Polish lawmakers on Friday approved a bill regulating cryptocurrencies as a scandal over the collapse of the country’s biggest crypto exchange widened and questions deepened over whether President Karol Nawrocki, who has twice vetoed similar measures, will sign it into law, Reuters reported.

The legislation implements the European Union’s Markets in Crypto-Assets Regulation, known as MiCA, which Poland is required to adopt by July. The country’s financial watchdog has warned that Polish entities will lose the ability to provide crypto-asset services if the rules are not in place by that deadline, Reuters said.

The vote came as Polish prosecutors pursue a multi-million dollar fraud investigation into Zondacrypto, the country’s largest exchange. Thousands of users have been unable to withdraw their funds, and prosecutors have put total losses at more than 350 million zlotys ($95.93 million), according to the news agency. 

Prime Minister Donald Tusk has accused the crypto company of secretly operating on behalf of Russian interests, including by sponsoring politicians from Poland’s former nationalist-conservative government and a CPAC event held in 2025 in which then-U.S. Secretary of Homeland Security Kristi Noem openly backed Nawrocki’s bid for the Polish presidency, the Associated Press reported at the time.

“We were dealing with a company whose origins are particularly shady,” Tusk told a government meeting earlier this month, citing Polish security services, according to Reuters. “It’s the Russian mafia and its money involved in organizing the Zondacrypto exchange,” he said, without elaborating, the news agency reported.

In April, Tusk charged lawmakers blocking the adoption of the crypto rules with serving the interests of Zondacrypto, which he linked to Russian organized crime and the Kremlin.

“The source of this company’s financial success is not only Russian money linked to the so-called Bratva, one of the most important mafia groups in Russia, but also to Russian secret services,” Tusk said, according to the AP.

Zondacrypto founder Sylwester Suszek disappeared in 2022 and his reported successor, Przemyslaw Kral, is now in Israel.

The Polish government has tried twice before to pass legislation implementing the EU crypto rules, only for Nawrocki, an EU skeptic who is backed by the nationalist opposition, to veto the measures, Reuters reported. Nawrocki argued the earlier government bill would drive crypto firms away due to excessive regulatory burdens and submitted his own version, broadly similar to the government’s but with lower penalties for violations. The president could once again block the latest legislation.