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Poland’s crypto regulation push hit another wall. The Sejm, the country’s lower house of parliament, voted 241-198 to override President Karol Nawrocki’s veto on crypto legislation — but that wasn’t enough. A three-fifths majority was required. They fell 25 votes short.
It’s the third time Nawrocki has killed similar legislation. His stated reason each time: the bills go too far. He’s said publicly that the proposed measures would impose excessive regulatory costs and expand the powers of supervisory authorities beyond what’s necessary. He’s not against crypto oversight in principle — he’s against what he sees as overreach. The bills were meant to bring Poland in line with the EU’s Markets in Crypto-Assets Regulation, known as MiCA, and would have placed formal supervision under the Polish Financial Supervision Authority, the KNF. But the KNF itself has been pretty clear that Poland still has no dedicated body to actually supervise its crypto market, even with MiCA technically applying across the EU. That gap is real, and it’s not going away.
The timing couldn’t be worse.
Zondacrypto’s Collapse and the Criminal Probe
Right as lawmakers were debating the override, the Zondacrypto scandal was getting bigger and messier. Zondacrypto — formerly BitBay — is a now-defunct Polish crypto exchange whose operator, BB Trade Estonia, was declared bankrupt by an Estonian court in August. The first creditors’ meeting is set for September 17. Estimated losses from the collapse sit at no less than 350 million Polish zlotys, which works out to roughly $95 million.
Polish prosecutors are digging into suspected fraud and money laundering tied to the exchange. And it’s not a clean, contained investigation. The case has been merged with a separate inquiry into the 2022 disappearance of Sylwester Suszek, the founder of BitBay, the exchange that eventually became Zondacrypto. That merger of cases suggests prosecutors see overlapping elements — missing assets, potential financial crimes, and a trail that keeps getting longer.
Prime Minister Donald Tusk leaned into all of this ahead of the Sejm vote. He used the expanding probe to push the argument for tighter oversight, and he dropped something significant: testimony linked to the Zondacrypto investigation that touched on alleged payments to politicians connected to Poland’s former government.
Allegations of Political Payments and a Pardon Promise
The details that came out are striking. A witness in the investigation alleged that a 2 million Polish zloty payment — around $550,000 — was made through a foundation tied to former Justice Minister Zbigniew Ziobro. That’s not a small figure, and Ziobro isn’t a minor political name. The same witness also claimed there were promises of a presidential pardon in exchange for favorable outcomes if convicted. No charges have been publicly confirmed as a result of these specific claims, but prosecutors are examining them.
So you’ve got a bankrupt exchange, $95 million in estimated losses, a missing founder, alleged political payments, and a pardon offer. All of it surfacing at exactly the moment lawmakers were trying — and failing — to pass a regulatory framework that might have prevented some of this.
The KNF’s position is basically that Poland is operating in a supervisory vacuum. MiCA exists, but enforcement requires a designated national authority. Poland doesn’t have one. Nawrocki’s vetoes have kept it that way, at least for now.
What Happens to Creditors and Oversight
BB Trade Estonia’s bankruptcy adds an international wrinkle. The proceedings are happening in Estonia, not Poland, which means Polish creditors are navigating a cross-border insolvency process. The September 17 creditors’ meeting will be a key moment — it’s probably where the scale of recoverable assets, if any, starts to become clearer.
Prosecutors aren’t done. They’re still pulling on threads connecting the Zondacrypto case to Suszek’s disappearance, the alleged payment schemes, and the broader question of whether political figures were actively involved in protecting or enabling the exchange’s operations. The international dimension — an Estonian operator, an EU-wide regulatory framework, a Polish criminal investigation — makes this harder to untangle quickly.
And the regulatory gap stays open. Three vetoes in, Nawrocki hasn’t signaled he’d accept a revised version of the legislation. Tusk’s government wants stricter rules. The KNF wants a supervisory mandate. Neither is getting it yet.
Creditors meet September 17. Prosecutors keep working. The Sejm will probably try again.
Frequently Asked Questions
How many times has President Nawrocki vetoed Poland’s crypto legislation?
Nawrocki has vetoed similar crypto legislation three times, each time citing concerns about excessive regulatory costs and unnecessary expansion of supervisory authority.
How much did Zondacrypto’s collapse cost creditors?
Estimated losses from Zondacrypto’s collapse are at least 350 million Polish zlotys, equivalent to roughly $95 million, with BB Trade Estonia declared bankrupt by an Estonian court in August.
Why It Matters
The failure of the Polish Sejm to override President Nawrocki's veto on crypto legislation highlights the ongoing struggle for regulatory clarity in a market that is increasingly scrutinized globally. As Poland grapples with balancing innovation and consumer protection, this setback may hinder the country's ability to attract crypto investment and talent, potentially leaving it behind in the rapidly evolving European digital currency landscape. The Zondacrypto scandal further complicates the situation, emphasizing the need for effective regulatory frameworks to restore confidence in the sector.
