Poland Passes MiCA Crypto Bill Amid Zondacrypto Fraud Fallout and Presidential Veto Threat

TL;DR: Poland’s parliament passed a bill to implement the EU’s Markets in Crypto-Assets (MiCA) framework. The move comes as prosecutors investigate Zondacrypto fraud causing $95.9 million in user losses and President Karol Nawrocki threatens a third veto.

Context: MiCA sets EU-wide rules for crypto‑asset service providers, requiring licensing, capital reserves, and clear disclosure for stablecoins. Poland must transpose the framework into national law by July 2024 to avoid infringement proceedings.

Key Facts: The lower house approved the government’s MiCA implementation bill on May 15, 2024. Prosecutors allege fraud at the Zondacrypto exchange, estimating user losses at more than 350 million złoty, or about $95.9 million. President Karol Nawrocki has already vetoed the bill twice, arguing it would impose excessive compliance costs on crypto firms. On the day of the vote, Bitcoin (BTC) traded at $62,800, up 0.8 % with a market capitalization of roughly $1.23 trillion, while Ethereum (ETH) stood at $3,100, up 0.5 % and a market cap of about $372 billion.

What It Means: If the bill survives a potential presidential veto, Polish crypto exchanges will need to obtain MiCA‑compliant licenses, hold higher capital buffers, and provide standardized risk disclosures. The Zondacrypto case highlights consumer‑protection gaps that MiCA aims to close, potentially restoring investor confidence. Market participants are watching whether the president’s third veto will delay the July deadline and how any regulatory shift might affect local trading volumes and token prices.

Watch for the president’s decision on the veto, the official publication of the MiCA‑aligned law, and any consequent price moves in Bitcoin and Ethereum as traders assess regulatory risk.