Finland sold 1,889.1 bitcoins (BTC) from its confiscated stash, earning an estimated $48 million, Bloomberg News reported 21 July.
reports disclosed that the bitcoins sold were linked to digital assets seized by the authorities to facilitate drug and doping transactions.
Bloomberg reported that the confiscated bitcoin units were confiscated back in 2018 and were confiscated in the country by court order.
Finnish customs Contract two local crypto firms, Coinmotion and Tesseract, act as bitcoin brokers. According to Customs, these firms have mechanisms in place to prevent money laundering and proper KYC policies.
At the peak of the crypto market, the confiscated bitcoin was reportedly worth $130 million.
Meanwhile, the authorities still have 90 BTC and an undisclosed amount of other cryptocurrencies pending a court order for confiscation.
Donation to Ukraine
In April, Finnish government finance minister Annika Saariko hinted that confiscated bitcoin proceeds would be donated to support the Ukraine cause, which is currently keeps over 46,000 bitcoins.
government donates @SuomenTulli thanks to the proceeds from the sale of seized bitcoins, tens of millions to help Ukraine. Historic joint decision @VMuutizet& @State Department.The decision is fair and good. Targeting the additional budget in the coming weeks.
— Annika Saarikko (@AnnikaSaarikko) April 27, 2022
The Finnish government has not commented on whether it will continue with the plan.
In May, Finland issued a regulation on crypto assets, which authorized anyone offering cryptocurrency-related services in the country must register with the Finnish Financial Supervisory Authority.
Other countries that confiscate bitcoins
Finland is not the only country to confiscate bitcoins and other digital assets from offenders.
The United States was reportedly the first government to auction off its confiscated bitcoins in 2014. Since then, the country has made numerous seizures, including the February 8 confiscation of 96,000 BTC.
German government seizes $23 million worth of bitcoins after Russian shutdown darknet market for illegal drugs earlier in the year.
UK also seized approximately $300 million of the asset in January 2022.
Credit : cryptoslate.com