Poland prepares new crypto bill after veto override fails

Nawrocki vetoed the crypto bill for the third time in June. He said he backed regulating the sector and strengthening consumer protection but accused the government of disregarding proposals from his office. The legislation had passed the Sejm in May amid fallout from the collapse of Zondacrypto, once Poland’s largest domestic crypto exchange.

Zondacrypto, formerly BitBay, came under scrutiny after customers reported delayed and blocked withdrawals in late 2025 and early 2026. The exchange’s website went down in April, trading pairs disappeared, and its native ZND token sank to near zero. Polish prosecutors estimate customers lost at least $95 million, with some estimates higher. Thousands of users were affected.

Authorities have launched a criminal investigation into suspected fraud and money laundering, following funds across Estonia, Italy and Switzerland. Several people have been arrested, including a stock trader and the head of the Polish Olympic Committee over alleged connections to Zondacrypto.

The scandal intensified political pressure for tighter oversight and helped push the Sejm to pass the crypto bill in May. The case has since become part of a wider political dispute. Former Justice Minister Zbigniew Ziobro allegedly accepted political financing from Zondacrypto CEO Przemysław Kral and his law firm. Ziobro has denied wrongdoing and personal contact with the donor. PiS leader Jarosław Kaczyński said the incidents had no connection to his party while conceding that Ziobro’s alleged actions were a mistake.

Government politicians and experts have argued that Nawrocki’s vetoes could expose him and right-wing parties to political fallout over the unregulated market. Paszyk said the government will provide more details on the timing of the new bill in the coming days.