Poland Passes Sweeping Crypto Bill After Zondacrypto Collapse
Poland has passed a major cryptocurrency regulation bill aimed at bringing the country in line with European Union rules while restoring confidence after the collapse of Zondacrypto triggered one of the largest crypto scandals in the nation’s history.
Summary:
- Poland passed a new crypto regulation bill on May 15
- The move follows the collapse of Zondacrypto and investor losses
- The law gives regulators expanded enforcement and supervision powers
The legislation, approved by Poland’s lower house on May 15, gives regulators broad enforcement powers and accelerates the country’s long-delayed implementation of the EU’s Markets in Crypto-Assets framework, or MiCA.
Zondacrypto Crisis Accelerated Regulatory Push
The bill’s passage comes amid mounting political and legal fallout tied to the ongoing Zondacrypto scandal.
Polish prosecutors estimate that users may have lost more than 350 million zlotys, or roughly $96 million, after customers reported being unable to withdraw funds from the exchange.
Prime Minister Donald Tusk has publicly alleged that the platform may have been linked to organized crime networks and foreign political interference, including possible Russian connections.
The case has become increasingly complicated due to the disappearance of Zondacrypto founder Sylwester Suszek, who has reportedly been missing since 2022. Current exchange executive Przemyslaw Kral is believed to be in Israel, creating additional legal and extradition challenges for authorities.
The scandal intensified pressure on lawmakers to finalize long-delayed crypto regulations before upcoming European deadlines.
Poland Races to Meet MiCA Deadline
Poland remains the only major European Union member state that has not fully implemented MiCA, the bloc’s landmark digital asset regulatory framework.
Under the current timeline, crypto firms operating in Poland could lose legal authorization to provide services after July 1, 2026, if domestic legislation is not finalized.
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The new bill formally designates the Polish Financial Supervision Authority, or KNF, as the primary supervisor for the cryptocurrency sector, ending years of debate over regulatory jurisdiction.
Government officials warned that failure to pass the legislation could effectively hand the domestic market to foreign firms already licensed under MiCA in other EU jurisdictions.
Regulators Receive Expanded Enforcement Powers
The legislation introduces some of the strictest crypto enforcement tools in Central Europe.
Under the bill, regulators gain authority to freeze crypto wallets and linked bank accounts for up to 96 hours if suspicious activity is detected. Courts may extend those freezes for as long as six months during investigations.
Unauthorized crypto service providers could face fines of up to 20 million zlotys alongside prison sentences of up to eight years.
The law also establishes annual supervisory fees for licensed firms, capped between 0.4% and 0.5% of revenue, to fund regulatory oversight activities carried out by the KNF.
Supporters of the legislation argue the measures are necessary to provide bank-level consumer protections and reduce systemic risks following the Zondacrypto collapse.
Political Risks Still Remain
Despite clearing the Sejm in a 241-200 vote, the bill still faces several political hurdles before becoming law.
The legislation now moves to the Senate, where lawmakers are expected to debate amendments under an accelerated timetable ahead of the July implementation deadline.
There is also growing concern over a potential presidential veto. President Karol Nawrocki has previously rejected earlier versions of the bill, arguing that excessive regulation could suppress innovation and weaken Poland’s competitiveness in the digital asset sector.
Still, the government is treating the legislation as a high-priority measure amid concerns that prolonged delays could trigger regulatory uncertainty and further damage confidence in Poland’s crypto industry.
The bill effectively marks the end of a nearly two-year legislative deadlock and signals a broader shift across Europe toward tighter oversight of digital asset markets after several high-profile failures in the sector.
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Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
