Polish lawmakers have approved new cryptocurrency regulations as authorities investigate a major fraud case linked to the collapse of the country’s largest crypto exchange, Zondacrypto. The new legislation aligns Poland with the European Union’s Markets in Crypto-Assets (MiCA) rules, which member states must implement by July.

The investigation centers on allegations that thousands of Zondacrypto users were unable to access their funds, with estimated losses exceeding 350 million zlotys ($95 million). Polish Prime Minister Donald Tusk has claimed the exchange may have connections to Russian criminal networks, intensifying political tensions and calls for stricter oversight of the crypto sector.

The scandal has also sparked a political dispute after President Karol Nawrocki previously blocked similar legislation, arguing that heavy regulations could drive crypto companies out of Poland. However, officials warn that failure to implement the EU rules by the July deadline could prevent Polish firms from legally offering crypto-related services.

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