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The Polish government is laying down new ground rules for the digital asset ecosystem following a major investigation into Zondacrypto cryptocurrency exchange, with Prime Minister Donald Tusk announcing last week that a draft bill is being prepared for submission.
Zondacrypto is facing fraud and money laundering allegations after thousands of users claimed to have issues withdrawing their funds from the platform, prompting growing concern over Poland’s largely unregulated digital asset market.
Polish authorities estimate investor losses have climbed to at least 350 million złoty ($97 million) as of May 5, with projections that it could balloon as the investigation continues and more details unfold. Prosecutors are also looking into claims of possible Russian involvement tied to the company.
The investigation started on April 17, 2026.
Zondacrypto CEO Przemysław Kral firmly denied the allegations, insisting that the digital asset exchange remains financially stable despite rumors that it is facing liquidity problems, and called the accusation that Russia had a hand in this “absurd.”
Kral is now in Israel, where he fled after the crypto scandal broke, leaving about 30,000 Zondacrypto users in dismay, according to local news outlet Onet.
While the public awaits the conclusion of the investigation, the prime minister’s office is focusing its efforts on passing a new bill, which is reported by TVP World to be similar to two earlier proposals rejected by President Karol Nawrocki.
The only difference, however, is that the latest bill will carry tougher penalties for financial crimes linked to digital asset platforms.
“The only change I will propose is even stricter penalties for those who exploit people’s dreams, sometimes their naivety or lack of knowledge, to defraud them and also endanger the Polish state and our security,” Tusk said.
Based on Tusk’s statement, it is likely that the latest bill will be under the supervision of KNF, Poland’s financial regulator, as the said institution also saw previous bills rejected by the president in line with the European Union rules under the Markets in Crypto-Assets (MiCA) framework.
While regulating Poland’s digital asset space will likely curb crypto crimes and improve investor protection, Nawrocki argued that they introduced excessive regulation and raised concerns about civil liberties, prompting him to veto previous proposals.
With growing public outcry against Zondacrypto, Nawrocki’s office remains mum on whether it will support the latest proposal. The president’s spokesman, Rafał Leśkiewicz, said the government should first present the full draft before any decision is made.
The planned legislation is expected to become another key issue in the ongoing political tensions between Tusk’s centrist government and the conservative Law and Justice (PiS) party aligned with Nawrocki.
The long-standing dispute has delayed Poland’s implementation of the MiCA regulation, leaving it the only EU member state to fully adopt the framework.
Watch: What’s ahead for crypto regulation? Highlights from Blockchain Futurist Conference 2025
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