The Polish cryptocurrency exchange Zondacrypto (formerly BitBay) is at the center of a huge scandal. Since mid-April, the Silesian prosecutor's office has been investigating the lack of liquidity of the platform, which caused customers to lose access to their savings. It is estimated that losses may amount to PLN 350 million, and the list of injured parties is still growing.
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Minister of Finance Andrzej Domański, guesting in the “Fakty po Faktach” program on TVN24, stated clearly that “the crypto-assets market in Poland is not properly regulated, it does not have the same protection as in other markets”.
According to the head of the Ministry of Finance, the current situation is the result of the lack of appropriate supervisory tools, which, for example, the Polish Financial Supervision Authority has in the case of the stock exchange.
Domański pointed out that if not for the veto of President Karol Nawrocki, the services could have intervened much earlier.
— We could take appropriate actions, thanks to which, for example, the Polish Financial Supervision Authority could remove Zondacrypto. It could make sure customers are protected […] block cryptocurrency accounts – the minister listed.
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“He was driven by completely different interests.” There will be another bill
The government twice submitted bills to organize the crypto-assets market, but both were rejected by the head of state. The Chancellery of the President argued that the regulations were too restrictive and “over-regulated”. Andrzej Domański commented sharply on this attitude, suggesting that the veto's justifications lack concern for consumers.
— Unfortunately, the president did not side with the Poles, but was apparently guided by completely different interests – said the minister.
At the same time, Domański announced that: the government is preparing a third attempt to regulate the market, which will be similar in substance to previous projects.
