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FollowingPolish lawmakers fail to override president's veto of crypto market regulation bill
Polish lawmakers again failed to obtain the three-fifths majority needed to override President Karol Nawrocki's veto. The bill aims to strengthen regulation of the country's crypto market.
On Friday, Poland's House of Representatives (Sejm) voted to override the veto with a vote of 241 to 198 against, with 3 abstentions, but was still 25 votes short of the required 266 votes.
This is another attempt by Poland to promote regulatory rules for the crypto market. Previously, President Navotsky had vetoed relevant crypto legislation three times, citing the fact that the proposed rules would cause excessive regulation of the industry.
Lack of regulators intertwined with political scandals
This regulatory controversy comes against the backdrop of a growing scandal involving the bankrupt cryptocurrency exchange Zondacrypto. Its Estonia operator has been declared bankrupt, and Prime Minister Donald Tusk cited a widening criminal investigation to call for greater regulation of the crypto industry.
Although the EU Cryptographic Asset Markets Regulation (MiCA) has come into effect across the European Union, Poland still lacks a designated national framework to implement the regulation. The defeated legislation aims to establish a national framework for Poland to apply MiCA and place regulatory powers of the crypto market under the Polish Financial Supervisory Authority (KNF).
KNF said on Friday that although MiCA has been applied in the EU, the country currently does not have a designated authority responsible for overseeing the crypto asset market.
Navocki has expressed support for crypto regulation, but believes Poland's proposed rules go too far, with the main concerns being the cost of regulation and the authorities 'ability to block websites.
Zondacrypto investigation expands, Estonia operator goes bankrupt
Before Friday's vote, Tusk disclosed excerpts of what he called the testimony of a key witness in the Zondacrypto investigation. The witness accused of making payments to politicians linked to the former Polish government and trying to influence.
Tusk said the witness allegations involved a payment arrangement of 2 million zlotys (approximately US$550,000) in which a foundation linked to former Justice Minister Zbigniew Ziobro participated. In another testimony cited by Tusk, witnesses said there had been promises to ensure a presidential pardon if the witness was convicted.
Polish prosecutors are investigating suspected fraud and money laundering related to Zondacrypto. In July, they merged the case with an investigation into the disappearance in 2022 of BitBay founder Sylwester Suszek, who was later renamed Zondacrypto.
Prosecutors said in April this year that losses related to Zondacrypto were estimated to be no less than 350 million zlotys (approximately US$95 million).
BB Trade Estonia, the operator of Zondacrypto, was formally declared bankrupt by the Estonia court in August, and the first creditor meeting is scheduled to be held on September 17.
