
A new law passed in Brazil designed to bolster the fight against organized crime will allow authorities to seize digital assets from criminals and potentially use them in the public’s interest.
The “Anti-Gang Law” was signed into law by Brazilian President Luiz Inácio Lula da Silva on Tuesday, creating much harsher penalties for crime leaders while providing authorities the means “for the financial, logistical, and material strangulation” of organized crime entities.
“The law represents progress in combating organized crime, by incorporating mechanisms for financial strangulation and strengthening the state's capacity to respond to the growing complexity of these criminal structures,” said Brazil’s Minister of Justice and Public Security Wellington Lima, in a statement.
“The focus is on reaching their highest levels, with more effective instruments and coordinated action,” he added.
While the bill does not specifically mention any crypto assets by name, it allows judges to order precautionary measures like “seizure, attachment, blocking or freezing of movable and immovable property, rights and assets, including digital or virtual assets” in cases where there is sufficient evidence of a serious crime as defined in the law.
In certain cases, the judge may also be able to authorize the early sale of assets, with proceeds then flowing to public security funds.
Custody of seized assets based on precautionary measures will fall to the public authorities, except in cases where a judge determines “the material impossibility or technical inadequacy of custody by the public authorities is demonstrated.”
In other jurisdictions, authorities have had difficulty in maintaining custody of crypto assets gathered from investigations. For example, law enforcement in South Korea didn’t adhere to crypto custody guidelines, and lost access to $1.4 million in Bitcoin.
Later, representatives for the National Tax Service in South Korea posted photos of seed phrases, the 12-word phrases that unlock a crypto wallet’s private key, allowing an unknown individual to grab $4.8 million in crypto tokens at face value—before ultimately returning them.
The newly passed law in Brazil was sent to congress in November as the nation’s government and central bank introduced proposals to crack down on crime and illegal Bitcoin or stablecoin use. The nation also clamped down on an illegal Bitcoin mining operation in September.
LATEST POSTS
- 1
In wrangling dark matter, some scientists find inspiration in the Torah, Krishna and Christ - 2
FDA approves Wegovy pill for weight loss - 3
UAE used military bases in Red Sea region to aid Israel's war against Hamas, leaks reveal - 4
How to watch Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest: Start time, TV channel, performers and more - 5
The most effective method to Comprehend the Variables Affecting Medical attendant Pay rates
IDF strikes Shiraz petrochemical site, releases footage of attacks on Iranian air defenses
The most effective method to Help a Friend or family member Determined to have Cellular breakdown in the lungs
The Manual for Electric Vehicles that will be hot dealers in 2023
Understanding Preschool Projects: Cultivating Abilities and Advancement
'An incredible privilege and responsibility': Artemis 2's Christina Koch is ready to become the 1st woman to fly around the moon
Hungary's 'water guardian' farmers fight back against desertification
The Job of a Land Legal counselor in Property Exchanges
80 km. on foot: Sharren Haskel’s three-day march in protest of haredi draft bill
High Court freezes government move to shutter Army Radio pending ruling













