise the risk of market disruption.