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The Victorian Police Department, Australia, has successfully seized $142,679 worth of cryptocurrency for the first time after recent amendments to the law that allow police officers to gain control of digital assets.
On October 31, the Victorian Police released their 2023-2024 Annual Report, highlighting the recent authorization of "new powers" following the addition of "SECT 92A 'Seizure of Digital Assets Under Search Warrant' to the Forfeiture Act 1997."
From August 1, 2023, a change in the law allowed Victorian police to seize cryptocurrencies in the possession of criminals through a search warrant.
How to Find Seed Phrases During a Drug.
Raid During a major drug trafficking investigation, the Victorian Police's cryptocurrency operations team applied for a search warrant after finding several phrases in seized documents to recover cryptocurrency.
Recovery phrases or seed phrases are a secret string of words associated with specific cryptocurrency wallets that can be used to recover and access their cryptocurrency assets.
Marking the first successful seizure of cryptocurrency by authorities since the legislative changes, the report states:
"Detectives from the Victorian Police were able to access six wallets and seize $142,679.10 worth of various cryptocurrencies".
New powers to simplify cryptocurrency.
seizure The new law allows police officers four ways to seize cryptocurrency assets under a search warrant: accessing storage devices and computers, interfering with storage or communication devices, altering or transferring cryptocurrency assets, and performing transactions that result in obtaining exclusive control over the asset.
Victoria Police are allowed to confiscate any property that either contains cryptocurrencies or could help access them, such as hardware wallets.
In September, local reports claimed that Australian regulators were preparing new guidance requiring cryptocurrency exchanges to obtain financial services licenses.
According to Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland, the new requirements are necessary as the regulator believes that the Corporations Act applies to most major cryptocurrency assets such as Bitcoin (BTC) and Ether (ETH).
Source
On October 31, the Victorian Police released their 2023-2024 Annual Report, highlighting the recent authorization of "new powers" following the addition of "SECT 92A 'Seizure of Digital Assets Under Search Warrant' to the Forfeiture Act 1997."
From August 1, 2023, a change in the law allowed Victorian police to seize cryptocurrencies in the possession of criminals through a search warrant.
How to Find Seed Phrases During a Drug.
Raid During a major drug trafficking investigation, the Victorian Police's cryptocurrency operations team applied for a search warrant after finding several phrases in seized documents to recover cryptocurrency.
Recovery phrases or seed phrases are a secret string of words associated with specific cryptocurrency wallets that can be used to recover and access their cryptocurrency assets.
Marking the first successful seizure of cryptocurrency by authorities since the legislative changes, the report states:
"Detectives from the Victorian Police were able to access six wallets and seize $142,679.10 worth of various cryptocurrencies".
New powers to simplify cryptocurrency.
seizure The new law allows police officers four ways to seize cryptocurrency assets under a search warrant: accessing storage devices and computers, interfering with storage or communication devices, altering or transferring cryptocurrency assets, and performing transactions that result in obtaining exclusive control over the asset.
Victoria Police are allowed to confiscate any property that either contains cryptocurrencies or could help access them, such as hardware wallets.
In September, local reports claimed that Australian regulators were preparing new guidance requiring cryptocurrency exchanges to obtain financial services licenses.
According to Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland, the new requirements are necessary as the regulator believes that the Corporations Act applies to most major cryptocurrency assets such as Bitcoin (BTC) and Ether (ETH).
Source
