Poland upholds crypto bill veto as Zondacrypto scandal widens

Polish lawmakers again fell short of the three‑fifths majority needed to overturn President Karol Nawrocki’s veto of a bill intended to strengthen oversight of the country’s crypto market.

Legislative vote falls short

The Sejm voted 241‑198 in favour of overriding the veto, with three abstentions, leaving the motion 25 votes short of the 266 required.

Presidential concerns

President Nawrocki has vetoed the legislation three times, arguing that the proposed rules would over‑regulate the industry and impose excessive costs on authorities, including powers to block websites.

MiCA implementation stalled

The vetoed bill aimed to create a national framework for applying the EU’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 supervisory authority for crypto assets, despite MiCA’s EU‑wide applicability.

Zondacrypto scandal expands

Prime Minister Donald Tusk highlighted an expanding criminal investigation into the defunct exchange Zondacrypto, whose Estonian operator, BB Trade Estonia, was declared bankrupt by an Estonian court. Prosecutors are probing suspected fraud and money‑laundering linked to the platform.

Tusk cited witness testimony alleging a 2 million‑zloty payment arrangement involving a foundation linked to former Justice Minister Zbigniew Ziobro, and claims of promises for a presidential pardon.

In July, the investigation was merged with a probe into the 2022 disappearance of Sylwester Suszek, founder of BitBay (later Zondacrypto). Prosecutors estimate losses of at least 350 million zlotys.

Next steps

The first creditors’ meeting for BB Trade Estonia is scheduled for 17 September.