Poland's lower house of parliament has failed for a second time to override President Karol Nawrocki's veto of legislation designed to strengthen crypto market oversight. On Friday, the Sejm voted 241-198 in favor of the measure, falling 25 votes short of the 266-vote supermajority required to overturn the presidential veto.
The vetoed bill would have established Poland's national framework for implementing the European Union's Markets in Crypto-Assets Regulation (MiCA). The legislation would place crypto market supervision under the Polish Financial Supervision Authority (KNF). The authority confirmed Friday that Poland currently lacks a designated regulator for the crypto sector, despite MiCA already being in effect across the EU.
President Nawrocki has vetoed crypto legislation three times, stating he supports regulation but contends the proposed rules are overly restrictive. He cited concerns about regulatory costs and authorities' authority to block websites.
The regulatory impasse coincides with an expanding criminal investigation into Zondacrypto, a defunct crypto exchange. Prime Minister Donald Tusk has used the scandal to advocate for stricter crypto oversight. Tusk disclosed details from witness testimony in the investigation, including allegations of a 2 million Polish zloty (approximately $550,000) payment arrangement involving a foundation linked to former Justice Minister Zbigniew Ziobro, and claims that someone promised a presidential pardon to influence a witness.
BB Trade Estonia, the operator of Zondacrypto, was declared bankrupt by an Estonian court in August. Polish prosecutors are investigating suspected fraud and money laundering connected to the exchange. Estimated losses linked to Zondacrypto total at least 350 million Polish zlotys (approximately $95 million). In July, prosecutors merged the Zondacrypto case with an investigation into the 2022 disappearance of Sylwester Suszek, founder of BitBay, which was later renamed Zondacrypto.
