Polish lawmakers on Friday could not gather the three‑fifths majority required to overturn President Karol Nawrocki’s veto of a bill intended to strengthen oversight of the country’s crypto market. The Sejm voted 241‑198 in favour of overriding the veto, with three abstentions, leaving the tally 25 votes short of the 266 needed.
President Nawrocki, who has vetoed the legislation three times, argues the proposed rules would over‑regulate the industry and impose excessive costs on authorities. The bill was designed to create a national framework for applying the European Union’s Markets in Crypto‑Assets Regulation (MiCA) and to place crypto‑market supervision under the Polish Financial Supervision Authority (KNF).
The KNF confirmed that Poland still lacks a designated authority responsible for supervising crypto assets, despite MiCA already being in force across the EU. The president maintains support for regulation but says the current draft goes too far, citing concerns over regulatory costs and the power to block websites.
The vote occurs as the scandal surrounding defunct crypto exchange Zondacrypto deepens. Prime Minister Donald Tusk highlighted testimony alleging a 2 million‑zloty payment linked to a foundation associated with former Justice Minister Zbigniew Ziobro, and claims of promises of a presidential pardon for a convicted witness. Prosecutors are probing suspected fraud and money‑laundering tied to Zondacrypto, with estimated losses of at least 350 million zlotys. The exchange’s operator, BB Trade Estonia, was declared bankrupt by an Estonian court in August, and the first creditors’ meeting is set for 17 September.
The combined legislative impasse and ongoing criminal investigation underscore the challenges Poland faces in aligning its crypto regulatory framework with EU standards while addressing high‑profile financial misconduct.
