Polish Regulator Seeks Right to Block Cryptocurrency Accounts

The Polish authorities have prepared a bill that will allow the Financial Supervision Authority (KNF) to block cryptocurrency accounts if the agency suspects the owners of criminal activities.

Polish Regulator Seeks Right to Block Cryptocurrency Accounts

The bill expands the KNF's powers to oversee the trading of digital assets and the provision of cryptocurrency services. If the document is approved by parliament, the agency will have the right to independently block the accounts of cryptocurrency holders for 96 hours (four days). It is enough to suspect that transactions could theoretically be linked to criminal activity. With the consent of the prosecutor's office, the initial period of blocking can be extended even up to six months.

Cryptocurrency trader, analyst and editor—in-chief of the Polish financial portal Comparic Arkadiusz Józwiak called the bill an initiative that caused serious controversy - just a few years after the Polish authorities introduced a 19% tax on transactions with cryptocurrencies.

In January, the Polish authorities announced that in 2024 they would present a regulatory framework for the regulation of cryptocurrencies, allowing the integration of the Law on the Regulation of Cryptocurrencies in the European Union (MiCA) into the local legal field. In case of violations, the regulator will be able to impose financial sanctions on companies operating in the cryptocurrency market and bring them to court.

Source: https://bits.media/polskiy-regulyator-dobilsya-prava-blokirovat-kriptovalyutnye-scheta/

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