Polish lawmakers in the Sejm, the lower house of parliament, have failed once again to overturn President Karol Nawrocki’s veto of comprehensive crypto market legislation. The proposed bill was designed to establish Poland’s domestic framework for implementing the European Union’s Markets in Crypto-Assets (MiCA) regulation, which would have granted the Polish Financial Supervision Authority (KNF) direct supervisory authority over digital asset service providers. In Friday’s vote, lawmakers voted 241-198 in favor of overriding the veto, with three abstentions. However, the measure fell 25 votes short of the required three-fifths supermajority threshold of 266 votes, leaving the legislation stalled.
The vote marks the third time President Nawrocki has blocked the government’s crypto oversight bill. While Nawrocki maintains that he supports regulating the digital asset industry, he contends that the current text over-regulates the sector, creates excessive administrative costs, and grants authorities overly broad powers to block websites. Nawrocki argued that his office’s recommended amendments were repeatedly ignored by the parliamentary majority. Following the failed vote, the KNF reiterated that Poland remains without a designated national supervisor for the crypto market, creating regulatory uncertainty for local firms trying to navigate EU-wide MiCA compliance.
Expanding Zondacrypto Investigation and Political Fallout
The legislative impasse unfolds against the backdrop of an accelerating criminal investigation in Poland into Zondacrypto, previously known as BitBay. Polish prosecutors estimate total investor losses linked to the platform at no less than 350 million Polish zlotys ($95 million). The case was recently merged with an ongoing probe into the 2022 disappearance of the exchange’s original founder, Sylwester Suszek. Ahead of the parliamentary vote, Prime Minister Donald Tusk disclosed witness testimony alleging that individuals associated with Zondacrypto attempted to influence politicians connected to Poland’s former governing coalition.
Tusk cited statements alleging a 2 million Polish zloty ($550,000) payment scheme routed through a foundation linked to former Justice Minister Zbigniew Ziobro. Further testimony alleged that an intermediary offered to secure a presidential pardon in the event of a conviction. The disclosures have heightened political tensions in Warsaw, with the governing coalition using the scandal to argue for stricter crypto oversight in Poland, while opposition figures claim the government is exploiting the case to push overly restrictive regulations.
Estonian Operator Enters Bankruptcy as Creditors Await Recovery
In parallel with the Polish investigation, the primary corporate operator behind Zondacrypto, BB Trade Estonia OÜ, was officially declared bankrupt by the Harju County Court in Tallinn in late August 2026. Court-appointed bankruptcy administrators indicated that the company may have been functionally insolvent as early as late 2022, following the reported loss of access to a cold storage wallet containing approximately 4,500 Bitcoin. Despite these underlying financial issues, the exchange continued to operate and accept customer deposits for several years.
Preliminary reports from the administrator estimate the company’s remaining assets at roughly €167,000 against total liabilities exceeding €431 million. Polish and Estonian authorities have published guidance for affected creditors, who are preparing for the first official creditors’ meeting scheduled for September 17 in Tallinn. Meanwhile, Polish law enforcement has secured over 100 million zlotys in assets as part of ongoing asset-tracing efforts.
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