Summary
TLDR: Polish regulator KNF can now independently block access to crypto accounts for up to 96 hours in case of suspected criminal activity. Crypto investors in Poland are concerned about the unlimited power given to KNF. The new regulations come as crypto firms move to Poland ahead of the EU’s MiCA bill. Setting up a crypto business in Poland is affordable, making it a popular destination for crypto firms in Europe.
Key Points
1. Polish crypto regulator KNF has the authority to block access to crypto for up to 96 hours independently in case of suspected criminal activity.
2. The new regulations in Poland come as crypto firms are moving to the region ahead of the European Union’s Markets-in-Crypto-Assets (MiCA) bill.
3. The affordable costs of setting up a crypto business in Poland have made it a popular destination for crypto firms in Europe, with 13 new crypto exchange license applications received by September 2023.