The veto leaves Poland without a designated crypto regulator as MiCA applies, while the Zondacrypto case heads to a creditors' meeting Sept. 17.
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Polish lawmakers failed again Friday to override President Karol Nawrocki's veto of crypto oversight legislation, leaving the country without a designated regulator under the European Union's Markets in Crypto-Assets Regulation (MiCA).
The Sejm, Poland's lower house, voted 241-198 with three abstentions, 25 votes short of the three-fifths majority needed. It was the third time Nawrocki has blocked the bill. He has argued the proposed rules would overregulate the industry, citing costs and the authority to block websites. The legislation would have placed crypto market supervision under the Polish Financial Supervision Authority (KNF).
KNF said Friday that Poland still lacks a body responsible for supervising cryptoassets, even though MiCA now applies across the EU. The absence of a national framework means Polish crypto firms face compliance uncertainty while the European rules take effect through other member states' regulators.
The regulatory deadlock comes as a criminal investigation into the collapsed exchange Zondacrypto expands. Prime Minister Donald Tusk has cited the case to push for tighter oversight. He released excerpts of testimony from a witness who alleged a 2 million Polish zloty ($550,000) payment arrangement involving a foundation linked to former Justice Minister Zbigniew Ziobro. In separate testimony, the witness alleged an unnamed person had promised a presidential pardon if the witness was convicted.
Zondacrypto's operator, BB Trade Estonia, was declared bankrupt by an Estonian court in August. Prosecutors in April estimated losses tied to the exchange at no less than 350 million Polish zloty ($95 million). The first creditors' meeting is scheduled for Sept. 17.
The scandal and the stalled regulation create a dual risk for Poland's crypto market. Exchanges operating in the country face regulatory drift while the investigation raises questions about oversight and enforcement. Tusk's government has signaled it will continue to push for a stronger legal framework, but the margin in Friday's vote suggests Nawrocki's veto will hold for now.
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