Sweden’s Justice Minister Gunnar Strömmer has ordered local authorities to intensify efforts to seize assets like cryptocurrency, luxury goods, and real estate under a sweeping new law targeting unexplained wealth, even from individuals not directly implicated in crimes.
Key Takeaways:
Sweden’s new law lets authorities seize assets, including crypto, from anyone unable to prove the legitimacy of their wealth. Over $8.3 million has already been confiscated since November 2024. Concerns are rising among legal experts over potential civil liberties violations.Speaking to Dagens industri on Thursday, Strömmer urged police, tax authorities, and the Swedish Enforcement Authority to prioritize cases likely to result in significant confiscations.
The justice minister revealed that more than $8.3 million in assets have been seized since the law took effect in November 2024. “Now it’s time to turn up the pressure even more,” Strömmer said.
Sweden’s New Law Lets Authorities Seize Assets Without Proof of Crime
The controversial legislation empowers authorities to seize cash, bank assets, and luxury items from individuals unable to prove that their wealth matches their income or offer a legitimate explanation for its origin.
Sweden’s government announced when passing the measure that it aimed to crack down on violent crime by disrupting criminal finances.
“This means that a person who, for example, has large amounts of cash, sizeable bank assets, or luxury articles may forfeit them if he or she does not have an income that is proportional to the property and cannot otherwise explain where it comes from,” the government stated at the time.
Though it’s unclear how much of the $8.3 million seized so far is linked to cryptocurrency, the law has already sparked concerns among legal experts and civil liberties advocates.
The Economist reported in December that a woman traveling through Gothenburg-Landvetter Airport had $137,000 and a Rolex watch confiscated, while roughly $1 million in assets were seized during the first week of enforcement.
In April, Swedish MP Rickard Nordin called on the finance minister to consider adopting Bitcoin as a reserve asset, proposing that authorities retain seized BTC rather than liquidate it, similar to a “budget-neutral” approach used by the U.S.
The push for a digital asset reserve comes after former U.S. President Donald Trump signed an executive order in March creating a national crypto reserve, potentially influencing lawmakers abroad to explore similar strategies.
Swedish MPs Push to Add Bitcoin to National Reserves
In April, two Swedish lawmakers urged Finance Minister Elisabeth Svantesson to consider adding Bitcoin to Sweden’s foreign exchange reserves, highlighting its similarities to gold and potential as a hedge against economic instability.
Their proposal includes directly accumulating Bitcoin or adopting a budget-neutral strategy by keeping BTC seized in criminal cases instead of auctioning it.
At the core of the Swedish lawmakers’ proposal is the belief that Bitcoin could serve as a digital gold, an asset capable of retaining value in times of economic upheaval.
Notably, this method has allowed the US government to quietly build up large amounts of BTC, a move formalized in March when Donald Trump signed an executive order making Bitcoin part of the national reserve framework.
The post Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets appeared first on Cryptonews.
