Poland's Crypto Bill Mandates Exchange Licensing After Zondacrypto Collapse

• Full licensing by the financial supervisor, replacing the previous registration-only approach.
• Strict anti-money laundering (AML) and know-your-customer (KYC) procedures aligned with EU directives.
• Mandatory segregation of client funds from the firm's own capital, preventing the commingling that occurred at Zondacrypto.
• Minimum capital and operational resilience standards, giving the KNF the power to revoke licenses and impose fines for non-compliance.

The bill also aligns with MiCA by establishing a clear path for Polish-licensed firms to passport their services across the EU once the bloc-wide framework takes full effect. Poland is effectively front-running the European standard, a strategy that could attract regulated exchanges seeking a predictable jurisdiction.

Market Impact and Next Steps

The immediate effect is that unlicensed exchanges operating in Poland must either apply for a license within a set transition period or cease operations. The bill provides a transition window for existing platforms to submit applications, though the exact duration will be set by the KNF. Smaller platforms that cannot meet the new capital and compliance costs are likely to shut down or consolidate. Larger international exchanges already active in the country, such as Binance and Zonda (formerly BitBay), will need to adjust their local structures to comply.

For investors, the bill reduces the risk of another Zondacrypto-style collapse. It also narrows the field of available trading venues. The KNF is expected to issue detailed guidelines in the coming weeks, and enforcement actions against any exchange that continues to operate without a license will set the tone for the new regime. The bill now goes to the president for signature, after which the transition clock starts.

Poland's move adds to a growing wave of national crypto regulations across Europe, from Germany's BaFin licensing to France's AMF regime. The difference here is the catalyst: a domestic exchange failure that made investor protection the central political argument. The next concrete marker is the KNF's first round of license approvals or rejections, which will signal how aggressively the regulator intends to police the market.

For traders tracking European crypto exposure, the bill reinforces the trend toward regulated venues. The crypto market analysis shows that jurisdictions with clear licensing frameworks tend to attract institutional flow, while unregulated havens face increasing pressure. Choosing a broker that operates under a recognized license is becoming a baseline requirement, as outlined in our guide to the best crypto brokers.