The government is cracking down on cryptocurrency users. Freezing assets for six months. Million-dollar fines.

The government is taking action against cryptocurrency users. The main concerns are related to regulations that will allow the freezing of assets for up to six months. At the end of February, a draft law on cryptocurrencies was published. The proposals raise significant doubts. The Financial Supervision Authority will have the power to block assets, but that is not the end of the list of powers - Rzeczpospolita reports. According to the draft law, the Financial Supervision Authority will be able to block cryptocurrency accounts for 96 hours based on subjective decisions without the need for charges. Furthermore, the blockade could then be extended for up to six months. Additionally, the regulations do not provide for any appeal process. "The problem is that a citizen can have their assets frozen, which are essentially the same as money in a bank, without being suspected of any crime, without any charges being brought against them, and basically having no means of appeal. So based on a subjective decision - first the FSA, and then the prosecutor's office - without any charges being made, someone's money can be frozen," says Leszek Kieliszewski, a lawyer specializing in financial markets. Many lawyers openly state that such regulations are unconstitutional. They also point out the aspect of rapidly changing prices in the cryptocurrency market. In the case of even a six-month block, a citizen must expect significant financial losses that could be minimized if they had the ability to manage their account. However, the list of controversial regulations does not end there. According to the draft, the FSA will be able to order the sale of cryptocurrencies. This is another provision that, in the opinion of lawyers, is not in line with the Polish constitution. The regulations are expected to come into force in December. They will include a ban on offering virtual assets without permission. The Financial Supervision Authority will oversee the market. The draft also includes penalties of up to tens of millions of zlotys. source: https://www.telepolis.pl/fintech/prawo-finanse-statystyki/rzad-kryptowaluty-blokada-majatku