Poland lower house passes MiCA crypto law

TLDR

Polands lower house has approved a MiCA-aligned crypto bill, moving the country closer to full European Union-style regulation but leaving final approval risks.

1. The Sejm passed a government-backed bill (2529) to implement the EUs Markets in Crypto-Assets (MiCA) framework and empower Polands KNF regulator over crypto firms.
2. The law would create licensing, reporting and enforcement rules for exchanges and issuers, with fines up to around 25 million zlotys and powers to freeze accounts and block transactions.
3. The move comes amid a major fraud probe into exchange Zondacrypto and a looming July MiCA deadline, but the Senate and a president who has vetoed twice before still must sign off.

Deep Dive

1. What The Sejm Just Approved

Polish lawmakers in the Sejm voted 241 to 200 for a Ministry of Finance-backed bill (No. 2529) that aligns national rules with the EUs MiCA regime for crypto assets. The bill designates the Polish Financial Supervision Authority (KNF) as the main crypto watchdog, with power to oversee market participants, impose administrative sanctions, and temporarily block accounts and transactions. This is the third attempt after President Karol Nawrocki vetoed earlier versions he viewed as overly burdensome for the industry.

This approval is a lower-house step, not the end of the process: the bill still needs Senate approval and presidential assent before it becomes law, and another veto is possible.

2. What MiCA Implementation Means In Poland

MiCA is the EU-wide framework for crypto-asset issuers and service providers, designed to standardize licensing, disclosure, capital and consumer protection rules. Polands bill would translate that into local law, replacing a patchwork of general financial rules with a specific licensing regime for exchanges, custodians and token issuers, plus detailed conduct and transparency requirements.

The KNF would be able to stop token offerings, freeze accounts and impose penalties reportedly up to 25 million zlotys, while some critics warn of broad domain and account blocking tools that lack extra judicial safeguards.

3. Zondacrypto Fallout And What To Watch Next

Politically, the timing is driven by two pressures. First, MiCAs EU transition timetable means Poland must implement the framework around mid-2026 or risk local firms operating without a home regulatory path while foreign MiCA-licensed competitors passport in. Second, a deepening fraud probe into collapsed exchange Zondacrypto, with losses estimated above 350 million zlotys and allegations of Russian-linked influence, has intensified calls for tighter oversight.

Key uncertainties now are whether the Senate amends the bill, whether President Nawrocki vetoes it again over supervisory powers and fee levels, and how quickly KNF could actually roll out licensing if the law is signed.

Conclusion

Polands lower-house passage of a MiCA-aligned crypto bill is a major step toward bringing its market under the same structured rules already emerging elsewhere in the EU. For users and firms, the direction is toward stricter but clearer regulation, yet final outcomes still hinge on Senate debate, presidential approval and how aggressively KNF uses its new powers once the law is fully enacted.