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07/05 14:20

Swedish Minister Urges Stronger Crypto Seizure Cra

Swedish Minister Urges Stronger Crypto Seizure Crackdown

Swedish Justice Minister Gunnar Strömmer urged police, tax authorities and the Swedish Enforcement Agency to strengthen legislation for seizing assets, including cryptocurrencies, under a 2024 law.

The legislation allows for the confiscation of luxury goods, cash and digital assets from individuals even without direct evidence of a crime, as long as they cannot explain the source of their wealth.

Swedish Justice Minister Gunnar Strömmer reportedly stressed the need to target cases that could generate huge cryptocurrency gains, real estate and corporate assets. Since the law was enacted, authorities have seized more than $8.3 million in criminal profits, but the portion of that related to cryptocurrencies remains unclear.

Strömmer further said authorities need to work harder to seize money, cryptocurrencies and luxury goods from people who cannot prove their legal income. 

A new law introduced in 2024 allows the government to seize these assets even if the person is not directly accused of a crime, as long as their wealth does not match their income.

Strömmer wants to step up the crackdown to stop illegal financial activity. The law, which is intended to combat violent crime, has sparked controversy.  Relatedly, Swedish MP Rickard Nordin proposed in April that Sweden follow the US model to establish a Bitcoin reserve. Swedish MP Rickard Nordin proposed that Sweden keep any Bitcoin seized from criminals instead of selling it.

His idea stems from a US ruling in March, when President Trump ordered the establishment of a national cryptocurrency reserve without additional funding. The ruling shows that more and more countries around the world want to hold digital currencies such as Bitcoin, which may affect Sweden's approach to increasing its crackdown on illegal cryptocurrency activities. 

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