Polish authorities plan to impose strict regulations on crypto assets
13 May 16:15
Law and Justice (PiS) lawmakers have introduced a bill in the Sejm that would ban activities related to cryptoassets in Poland, according to "Komersant Ukrainian", citing BOBR.
According to the document, such activities could be punishable by 6 months to 8 years in prison, and in certain cases, up to 10 years.
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Any activity in the field of cryptoassets is proposed to be recognized as an unfair market practice. The ban could apply to crypto exchanges, exchange services, payment services, custodial platforms for storing cryptoassets, intermediary services, as well as the issuance, sale, and promotion of tokens or other cryptoassets.
The bill also provides for the blocking of cryptocurrency services at the request of the head of the Office of Competition and Consumer Protection. Cryptocurrency exchanges operating in Poland will be required to cease operations during a transition period.
The authors of the initiative explain that it is necessary to protect consumers. In their view, the crypto market uses emotions, psychology, and social engineering techniques to encourage people to invest in virtual currencies.
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