Catenaa, Sunday, May 17, 2026- Polish lawmakers approved a European Union-aligned cryptocurrency regulation bill on Friday while prosecutors expanded a fraud investigation into collapsed exchange Zondacrypto, where estimated customer losses reached nearly $96 million and political tensions deepened in Warsaw.
MiCA Rules Approved
Poland’s parliament passed a government-backed bill implementing the European Union’s Markets in Crypto-Assets Regulation, commonly known as MiCA.
The legislation aims to establish a formal legal framework for cryptocurrency firms operating inside Poland and across the European Union.
Poland faces a July deadline to adopt MiCA rules or risk domestic firms losing authorization to offer cryptoasset services within the bloc.
The country’s financial watchdog previously warned lawmakers that delays could damage Poland’s digital asset industry and create regulatory uncertainty for exchanges and crypto service providers.
The legislation passed after months of political disputes surrounding how aggressively Poland should regulate cryptocurrency markets.
The parliamentary approval also came as lawmakers debated several competing crypto proposals introduced earlier this month.
Three alternative proposals came from President Karol Nawrocki, the Poland 2050 party and the Confederation party.
Another proposal introduced by members of the Law and Justice party sought to ban cryptoasset activity entirely within Poland.
Parliamentary Speaker Włodzimierz Czarzasty said lawmakers would only consider the proposed crypto ban after work on the main regulatory bills concludes.
Exchange Probe Expands
The legislation advanced while prosecutors continued investigating Zondacrypto, Poland’s largest cryptocurrency exchange.
Thousands of users reportedly remain unable to withdraw funds from the platform.
Authorities estimate customer losses exceeded 350 million zlotys, equal to roughly $96 million.
The growing scandal intensified political tensions between the government and opposition parties as investigators examined alleged fraud and possible foreign criminal involvement.
Prime Minister Donald Tusk publicly linked the exchange to Russian criminal organizations and Russian intelligence-connected networks.
Earlier this month, Tusk told a government meeting that Polish security services identified Russian mafia money connected to the exchange’s operations.
The allegations transformed the financial investigation into a broader national security and political issue inside Poland.
The investigation also raised questions about oversight failures within Poland’s cryptocurrency sector before MiCA regulations fully take effect.
Authorities have not publicly announced criminal charges against exchange executives or operators.
Political Fights Continue
Political disagreements over cryptocurrency regulation continue dividing Poland’s leadership despite Friday’s parliamentary approval.
President Nawrocki previously vetoed two earlier crypto bills backed by Tusk’s government.
Nawrocki argued the earlier proposals imposed excessive regulatory burdens on crypto companies and risked pushing businesses outside Poland.
The competing proposals debated this week reflected broader divisions over how tightly the sector should be regulated.
Nawrocki’s own 108-page proposal largely mirrored the government-backed draft but proposed lower penalties for violations.
The government bill approved Friday allows fines of up to 25 million zlotys for obstructing inspections by regulators.
Nawrocki’s competing proposal capped those penalties at 20 million zlotys.
The dispute highlighted continuing disagreements between the government and opposition over balancing consumer protection with support for Poland’s growing crypto industry.
Europe Tightens Rules
MiCA represents the European Union’s first comprehensive regulatory framework governing digital assets across member states.
The rules establish licensing standards, consumer protections, reserve requirements and oversight obligations for cryptoasset firms operating within the bloc.
European regulators argue the framework will reduce fraud risks and improve market stability following multiple exchange collapses and crypto scandals in recent years.
Supporters also say unified regulations could strengthen investor confidence and attract institutional capital into European digital asset markets.
Critics warn that stricter rules may increase compliance costs for smaller crypto companies and push innovation toward less regulated jurisdictions.
Poland’s legislation now moves closer to final implementation as regulators prepare for the July compliance deadline.
The Zondacrypto investigation, however, continues casting a shadow over Poland’s cryptocurrency sector while authorities attempt to restore confidence in digital asset oversight.
