Swedish Justice Minister Gunnar Strömmer has called on local authorities to enhance efforts in confiscating assets, including cryptocurrency, under a new law enacted in 2024.
Overview of the New Law
The new Swedish law, effective from November 2024, allows authorities to confiscate luxury items and large amounts of cash from individuals, even if they are not targets of an official investigation. According to Gunnar Strömmer, these measures aim to combat crime and confiscate financial assets from criminals.
Results of Asset Seizures in Sweden
Since the implementation of the new law, Swedish authorities have reported seizing over $8.3 million in criminal profits. Strömmer noted that police, tax authorities, and the Enforcement Authority should focus on cases likely to yield cryptocurrency, real estate, and other corporate assets.
Proposal for a Cryptocurrency Reserve
In April 2024, Swedish MP Rickard Nordin wrote to the finance minister suggesting the addition of Bitcoin as a reserve asset. Nordin proposed that Sweden emulate the US practice of creating a digital asset reserve by not selling seized bitcoins.
The new asset confiscation law and proposals for cryptocurrency reserves highlight the growing focus of Swedish authorities on tackling crime and utilizing digital assets.
