Luxembourg Unsure How to Best Manage Seized Crypto

BeInCrypto –

Lawmakers in Luxembourg have been discussing issues pertaining to the volatile ups and downs in seized digital assets. In contrast to seized fiat assets, cryptocurrencies can see massive changes in value which makes managing these funds tricky.

Currently, Luxembourg is in the second year of working out just how exactly the crypto laws in the country will operate with the management of seizures a big topic. Problems arise when assets are seized and waiting for a decision on whether or not they can be confiscated. This can cause a situation where the money seized is worth far less when it is eventually returned or confiscated. As with other confiscated finds in most of the EU, Luxembourg uses it for public interest or social purposes as per the European Commission.

The very same commission has been critical of Luxembourg in the past for slow-rolling a 2014 EU directive that would bring the entire group into an agreement on how and when illegal proceeds are taken from the accused.

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