Finland earns $48M from sales of seized Bitcoin

Finland sold 1889.1 Bitcoin (BTC) from a confiscated stash and earned about $ 48 million, Bloomberg News report July 21st.

Report clearly Bitcoin sold was connected to digital assets seized by authorities to facilitate the trading of drugs and doping substances.

Bloomberg reported that the confiscated Bitcoin units dated back to 2018 and were confiscated by a court ruling in the country.

Finnish customs Agreement Two locally-based crypto companies, Coinmotion and Tesseract, act as Bitcoin sales brokers. According to Customs, these companies have mechanisms to prevent money laundering and appropriate KYC policies.

At the peak of the crypto market, confiscated Bitcoin is reported to be worth $ 130 million.

Meanwhile, authorities still have 90 BTC and an undisclosed amount of other cryptocurrencies awaiting a confiscation court ruling.

Donation to Ukraine

In April, Finnish Government Finance Minister Annika Saariko hinted that the proceeds of the seized Bitcoin would now be donated to support the Ukrainian cause. Hold Over 46,000 units of Bitcoin.

Hallitus lahjoittaa @SuomenTulli takavarikoimien bitcoinien myynnintuloutuksenansiostakymmenimiljoonia Ukrainian auttamiseen. Historiallinen, yhteistyssteh typts @VMuutiset& @Ulkoministerio.Ratkaisouikeudentuntoinenjahyv. Kohdennus listalousar viossal hiviikkoina.

Annika Saarikko (@AnnikaSaarikko) April 27, 2022

The Finnish government did not comment on whether to continue this plan.

In May, Finland announced crypto asset regulations. Mandatory A person who provides cryptographic services domestically to register with the Finnish Financial Supervisory Authority.

Other countries having Bitcoin seizures

Finland is not the only country to confiscate Bitcoin and other digital assets from violators.

The United States was reportedly the first government to sell Bitcoin confiscated in 2014 at auction. Since then, the United States has made numerous seizures, including the seizure of 96,000 BTC on February 8.

German government seized $ 23 million worth of Bitcoin after closing Russia Darknet marketplace For illegal drugs at the beginning of the year.

Britain too Seized Approximately $ 300 million in assets in January 2022.