The Polish parliament has once again failed to override President Karol Nawrocki’s veto on a crypto regulation bill in a recent vote. The attempt to overturn the veto garnered only 241 votes to 198, falling short of the 266-vote threshold or the three-fifths majority required to pass the new legislation.
This rejection marks the third failure at the national level. Nawrocki has vetoed the draft crypto bill three consecutive times, arguing that the proposed framework imposes an excessively heavy regulatory burden on industry participants.
The bill was designed to align Poland’s policies with the European Union’s Markets in Crypto-Assets (MiCA) framework by appointing the Polish Financial Supervision Authority (KNF) as the primary supervisor of the digital asset market. The KNF stated that the country still lacks an official authority tasked with overseeing the crypto industry, even as MiCA regulations have taken effect across the European Union.
Nawrocki insisted that he supports crypto regulation in principle, but rejected the draft due to objections over supervision fee clauses and new powers that would allow website blocking.
Zondacrypto Scandal Widens
Amid the absence of a legal supervisor, an Estonian court officially dissolved BB Trade Estonia in August. The operating entity behind the Zondacrypto exchange is now bankrupt, with its first creditors’ meeting scheduled for September 17.
In April, prosecutors estimated losses from Zondacrypto’s collapse at no less than 350 million zloty, equivalent to $95 million. Investigators then merged the Zondacrypto case with the probe into the 2022 disappearance of Sylwester Suszek, the key founder of BitBay, the exchange entity that later rebranded as Zondacrypto.
Political Funds and Pardon Promises
Prime Minister Donald Tusk revealed testimony from a key witness pointing to an alleged flow of 2 million zloty ($550,000) to a foundation affiliated with former Justice Minister Zbigniew Ziobro.
Beyond tracing money flows to the former minister, prosecutors are also investigating allegations of a promised presidential pardon if the key witness in the Zondacrypto probe were to be convicted in court.
For local depositors whose funds remain trapped on the exchange, the political deadlock in Warsaw leaves the fate of their asset protection hanging in the balance amid this $95 million case.
Source: Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
