Sweden Seizes $8.4 Million in Cryptocurrency Assets from Criminals

Swedish Justice Minister Gunnar Strömmer has issued new directives aimed at enhancing the identification and seizure of cryptocurrency assets obtained through criminal activities. Strömmer has instructed the police, the Tax Office, and the Enforcement Office to leverage the new confiscation law, which came into effect in November of the previous year. This law allows authorities to seize assets suspected of being derived from criminal proceeds, even without a conviction, if the individual cannot provide a legitimate source for these assets. Strömmer emphasized the need for increased cooperation among these institutions, particularly focusing on assets that generate substantial profits.

The new regulations have already led to the seizure of assets worth 80 million Swedish crowns, approximately $8.4 million. Notably, the law extends its application to children and mentally ill individuals, ensuring comprehensive coverage. This move comes at a time when some members of the Riksdag are advocating for the establishment of a national Bitcoin reserve, similar to initiatives in other countries. Dennis Dioukarev from the Sweden Democrats supported Strömmer’s statements, advocating for the confiscation of all illegally obtained assets to combat crime and hinder criminal activities. Dioukarev proposed that the seized cryptocurrencies be transferred to the Swedish Central Bank to create a strategic Bitcoin reserve.

The heightened focus on cryptocurrency seizures is driven by the significant use of these digital assets by drug traffickers and money launderers. The number of individuals connected to criminal networks in Sweden has been reported to have reached 62,000 in 2024, underscoring the urgency of these measures. Strömmer’s directives reflect a broader effort to tighten regulations and enhance enforcement mechanisms to curb the misuse of cryptocurrencies in criminal activities.