Sweden Urges Intensified Crypto Seizures Amid $8.3 Million Profits

Sweden’s justice minister, Gunnar Strömmer, has urged local authorities to intensify their efforts in seizing criminal profits, with a particular emphasis on cryptocurrency. This directive is in line with a 2024 law that allows the confiscation of luxury items and cash from individuals, even if they are not the direct targets of an investigation. The law, which went into effect in November 2024, has already resulted in the seizure of over $8.3 million in criminal profits.

Strömmer highlighted the importance of increased cooperation among local police, tax authorities, and the Swedish Enforcement Authority to focus on assets that yield significant profits. He stated, "We want them to strengthen their cooperation and focus extra on assets that generate large profits. Now it's a matter of turning up the pressure further." The new legislation applies to all individuals, including children, young people, and those with serious mental disorders at the time of the offense.

The call for increased seizure activity aligns with legislative efforts in the Riksdag to establish a national Bitcoin reserve, similar to initiatives in other nations. Advocates like Sweden Democrat Dennis Dioukarev support Strömmer's call, suggesting that seized cryptocurrencies should be transferred to Sweden’s central bank, the Riksbank, to build a strategic Bitcoin reserve. However, the Minister's press office declined to comment on what will be done with seized digital assets or the specific actions authorities should take to increase their seizures.

The push for increased crypto seizures comes amid concerns about the use of cryptocurrency in criminal activities. A report published last September by Sweden’s Police Authority and Financial Intelligence Unit highlighted that some crypto-exchanges are professional money launderers. The report recommended that law enforcement increase its presence on various crypto exchange platforms to identify and map illicit providers.

The new legislation and the Minister's directive reflect Sweden's commitment to combating financial crimes and ensuring that criminal profits are seized and potentially used to build a strategic reserve. The focus on cryptocurrency underscores the growing recognition of digital assets in criminal activities and the need for robust enforcement measures.