President Karol Nawrocki submitted a new crypto-asset bill to the Sejm on Wednesday, aiming to enhance consumer protection and establish formal state oversight of the cryptocurrency market.
The Three Pillars of the Proposal
Presidential Chancellery Chief Zbigniew Bogucki announced that the proposed legislation is built on three fundamental pillars: prioritizing consumer and investor protection, implementing real and effective state oversight, and safeguarding the constitutional rights of entrepreneurs operating within the crypto market.
The draft includes measures to strengthen warning systems for high-risk entities, ensure immediate notification regarding account freezes, and provide for rapid judicial review of such freezes. It also aims to limit the ability of officials to block funds long-term, providing rights to compensation for unlawful actions and faster administrative decisions.
Political Tensions and Legislative Cooperation
Bogucki noted that the presidential draft is largely based on a previous government proposal, describing it as an “olive branch” from the President. However, he criticized the current government and coalition, stating that a lack of political will has delayed progress despite the availability of a concrete project that could be processed immediately.
While the presidential draft has been published on the Chancellery website, the latest government draft has been referred to the Standing Committee of the Council of Ministers for further work.
Criminal Investigations and the Zondacrypto Controversy
Prime Minister Donald Tusk announced intentions to submit a version of the bill that specifically toughens penalties for those who exploit public naivety and threaten national security. Tusk highlighted allegations regarding the Zondacrypto platform, citing potential links to the Russian mafia and the unresolved disappearance of BitBay founder Sylwester Suszek, who has been missing since March 2022.
Since April 17, the Regional Prosecutor’s Office in Katowice has been investigating Zondacrypto for potential large-scale fraud and money laundering, including possible Russian criminal connections. Although Zondacrypto holds a wallet containing 4,500 Bitcoins worth over $300 million, the keys are reportedly held by the missing Suszek.
Allegations of State Inaction
Bogucki responded to reports regarding past investigations into BitBay and Zondacrypto, claiming that the responsibility for previous failures lies with Donald Tusk’s administration. He accused the government of incompetence and inaction, which he claims allowed business owners involved in these operations to flee abroad without facing arrests or charges.
