Poland's Crypto Bill Veto Leaves Regulatory Future Uncertain

Poland's Sejm parliament failed to override President Karol Nawrocki's veto of a crypto bill, missing the required 266-vote threshold by 25 votes. The vote was 241-198 with three abstentions, leaving the country in regulatory limbo.

The bill aimed to assign crypto market supervision to Poland's Financial Supervision Authority (KNF), which would have been responsible for implementing the EU's MiCA regulation within the country.

However, President Nawrocki vetoed the bill, citing concerns over excessive compliance costs and broad powers granted to authorities. The president argued that the proposed framework would allow authorities to block websites without proper justification.

The debate is closely tied to the ongoing investigation into Zondacrypto, a Polish crypto exchange, which has been linked to suspected fraud and money laundering. Prosecutors are investigating losses estimated at no less than 350 million PLN, while BB Trade Estonia was declared bankrupt in August and the first creditors' meeting is scheduled for September 17.