A bill regulating Poland’s cryptocurrency market has been passed by the country’s lower house of parliament, the Sejm, after two previous versions of the legislation were vetoed by President Karol Nawrocki. During Friday’s session, lawmakers voted to approve the bill, which would place cryptocurrency platforms under the direct supervision of Poland’s financial regulator, the Polish Financial Supervision Authority (KNF), in line with European Union regulations. The legislation marks the third attempt by Prime Minister Donald Tusk’s centrist government to regulate the crypto market after two earlier versions were vetoed by Nawrocki. Nawrocki opposed the earlier bills, citing concerns over what he described as “excessive regulation,” and potential risks to civil liberties. It remains unclear whether the new bill will become law, as Nawrocki retains the power to veto the legislation again. The move comes as investigators probe Zondacrypto, one of Poland’s largest cryptocurrency exchanges, over suspected fraud and money laundering, involving nearly 2,000 customers and allegations of links to Russian organized crime. The scandal surrounding the exchange platform has triggered widespread public anger and renewed calls for stronger oversight of the largely unregulated crypto market. Protection for investors Speaking ahead of Friday’s vote, Finance Minister Andrzej Domański said the bill would create an effective framework for regulating the crypto-assets market. “This is a law that will ensure people saving and investing in this market receive the same level of protection as investors in other financial markets,” he was quoted as saying by Polish state news agency PAP. “We must always stand on the side of Poles, not on the side of fraudsters, criminals and scammers; on the side of savers, not those who want to brutally rob them,” he added. The prolonged political standoff between Tusk and Nawrocki – who is aligned with the rightwing opposition Law and Justice party - has left Poland as the only EU member state yet to fully implement the bloc’s new cryptocurrency regulatory framework known as MiCA. Poland’s financial watchdog has previously warned that Polish cryptocurrency companies may not be able to provide services if the country fails to implement the MiCA regulations before the July deadline.
