Poland adopts revised crypto bill amid political deadlock

Getting your Trinity Audio player ready...

Poland has adopted the revised digital asset regulation bill backed by the Finance Ministry, as the country grapples with the implications of the Zondacrypto exchange scandal, all while remaining the only European Union member state to have not enforced a domestic legislation needed to implement the Markets in Crypto-Assets (MiCA) framework amid a political stalemate.

The amended rule was adopted following the culmination of the 57th sitting of the Sejm, the lower house of Poland’s national legislature, in Warsaw on May 15, where Polish lawmakers voted 241-200 in favor of the new regulation.

With lawmakers’ approval of Bill No. 2529, the Polish Financial Supervision Authority (KNF) will now have the power to oversee market participants, impose administrative sanctions, and temporarily block accounts and transactions, according to a Cointelegraph report.

Friday’s result serves as a testament to lawmakers’ persistence in regulating the growing digital asset market. However, while the majority is in full support of the bill, its passage still rests in the hands of President Karol Nawrocki, who in previous months vetoed similar crypto bills over fears that they may create unnecessary administrative burdens and push local businesses to foreign jurisdictions.

Local reports made no mention of any statements from Nawrocki’s office following the Sejm vote, but market participants and crypto commentators believe the revised bill won’t gain the president’s support.

They noted issues such as disputes over supervisory powers, enforcement, account and domain blocking provisions, and the lack of stronger safeguards would hinder the presidential approval of the bill.

Poland has until the end of June to pass a local regulation implementing the MiCA framework, which is set to be enforced by July 1, 2026, across the EU. Failure to do so would mean local digital asset companies would lose the authority to legally operate their services in the country.

The snowballing Zonda scandal

Poland’s crypto market is under intense scrutiny after authorities opened a large-scale investigation into Zondacrypto, which is being accused of trapping millions in customer funds. At least 30,000 investors were reported to have been unable to access and withdraw their funds, with estimated losses surpassing 350 million złoty ($96 million).

What began as a financial dispute has now evolved into a politically charged controversy, with Prime Minister Donald Tusk warning that the case could involve Russian-linked financing.

“We were dealing with a company whose origins are particularly shady,” Tusk said as quoted by Reuters. “It’s the Russian mafia and its money involved in organising the Zondacrypto exchange.”

The issue has fueled concerns about foreign influence within Poland’s political landscape, prompting investigators to review the company’s previous sponsorships tied to events attended by nationalist opposition figures.

Debate over digital asset oversight was reignited following the Zondacrypto digital asset exchange collapse, with critics arguing that regulation has failed to keep pace with the industry’s rapid expansion.

Watch: What is MiCA? Understanding the EU regulatory framework with Juan Ignacio Ibanez