Poland Stuck in Crypto Limbo Amid Third Veto Failure

Poland's parliament failed for the third time to override President Karol Nawrocki's veto of crypto regulation, leaving the country as the only EU member state without a functioning national framework for MiCA. The vote on Friday fell short by 25 votes, with 241 lawmakers in favor and 198 opposed.

Nawrocki first vetoed the legislation in December, citing that lawmakers had addressed only one of sixteen changes his office proposed. He maintained that bad law does not become good law simply because it passes a hundred times.

The regulatory standoff comes as Poland faces a deepening criminal investigation into Zondacrypto, formerly known as BitBay. Prosecutors have tied the case to the 2022 disappearance of BitBay founder Sylwester Suszek and estimate investor losses at no less than 350 million zlotys, roughly $95 million.

Prime Minister Donald Tusk has repeatedly invoked the investigation while pushing lawmakers to pass the legislation, arguing that stronger oversight could have prevented the alleged fraud. However, Nawrocki maintains that expanded powers would push legitimate firms abroad rather than protect consumers.