Brazil this week passed a law allowing authorities to use seized criminal crypto to fund public security resources.
A law signed by President Luiz Inácio Lula da Silva on Tuesday creates new powers to freeze and seize assets — including crypto, stocks and shares and luxury goods — both during investigation and after conviction.
The law allows authorities to permanently forfeit the seized assets, and then sell them to fund police to continue fighting crime.
“Lost assets and values may be provisionally used by public security agencies for police re-equipment, training and special operations, upon authorization of the enforcement judge,” the law reads.
This isn’t the first time lawmakers have focused on using seized assets to fund the state.
In a complementary bill last year, President Lula sent legislation to the country’s congress pushing to allow authorities to seize property — including digital assets — and convert it into fiat currency.
The new law
The latest “Anti-Gang” law also creates a financial incentive for the public to help cops. A part of the bill states that those who provide information to authorities and collaborate to help find assets can be rewarded with up to 5% of what is seized — when assets are liquidated.
It also states that seized assets linked to drug trafficking have a separate regime and will be used for the federal drug policy fund rather than security fund.
The new law also creates harsher sentences for “ultra-violent criminal organizations, paramilitary groups, and private militias that use violence or serious threats to control territories, disrupt public services, attack infrastructure, or intimidate authorities and civilians.”
Crypto market movers
Bitcoin was trading for $66,827 per coin on Saturday, up 1% over the past 24 hours but down 5% over the past seven days.
Ethereum’s price was trading for close to $2,022, after rising nearly 2% over the past day.
What we’re reading
Goldman says the bottom is in... — Milk Road
Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at [email protected].
LATEST POSTS
- 1
The Best Internet based Retailers for Style and Frill - 2EU waters down plans to end new petrol and diesel car sales by 2035
- 3Like 'accelerating from stationary to supersonic flight': Europe's Hera probe boosts speed, stays on course for November asteroid rendezvous
- 4The Conclusive Manual for Spending plan Travel: Opening Undertakings on a Tight budget
- 5Find the Force of The ability to understand anyone on a deeper level: Improving Mindfulness and Connections
- Examination In progress into Abuse of Japanese Government-Supported Advance
- Insurance warning signs in doctors’ offices might discourage patients from speaking openly about their health
- Hungary's 'water guardian' farmers fight back against desertification
- Timothy Busfield turns himself in to face child sexual abuse charges in New Mexico
- Bowen Yang is reportedly leaving 'Saturday Night Live' after this week's episode
- How Would You Like to Deal with Your Funds?
- Flight cancellations: Full list of 40 airports hit by FAA cuts amid government shutdown
- Avoid This Common Mistake When Planning Sightseeing Activities For Your Trip To Italy
- Step by step instructions to Contrast Lab Precious stones and Normal Jewels
