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Poland’s Crypto Bill Advances Amid $95.9M Zondacrypto Loss Claims

Highlights:

  • Poland’s crypto bill moves MiCA rules forward before the July deadline.
  • Zondacrypto users face reported losses of over 350 million zlotys.
  • Tusk linked the exchange’s origins to alleged Russian money.

Polish lawmakers passed a MiCA-aligned bill on Friday, bringing the country a step closer to European crypto oversight. The vote came as prosecutors continued a fraud probe tied to Zondacrypto. The platform once ranked as the country’s largest crypto exchange.

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The bill gives Warsaw a clearer route to apply Markets in Crypto-Assets rules before July. It also hands local supervisors stronger tools over exchanges, token issuers, and firms that handle customer assets.

According to the Reuters report, 241 lawmakers backed the bill, while 200 opposed it. The bill now moves to the Senate, where lawmakers may still change its final shape. This step keeps the legislative process open, even after Friday’s lower house vote.

Poland’s Crypto Bill Introduces Supervision After Exchange Losses

The new law aims to bring Poland’s crypto sector under MiCA standards. These rules set requirements for crypto firms, service providers, and market conduct across the European Union. Poland must complete implementation by July. Otherwise, local firms could lose the right to provide crypto-asset services, according to the country’s financial watchdog. 

The Polish Financial Supervision Authority would supervise the market under the bill. It could also block accounts or stop selected transactions during investigations. Supporters say these powers could help officials move faster when customer funds face risk.

However, the debate has not ended. President Karol Nawrocki could still block the bill, as he did with earlier government proposals. Nawrocki has argued that strict rules may push crypto firms away from Poland. He also submitted a separate proposal with lower penalties for regulatory breaches.

Zondacrypto Losses Push Warsaw into Wider Probe

The Zondacrypto investigation gave lawmakers fresh reason to act. Thousands of users have failed to withdraw funds, according to the case details. Prosecutors placed reported losses above 350 million zlotys, or about $95.93 million.

Prime Minister Donald Tusk has also raised wider security concerns. He claimed Russian money helped form the exchange, citing information from Polish security services. Tusk did not give detailed evidence during the public remarks. As a result, his comments added a political layer to the financial investigation.

The government has also questioned the firm’s past sponsorship of events attended by nationalist opposition figures. Officials say these links raise concerns about possible foreign political interference.

Polish media have also reported complications around the company’s leadership. Founder Sylwester Suszek disappeared after he was last seen at a fuel depot after a business meeting. Meanwhile, successor Przemyslaw Kral reportedly lives in Israel, where he holds citizenship. This situation may complicate any future extradition request.

Poland’s crypto bill passage follows the recent regulatory developments in the U.S. The Senate Banking Committee passed the digital asset market structure bill on May 14. The committee passed the bill in a 15-9 vote, sending it to the Senate floor for further debate.

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