As a seasoned crypto investor with a knack for staying abreast of global regulatory developments, I must admit that the recent success of Victoria Police in seizing $142,679 worth of cryptocurrencies is a mixed bag. On one hand, it’s disheartening to see criminals getting caught and their ill-gotten gains confiscated. However, on the other hand, as someone who values privacy and security, I can’t help but feel a twinge of unease when law enforcement agencies gain new powers to access digital assets.
In a significant development, the Victoria Police Department in Australia successfully seized cryptocurrency valued at approximately AUD 200,000 ($142,679 USD) for the first time. This action was made possible due to recent changes in law that empower police officers to seize and control digital assets.
As an analyst, I’d rephrase that statement as follows: On October 31st, I was privy to the release of Victoria Police’s annual report for the years 2023-2024. This report brought attention to a new set of powers granted to the force, stemming from the incorporation of Section 92A, which pertains to the seizure of digital assets under search warrant, into the Confiscation Act of 1997.
As of August 1, 2023, a new law grants police officers in Victoria the authority to seize cryptocurrencies from criminal suspects via a search warrant.
Finding seed phrases during a drug bust
During an extensive probe into illegal drug trade, the Cryptocurrency Operations unit of Victoria Police sought and obtained a search warrant upon finding some cryptocurrency recovery keys hidden in confiscated papers.
Recovery or seed phrases are a secret string of words linked to specific crypto wallets, which can be used to recover and access their crypto assets.
Check out CryptoMoon’s guide to learn how to recover a crypto wallet with or without a seed phrase.
The report mentioned that it was the first time the authorities had successfully seized a cryptocurrency following legislative changes, stating: “The authorities have made their first successful cryptocurrency seizure since the amendments to the law were implemented.
“Victoria Police detectives were able to access six wallets and seize $142,679.10 worth of various cryptocurrencies.”
New powers to simplify cryptocurrency seizures
Under a search warrant, the newly enacted law provides four methods for police officers to obtain cryptocurrency assets:
In simple terms, the Victoria Police have the authority to confiscate any assets that hold cryptocurrencies or aid in their retrieval, including hardware wallets.
By September, news sources indicated that Australian authorities were planning to issue new guidelines mandating cryptocurrency trading platforms to acquire financial service permits.
As an analyst, I’m sharing insights based on the statement by Australian Securities and Investments Commission (ASIC) commissioner Alan Kirkland. He believes that the new regulations are essential because, in his view, the Corporations Act already encompasses significant cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
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2024-10-31 15:00