Sweden Justice Minister, Gunnar Strömmer, has told the country’s law enforcement to seize cryptocurrency assets, even if they do not have proof of any crime. This decision is based on a new law passed in November, which gives authorities the power to take digital assets, like Bitcoin, without clear evidence that the assets are tied to illegal activities.
The law has already been used to seize $8.4 million worth of property. This makes Sweden one of the most aggressive countries in Europe when it comes to taking unexplained wealth.
Strömmer emphasized that law enforcement, tax authorities, and the National Enforcement Authority should work together better, especially when it comes to high-value assets like cryptocurrency. He said that it was “time to turn up the pressure” on people who own large amounts of crypto but can’t explain where it came from.
Sweden’s Push for Crypto Seizures Without Proof of Crime
The main reason for Strömmer’s push to increase crypto seizures is growing concern over the role of digital assets in Sweden’s criminal economy. A report from Sweden’s Police Authority and Financial Intelligence Unit showed that some cryptocurrency exchanges are used to move money from illegal activities, like drug trafficking and fraud. The report said that law enforcement needs to spend more time on crypto platforms to stop these illegal actions.
Recent statistics show that around 62,000 people in Sweden are involved in criminal networks. Even though data about crypto crimes is not complete, authorities believe that the secretive nature of cryptocurrencies and their ability to be used across borders are why they are so popular with criminals.
Strömmer’s goal is to change Sweden’s asset forfeiture laws so that they fit better with the challenges of modern crime, which increasingly happens online and involves digital money.
How Sweden Could Use Seized Crypto
One of Strömmer’s supporters, Dennis Dioukarev, a member of Sweden’s government, has suggested that any confiscated crypto should be sent to Sweden’s central bank, the Riksbank. Dioukarev believes that this could help Sweden build a national Bitcoin reserve, which could strengthen the country’s financial position. He sees this as turning crime-fighting into a way to improve Sweden’s economy in the long term.
However, the Swedish government has not said what will happen to the crypto that is seized. They have not explained whether it will be sold, kept, or added to a national reserve. This has caused some confusion and concern.
Conclusion: Sweden’s Shift in Crypto Law and Its Impact
Sweden is taking a bold step in its approach to cryptocurrency and financial crime. With the new powers to seize digital assets without proof of a crime, the country is trying to stay ahead of modern criminal activity. As crypto continues to grow and be used around the world, many countries, including Sweden, are working on new laws to deal with the unique challenges posed by digital currencies.
