Australian law authorizes police to control digital assets after first $142,000 cryptocurrency seizure

On October 31st, police in the Australian state of Victoria made the first successful seizure of cryptocurrency valued at $142,679 after recent amendments to the law allowed police to take control of digital assets. The Victoria Police released its annual report for 2023-2024 on October 31, highlighting the “new powers” authorized by the recent addition of “section 92A Seizure of Digital Assets under Warrants” to the Forfeiture Act 1997, which allows police to seize digital assets under a warrant. From August 1, 2023, a change in the law empowers police in Victoria to seize cryptocurrencies held by criminals through search warrants.