Victoria Police in Australia has successfully seized cryptocurrency worth $142,679 for the first time. This seizure results from a newly implemented legal framework allowing police to take control of digital assets through search warrants.

On October 31, Victoria Police released its annual report for the 2023–24 period, highlighting the grant of "new powers." These powers include Section SECT 92A "Digital Asset Seizure under Search Warrant," added to the Confiscation Act of 1997.

Since August 1, 2023, this law change has empowered Victoria Police to seize cryptocurrencies held by criminals through search warrants.

Investigation Amid Drug Crisis

During a major investigation into drug trafficking, the Victoria Police Cryptocurrency Operations Unit discovered several recovery phrases in seized documents and subsequently requested a search warrant.

Recovery phrases are secret strings of words that allow access to specific crypto wallets and their assets.

According to the report, police recorded the first successful cryptocurrency seizure under the new legislation:

"Victoria Police detectives gained access to six wallets and seized various cryptocurrencies valued at $142,679.10."

New Powers Simplify Cryptocurrency Seizures

The new legislation gives police four methods for seizing digital assets during a search: accessing storage and communication devices, altering or transferring crypto assets, and conducting transactions that lead to exclusive control over the assets.

Victoria Police can seize any device containing cryptocurrency or enabling access to it, such as hardware wallets.

In September, it was reported that Australian regulators are preparing new guidelines requiring crypto exchanges to obtain financial services licenses. Australian Securities and Investments Commission (#ASIC ) Commissioner Alan Kirkland deems the new requirements necessary, as most major cryptocurrencies, like Bitcoin and Ether, fall under corporate law.

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