Poland’s Crypto Regulation Bill Blocked Again Amid Zondacrypto Scandal
Poland's President Karol Nawrocki has successfully vetoed legislation aimed at strengthening oversight of the country's crypto market for the fourth time, as lawmakers fell short of the three-fifths majority needed to override the veto.
The Sejm, Poland's lower house of parliament, voted 241-198 in favor of overriding the veto with three abstentions, but still came up 25 votes shy of the required 266. This is the latest attempt by lawmakers to advance Poland's crypto market rules, following Nawrocki's previous vetoes.
The proposed legislation aimed to establish a national framework for applying the European Union's Markets in Crypto-Assets Regulation (MiCA), including placing oversight of the crypto market under the Polish Financial Supervision Authority (KNF). However, Nawrocki has argued that Poland's proposed rules go too far, citing concerns over regulatory costs and authorities' powers to block websites.
The lack of a designated authority responsible for supervising the cryptoasset market is still a pressing issue in Poland. KNF said that despite MiCA already applying across the European Union, the country still lacks a designated authority for this role.