Queensland police force requests additional authority to confiscate cryptocurrency.

Estimated read time 2 min read

The Crime and Corruption Commission (CCC) in Queensland, Australia, is pushing for changes to the state’s law due to concerns over the criminal use of digital currencies.

The agency believes that current laws, specifically the Criminal Proceeds Confiscation Act 2002, have loopholes that criminals exploit to use cryptocurrencies for illegal activities like money laundering.

To address these issues, the CCC suggests a revamp of Queensland’s laws regarding asset seizure to include clearer guidelines on digital currencies.

One of the main problems, according to the CCC, is that the existing law doesn’t specifically mention terms related to cryptocurrencies, which creates a challenge in dealing with these digital assets legally.

The CCC has outlined several key changes it believes are necessary to make the law more effective against digital currency-related crimes. These include explicitly defining and including digital assets in the legislation, adjusting laws to enable the conversion of seized digital currencies into stable currencies during legal actions, and simplifying the process for the forfeiture of assets.

In March, Alan Kirkland, the head of the Australian Securities and Investments Commission (ASIC), discussed plans to support the safe development of financial technology. He highlighted the importance of balancing consumer protection, market integrity, and the promotion of innovation in finance.

Kirkland emphasized that through careful regulation and a supportive approach to innovation, risks can be minimized, helping to bring digital assets into mainstream acceptance.

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