Poland's Crypto Regulatory Plan Stalls Amid Zondacrypto Scandal
Poland's lawmakers have again fallen short of overriding President Karol Nawrocki's veto on a bill aimed at tightening crypto oversight. Despite voting 241-198 to override the veto, with three abstentions, they failed to reach the required supermajority of 266 votes.
The legislation would have assigned crypto market supervision to Poland's Financial Supervision Authority (KNF) as the European Union's Markets in Crypto-Assets Regulation (MiCA) takes effect. However, KNF has stated that Poland still lacks a designated authority responsible for supervising cryptoassets, despite MiCA already applying across the EU.
The failure to override the veto comes as Poland grapples with the fallout from the Zondacrypto scandal. The case has widened amid bankruptcy proceedings against Zondacrypto's Estonian operator and references by Prime Minister Donald Tusk to testimony alleging improper attempts to influence political figures.
Prosecutors are investigating alleged fraud and money laundering tied to Zondacrypto, with losses estimated at no less than 350 million PLN. The exchange's operator, BB Trade Estonia, was declared bankrupt in August, with the first creditors' meeting scheduled for September 17.