TLDR
Polands lower house has approved a MiCA-aligned crypto bill, but it still needs presidential signoff and could yet be vetoed.
- Lawmakers passed a government bill to implement the EUs Markets in Crypto Assets (MiCA) framework and give the Polish regulator broad powers over crypto providers.
- The move is driven by an approaching EU deadline and a major fraud probe into exchange Zondacrypto, with losses above 350 million zlotys and alleged Russian links.
- The bill now goes to the Senate and President Nawrocki, who has vetoed two earlier versions and may reject this one, keeping regulatory outcomes uncertain for firms and users.
Deep Dive
1. What The New Bill Does
Parliament approved a Ministry of Finance backed bill (No. 2529) that implements the EUs MiCA framework in Poland, passing 241 to 200 in the Sejm. It designates the Financial Supervision Authority (KNF) as the national crypto regulator, with powers to license crypto asset service providers, impose administrative sanctions and temporarily block accounts and transactions.
Reports note fines for obstructing oversight can reach 25 million zlotys under this government bill. The law is intended to bring exchanges, custodians and issuers under a unified licensing regime consistent with MiCA, replacing todays patchwork treatment.
Any exchange or custody platform wanting to serve Polish users long term will need to fit into a MiCA style license supervised by KNF rather than relying on informal status.
2. Why Lawmakers Moved Now
MiCA already applies at EU level, but each member must embed it nationally. Poland is the last EU state without complete domestic implementation. The financial watchdog has warned that failure to pass a MiCA framework by around July could leave Polish firms unable to operate or passport services, while foreign MiCA licensed firms could still serve Polish customers.
This vote also comes amid a deepening fraud probe into Zondacrypto, formerly Polands largest exchange, where prosecutors estimate user losses above 350 million zlotys and thousands of customers are locked out of funds according to multiple reports. Prime Minister Donald Tusk has publicly raised concerns about Russian capital and influence around the platform, increasing political pressure for stricter oversight.
Regulators are likely to be conservative on approvals and enforcement, especially for domestic platforms, after the Zondacrypto fallout.
3. What Could Happen Next
The bill still needs to clear the Senate and, critically, receive President Karol Nawrockis signature. He twice vetoed earlier MiCA implementation attempts, arguing they were excessive, vague and risked pushing crypto firms offshore. Critics highlight that controversial domain and account blocking provisions remain largely unchanged in the latest text, and some observers expect another veto, as noted in this Sejm focused analysis.
If he signs, Poland finally gets a MiCA aligned regime and local firms can seek licenses at home. If he vetoes, the country risks entering the EUs 2026 MiCA hard deadline with continued uncertainty, encouraging firms to seek licenses in other EU states and simply passport back into Poland.
For users and businesses, the key variable is presidential approval; until that is resolved, treat Poland as a jurisdiction in transition rather than a fully stable regulatory base.
Conclusion
Polands MiCA aligned bill is a major step toward bringing its crypto market into the same regulatory orbit as the rest of the EU, but political wrangling over how powerful KNF should be means nothing is final yet. The combination of a looming EU deadline and the Zondacrypto scandal pushes policymakers toward tougher oversight, while a possible presidential veto keeps open a scenario where local firms face more uncertainty than their EU based competitors.
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