Poland’s parliament approved cryptocurrency regulatory bill 2529 on Friday with a 241-200 vote, marking the third attempt to establish enforceable rules for crypto exchanges ahead of the European Union’s July 2026 MiCA implementation deadline. Prime Minister Donald Tusk tied the legislation directly to the Zondacrypto fraud scandal, where thousands of users remain locked out of their funds on the now-suspended platform.
Zondacrypto Scandal Drives Legislative Urgency
The Zondacrypto exchange collapse created immediate political pressure for regulation. The platform, under active fraud investigation, allegedly restricted user access to funds while maintaining ties to Russian capital according to Tusk’s statements. This case exposed Poland’s regulatory gaps: the Financial Supervision Authority (KNF) lacked explicit authority to monitor crypto participants or block suspicious transactions. The fraud prompted Tusk to frame regulatory failure as a systemic vulnerability requiring legislative correction before the EU’s MiCA compliance window closes.
Parliamentary Approval Follows Two Presidential Rejections
The Sejm’s Friday passage came after President Karol Nawrocki vetoed two previous versions of the bill. Both rejections focused on provisions granting KNF the power to block user accounts and transactions without prior court approval. The approved version 2529 retains these account-blocking powers unchanged, despite the president’s stated concerns. Observers expect a third veto within weeks. The vote margin of 241-200 suggests limited buffer for override attempts, which require a three-fifths supermajority (307 votes) to succeed in the 460-member chamber.
EU Compliance Deadline Pressures Poland’s Regulatory Path
The Markets in Crypto Assets Regulation (MiCA) becomes binding across the EU in July 2026, leaving Poland approximately five months to finalize domestic rules. Concurrent legislative proposals from the president, the Confederation party, and a separate parliamentary working group complicate passage odds. KNF will gain authority to impose penalties on non-compliant platforms and participants under bill 2529, aligning with MiCA’s requirements for centralized oversight. However, Poland’s legislative gridlock risks missing the deadline entirely, potentially triggering EU enforcement action.
Veto Cycle Threatens Regulatory Timeline
If President Nawrocki issues a third veto as expected, the Sejm must choose between abandoning the bill or pursuing a costly override vote. No clear signal indicates whether parliamentary support exists for a supermajority override. The competing bills and unresolved judicial oversight debate leave Poland’s final regulatory framework uncertain. The July deadline now appears the real constraint—not parliamentary votes.
