The new bill will also compel cryptocurrency exchanges to hand over information that could assist police in criminal investigations.
Victorian Police in Australia can soon be granted new powers to seize cryptocurrency and digital assets from criminals, additionally as compel platforms to hand over info regarding suspects.
According to a statement released by Victorian premier Daniel Andrews on weekday, new laws were introduced to parliament on weekday beneath the major Crime and Community Safety Legislation amendment Bill 2022, with the aim of cracking down on gangland within the state.
The new bill is predicted to present authorities “greater power” to spot and seize digital assets in response to the growing use of cryptocurrencies by organized crime.
The laws can uphold also need crypto exchanges to disclose info to help with criminal investigations within the same manner that banks would:
“They will be able to compel cryptocurrency platforms to hand over information about suspects like banks currently must, and seize digital ‘wallets.’”
It will also give police greater search powers to get electronic knowledge once execution search warrants and create the criminal’s “forfeited property” additional simply obtainable to compensate victims of the crime.
Michael Bacina, a digital plus specialist at Piper representative, same that because the formulation of the Bill has not however been created public, one in every of the challenges he sees is around governing for digital assets once it cuts across state and federal borders:
“A challenge of legislating for digital assets is that state jurisdiction often stops at the border, so ensuring there is consistency of approach between different states and countries, is paramount.”
Bacina also noted that police can would like “proper training within the technology of seizure and securing personal keys of digital wallets.” He more stated that criminals transacting in digital assets “provides a valuable tool for police in combatting crime, as transactions leave an changeless path of proof on a public ledger that is very tough to change once the fact.”
Victorian Minister for Police, Anthony Carbines, acknowledged that criminals are evolving their methods, noting “we ought to be even as fast in empowering our police to reply to new ways in which of violative.”
( Ciaran Lyons, Cointelegraph, 2022 )