Victorian police to get ‘greater power’ to seize crypto assets from criminals

The Australian Victorian Police will soon have new powers to seize digital assets and cryptocurrency from criminals. They can also compel platforms for information about suspects.

A statement by Daniel Andrews, the Victorian premier, was released on Aug. 2 and stated that new laws were introduced into parliament Tuesday under Major Crime and Community Safety Legislation Amendment Bill (2022). This bill was designed to crack down on organized criminal activity in Victoria.

In response to organized crime’s increasing use of digital currencies, the new bill will give authorities “greater powers” to seize and identify digital assets.

Crypto exchanges will be required to disclose information in criminal investigations, just as banks.

“They will be in a position to force cryptocurrency platforms to give information about suspects, just as banks do now, and to seize digital wallets.”

It will give police more search power to obtain electronic data for search warrants, and allow criminals to forfeit property to make it easier to compensate victims.

Michael Bacina, a digital asset specialist at Piper Alderman, stated that the Bill’s wording has not been released to the public. He said that one of the biggest challenges is legislating for digital assets across federal and state borders.

“The challenge in legislating for digital assets is that the state jurisdiction often stops at a border. It is therefore crucial to ensure consistency between different countries and states.

Bacina noted that police need to be trained in technology of seizing and securing digital wallets private keys. However, he also said that digital assets are a valuable tool in police’s fight against crime.

Anthony Carbines, Victorian Minister for Police acknowledged that criminals are constantly changing their strategies and said “we must be just as fast in empowering police to respond to new forms of offending.”

Related: 74% feel inadequately equipped for crypto investigations

Chainalysis, a popular cryptocurrency monitoring tool, estimated that wallet addresses linked to illicit activity are holding at least $10 million worth of cryptocurrency as of early 2022.

Bacina noted however that the analytics company also reported that illicit use is at its lowest percentage in the crypto asset ecosystem. “So further reducing illicit use of digital assets will only instill greater trust in the digital asset/crypto ecosystem.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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