Sweden Turns Up The Heat On Crypto Seizures

Sweden is turning up the heat on crypto seizures, after Sweden's justice minister Gunnar Strömmer made a public statement calling the local authorities to focus on crackdowns that could yield larger profits.

"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."

During his statement, Strömer had called the local police tax authorities, and the Swedish Enforcement Authority to put more effort into cases likely to yield crypto proceeds, real estate and other corporate assets.

Despite having one of the strictest legislation in Europe, but this law has proved its effectiveness as the Swedish government was able to seize more than $8.3 million in criminal profits in the year 2024.

Stömmer's proposition is an extension of the Swedish law that was created last November, which allows enforcement agencies to confiscate property "regardless of whether or not it can be proven that someone has committed an actual offense."

This means that if a person is suspected of obtaining crypto illegally, and if that person "cannot otherwise explain where it comes from", the police and other agencies will legally be able to seize it.

This legislature applied to both children and young people, as well as people who at the time of the offence, have been diagnosed with mental disorders.

Sweden Builds A Crypto Reserve, But How?

Strömmer’s call to double down on crypto comes at a time when the country is pushing for the creation of a national Bitcoin reserve, hoping to follow in the footstep of the United States and other countries such as Czechia and Italy.

One prominent advocate of a Bitcoin reserve, Sweden Democrat Dennis Dioukarev, tells Decrypt that he supports Strömmer’s call for a ramping up of seizure activities.

“I welcome every effort to seize illegally obtained assets in order to fight crime and make life hard for criminals.”

As for what will or should be done with seized crypto, Dioukarev reiterates his calls for the accumulation of a strategic reserve, saying

"Cryptocurrencies in general and Bitcoin in particular that are confiscated should be transferred to Sweden's central bank, the Riksbank, in order to build a strategic Bitcoin reserve."

However, it is still unclear if that is the direction Minister Strömmer is heading towards. When asked what the government would do with the seized digital asset, Strömer's press office replied

"We will not be able to answer your questions this time."