Poland's New Regulation Grants KNF Authority to Temporarily Block Cryptocurrency Accounts
Monday, 11 March 2024, 20:30
New Regulation Empowers KNF to Temporarily Block Cryptocurrency Accounts
KNF has been granted the ability to block crypto accounts for up to 96 hours in case of suspected criminal activity, along with the option to freeze funds for six months with the prosecutor's office approval.
Concerns Over Regulator's Power
- Investors in Poland unhappy with new rules, citing KNF's extensive authority
Alignment with MiCA Legislation
- Rules in accordance with European crypto regulations, but differ in account freezing
Poland emerges as a prime destination for crypto businesses ahead of MiCA implementation, offering low registration costs compared to other EU countries. However, the new regulations may present obstacles to market participants.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.