Swedish Justice Minister Calls on Local Authorities to Focus on Actions That Enable Larger Scale Asset Seizures, Including Cryptocurrencies, Under New 2024 Law
The law allows authorities to confiscate luxury goods and cash from individuals, even if those individuals are not the subjects of an investigation.
According to financial news outlet Dagens industri, Justice Minister Gunnar Strömmer stated that local police, tax authorities, and the Swedish Enforcement Authority should increase their efforts in cases involving cryptocurrency profits, real estate, and other business assets. The Justice Minister noted that since 2024, the government has confiscated over $8.3 million in related assets.
“It is time to further increase the pressure,” Strömmer said.
This crackdown stems from a Swedish law that will take effect in November 2024, which allows authorities to seize luxury goods and large amounts of cash even if the individuals involved are not official subjects of an investigation. It is currently unclear how much of the $8.3 million seized is related to cryptocurrencies.
Swedish government agencies stated after the law was passed in October 2024: “This law will enable authorities to confiscate assets derived from crime, regardless of whether it can be proven that someone has committed an actual crime. This means, for example, that a person with a large amount of cash, significant bank deposits, or luxury goods may have those assets confiscated if their income does not match their holdings and they cannot reasonably explain the source of the funds.”
The law aims to address violent crime within Sweden, but has faced ongoing controversy since its implementation. The Economist noted last December that a woman had $137,000 and a Rolex watch confiscated at Gothenburg Landvetter Airport. Official data shows that approximately $1 million in assets were seized in the first week of the law's implementation.
In April of this year, Swedish MP Rickard Nordin wrote to the country's finance minister, suggesting that he consider including Bitcoin (BTC) in the national reserve assets. Nordin proposed that Sweden adopt a “budget-neutral” strategy similar to that of the United States, where confiscated BTC is not sold but held as a long-term national reserve asset (a “budget-neutral” approach refers to achieving budget balance without selling assets).
In the United States, President Trump signed an executive order in March this year to establish a national cryptocurrency reserve. As the world's largest economy, this move could prompt legislators in other jurisdictions to also call for the establishment of digital asset reserves.
Related: Turkish Authorities Block PancakeSwap in Crackdown on Crypto Sites
Original: “Swedish Justice Minister Says Efforts to Confiscate Cryptocurrency Assets Will Intensify”
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