SKN | Poland Upholds Crypto Bill Veto as Zondacrypto Investigation Expands

• Poland’s lower house voted 241-198 to override President Karol Nawrocki’s crypto bill veto but fell 25 votes short of the 266 votes required for a three-fifths majority.
• Poland remains without a designated national supervisor for crypto assets under the EU’s Markets in Crypto-Assets Regulation (MiCA), while Nawrocki continues to argue that the proposed framework would impose excessive regulatory burdens.
• The political dispute comes as prosecutors investigate suspected fraud and money laundering linked to Zondacrypto, with estimated losses of at least 350 million Polish zlotys and the exchange’s Estonian operator now bankrupt.

Polish Parliament Fails to Override Presidential Veto

Poland’s latest attempt to establish a comprehensive national framework for cryptocurrency regulation has failed after lawmakers were unable to secure the supermajority required to overturn President Karol Nawrocki’s veto.

The Sejm, Poland’s lower house of parliament, voted 241-198 in favor of overriding the veto, with three lawmakers abstaining. The result fell 25 votes short of the 266 votes required for a three-fifths majority.

The vote represents another setback for efforts to formalize Poland’s crypto regulatory regime. Nawrocki has vetoed cryptocurrency legislation three times, arguing that the proposed rules would impose excessive restrictions on the industry.

The latest parliamentary defeat leaves the regulatory dispute unresolved at a time when scrutiny of Poland’s crypto sector is increasing.

Poland Still Lacks a MiCA Crypto Supervisor

The rejected legislation was intended to establish Poland’s domestic framework for implementing the European Union’s Markets in Crypto-Assets Regulation, commonly known as MiCA.

One of its central provisions would have placed supervision of the country’s crypto market under the Polish Financial Supervision Authority, or KNF.

KNF said Friday that Poland still does not have a designated authority responsible for supervising the cryptoasset market, despite MiCA already applying across the European Union.

Nawrocki has said he supports cryptocurrency regulation but objects to elements of the proposed framework. His concerns include the potential regulatory costs imposed on businesses and provisions that could give authorities powers to block websites.

The result leaves Poland facing a regulatory gap as European crypto rules operate at the EU level without a fully established national supervisory structure.

Zondacrypto Scandal Adds Pressure

The legislative dispute is unfolding against the backdrop of a widening investigation into Zondacrypto, one of Poland’s most prominent cryptocurrency exchanges.

Prime Minister Donald Tusk has cited the investigation while arguing for stronger oversight of the country’s crypto industry. Before the parliamentary vote, Tusk disclosed excerpts from what he described as testimony from a key witness in the case.

According to Tusk, the testimony alleged a 2 million Polish zloty payment arrangement, equivalent to approximately $550,000, involving a foundation linked to former Justice Minister Zbigniew Ziobro.

In separate testimony cited by the prime minister, an unnamed individual allegedly promised to secure a presidential pardon if the witness was convicted.

The allegations remain part of an ongoing investigation and have not been established as facts through a final judicial determination.

Prosecutors Investigate Fraud and Money Laundering

Polish prosecutors are investigating suspected fraud and money laundering connected to Zondacrypto.

In July, authorities merged the investigation with a separate probe into the 2022 disappearance of Sylwester Suszek, founder of BitBay, the exchange that was subsequently renamed Zondacrypto.

Prosecutors said in April that losses associated with the Zondacrypto case were estimated at no less than 350 million Polish zlotys, or approximately $95 million.

The scale of the alleged losses has increased pressure on authorities to address oversight of cryptocurrency businesses operating in Poland.

Zondacrypto Operator Declared Bankrupt

The situation has also deteriorated at the corporate level.

BB Trade Estonia, the Estonian operator of Zondacrypto, was officially declared bankrupt by an Estonian court in August. The first creditors’ meeting is scheduled for Sept. 17.

The bankruptcy adds another layer of uncertainty for creditors and customers while Polish authorities continue investigating the allegations surrounding the exchange.

It also illustrates the practical challenges created when crypto businesses operate across multiple jurisdictions, particularly when regulatory oversight, insolvency proceedings and criminal investigations involve different national authorities.

Outlook

Poland’s inability to override the presidential veto leaves its crypto regulatory framework in limbo while MiCA is already applicable across the European Union. At the same time, the expanding Zondacrypto investigation and bankruptcy of its Estonian operator are likely to keep pressure on Polish authorities to strengthen oversight. The central policy challenge will be finding a framework that satisfies EU regulatory requirements without imposing the level of restrictions and costs that the president has repeatedly opposed.