The dominant topic in the Polish cryptocurrency industry in recent weeks is undoubtedly the collapse of the Zonda exchange. Despite the fact that the company operating the exchange was registered in Estonia, due to its Polish origins and intensive promotion in our country, many Poles used its services. In the context of those affected by the exchange's collapse, there is much discussion about possible criminal and civil proceedings against the exchange itself, and even against the Polish State Treasury.
However, it is worth noting the important legal and regulatory status of the exchange, particularly in the context of the many legal changes that have taken place in the crypto world in recent years. In particular, attention should be paid to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. This legal act regulates, on the one hand, the issuance, offering, and introduction to trading of cryptoassets, and, on the other, the provision of cryptoasset services, such as ensuring the safekeeping and administration of cryptoassets on behalf of clients, operating a cryptoasset trading platform, or exchanging cryptoassets for cash. Without undertaking a more detailed analysis, it is clear that the Zonda operator was an entity providing crypto-asset services within the meaning of MiCA.
It is important to remember that MiCA provides for certain transitional provisions for entities that began providing services before its entry into force. In particular, Article 143(3) of MiCA provides that: Crypto-asset service providers that were providing their services in accordance with applicable law before 30 December 2024 may continue to provide their services until 1 July 2026, or until they obtain authorisation in accordance with Article 63 or until such authorisation is refused, whichever comes first. Member States may decide not to apply the transitional arrangements set out in the first subparagraph to crypto-asset service providers or to shorten their duration if they consider that their national regulatory framework applicable before 30 December 2024 is less stringent than this Regulation.
Given that Estonia did not shorten the transition period, Zonda could provide services until July 1, 2026, in accordance with the regulations in force before December 30, 2024. Similar to Poland, the so-called Virtual Asset Service Provider (VASP) regime was in force in Estonia before MiCA came into effect. Even though this legal regime in Estonia required meeting more requirements than in Poland, it still fell short of the complexity and number of obligations imposed on providers by MiCA's CASP regime. This particularly applies to areas such as equity capital, asset reserve requirements, and asset segregation requirements. It is clear that if Zonda's operator had held a CASP license, exchange users would have been significantly better protected than they actually were. However, this does not change the fact that Zonda could continue to operate under the old legal regime without the need to obtain a license until July 1, 2026. It is also worth adding that the Zonda operator has not obtained a CASP license and would most likely not obtain it until July 1, 2026, or even at all.
In summary, Zonda operated legally under the legal regime in Estonia prior to the entry into force of MiCA until it ceased operations in April 2026. Only the provision of cryptocurrency services after July 1, 2026, would be deemed unlawful, and further operations could not be conducted without obtaining an appropriate license.
This alert is for informational purposes only and does not constitute legal advice.
Legal status as of April 30, 2026.
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