Recent changes in Swedish legislation regarding asset seizure signify a growing focus of authorities on illegal earnings, particularly related to cryptocurrencies.
Tightening of Seizure Laws
Swedish authorities, led by Minister of Justice Gustav Strömmer, have called for more active use of asset forfeiture laws introduced last November. These laws allow law enforcement to seize assets even if it cannot be proven that someone has broken the law. This means that if government officials suspect anyone of having earned cryptocurrency illegally or if that person cannot explain the source of their funds, they can legally seize these assets.
Creation of Bitcoin Reserve in Sweden
Some lawmakers in the Riksdag are advocating for the establishment of a national Bitcoin reserve. Riksdag member Dennis Dioukarev supported Strömmer’s calls to increase asset seizure enforcement, arguing that it would help combat crime. According to Dioukarev, confiscated cryptocurrencies should be transferred to Sweden’s central bank, the Riksbank, to establish a strategic Bitcoin reserve.
Increasing Cryptocurrency Use Among Criminals
According to Bloomsbury Intelligence & Security Institute, in 2024, approximately 62,000 individuals were linked to criminal networks in Sweden. Drug dealers and money launderers are notably active in using cryptocurrency. The Swedish Police Authority and the Financial Intelligence Unit reported that some cryptocurrency exchanges are involved in money laundering, recommending an increase in monitoring of these platforms to disrupt illegal activities.
Sweden is taking steps toward stricter oversight and seizure of illegal assets while exploring the potential establishment of a Bitcoin reserve, which could significantly change the approach to cryptocurrencies in the country.
