Polish lawmakers adopted a government-backed bill on Friday to regulate the domestic digital asset market, implementing the European Union’s Markets in Crypto-Assets Regulation (MiCA) ahead of a July deadline. The move comes as a multi-million dollar fraud investigation into Zondacrypto, once the country’s largest crypto exchange, continues to widen.
Prosecutors have launched a probe after thousands of users reportedly lost access to funds, with total customer losses estimated at more than 350 million zlotys, equivalent to approximately $95.93 million. Prime Minister Donald Tusk has drawn attention to the exchange’s alleged ties to Russian mafia money and Russian secret services, raising concerns about foreign influence and the use of crypto in sabotage payments.
Zondacrypto’s founder, Sylwester Suszek, disappeared in 2022, and his successor Przemyslaw Kral is currently in Israel, potentially complicating extradition. The exchange has not responded to requests for comment.
The legislation has faced political headwinds. President Karol Nawrocki vetoed two earlier crypto bills, arguing they would burden businesses. The approved government bill sets a maximum fine of 25 million zlotys ($6.9 million) for obstructing inspections, while Nawrocki’s alternative proposal included lower penalties of up to 20 million zlotys. Separate bills—including one from Law and Justice MPs seeking a total ban on crypto activity—are still under consideration, but parliamentary speaker Włodzimierz Czarzasty said the ban proposal will only be processed after the four primary regulatory bills are concluded.
Poland’s financial watchdog had warned that failure to adopt MiCA by the July deadline could prevent local entities from providing crypto-asset services. The government argues the new framework is essential for legal certainty and stronger oversight in the wake of the Zondacrypto collapse.
