Brazil has taken a significant step in the fight against organized crime by enacting Law No 15,358, which empowers courts to freeze and liquidate cryptocurrencies associated with criminal organizations. As emphasized in the official statement, this new legislation, signed by President Luiz Inácio Lula da Silva, is designed to bolster public security and disrupt illicit financial activities.
Seizure of Cryptocurrencies in Investigations
The law allows authorities to seize cryptocurrencies during investigations, providing a crucial tool in the battle against organized crime. Proceeds from the liquidation of these assets will be directed towards enhancing police capabilities, including funding for:
- equipment
- training
- special operations aimed at tackling criminal networks
Expansion of Judicial Powers
In addition to asset seizure, the legislation expands judicial powers to restrict access to cryptocurrency exchanges, making it more difficult for criminals to operate within the digital currency space. Furthermore, the law introduces penalties for individuals using encrypted messaging services to facilitate or conceal illegal activities, signaling a comprehensive approach to combating crime in the digital age.
In light of Brazil's recent legislation to combat organized crime through cryptocurrency regulation, the adoption of Ripple's RLUSD stablecoin is gaining momentum as institutions seek reliable digital dollar alternatives. For more details, see further information.
