Poland Approves MiCA Law While Zondacrypto Probe Grows

TLDR

• Polish lawmakers approved a bill to implement the European Union’s MiCA crypto framework before the July deadline.
• Prosecutors are investigating Zondacrypto over alleged fraud after thousands of users reported losing access to funds.
• Authorities estimate customer losses exceed 350 million zlotys, or about $95.93 million.
• President Karol Nawrocki had previously vetoed earlier versions of the crypto legislation.
• Prime Minister Donald Tusk raised concerns about possible foreign influence linked to the exchange.

Polish lawmakers approved a cryptocurrency bill on Friday to align national law with European Union rules. The vote came as prosecutors expanded a fraud investigation into Zondacrypto, once a leading domestic exchange. Authorities reported customer losses exceeding 350 million zlotys, or about $95.93 million, according to official estimates.

Poland advances MiCA framework under deadline pressure

Parliament adopted legislation that enacts the European Union’s Markets in Crypto-Assets Regulation, known as MiCA. Poland must approve the framework before the July deadline set by Brussels. Lawmakers moved forward as the national financial watchdog warned of service disruptions without compliance.

Officials said firms could lose authorization to provide crypto-asset services if Poland fails to implement MiCA on time. The government argued that the framework will provide legal clarity and strengthen oversight of exchanges. It stated that recent events underscored the need for uniform supervision across the sector.

President Karol Nawrocki had vetoed two earlier versions of the bill backed by the government. He argued that the proposals would impose excessive burdens on cryptocurrency companies operating in Poland. He later submitted an alternative draft that proposed lower penalties for regulatory breaches.

Lawmakers debated the revised framework as political divisions over oversight persisted. Nawrocki retains the authority to block the measure again if he chooses. Parliament proceeded with the vote while prosecutors continued actions tied to the exchange investigation.

Zondacrypto investigation intensifies as losses mount

Prosecutors launched a multi-million dollar fraud probe into Zondacrypto after thousands of users reported blocked accounts. Authorities stated that customer losses exceeded 350 million zlotys, equivalent to about $95.93 million. Investigators continue to collect evidence and question parties linked to the exchange.

Prime Minister Donald Tusk raised concerns about the exchange’s origins and possible foreign influence. He said the matter extends beyond financial losses and touches on national security issues. Officials also cited the exchange’s sponsorship of events attended by politicians from the nationalist opposition.

Authorities reported that founder Sylwester Suszek disappeared in 2022, according to Polish media accounts. Reports said his successor, Przemyslaw Kral, currently resides in Israel and holds citizenship there. Officials acknowledged that his location could complicate potential extradition proceedings.

Government representatives stated that Russia uses cryptocurrencies to pay saboteurs operating in Poland. Moscow has repeatedly denied involvement in sabotage activities in Poland and elsewhere in Europe. Zondacrypto did not respond to a request for comment sent by email on Thursday.

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