The Victorian Premier introduces a new bill related to crypto assets, see the details! Recently, Premier Daniel Andrews announced The Major Crime and Community Safety Legislation Amendment Bill 2022.
— Victorian Government News (@VicGovtNews) August 1, 2022
The New Bill
On 2 August, The Premier of Victoria introduced a new bill that supports asset confiscation laws in Victoria, giving authorities more powers to investigate, and seize digital assets. It is necessary for the growing crypto industry, as sometimes cryptocurrencies are used for criminal activities by organized crime.
They stated on the official website, “Police will be given stronger powers to investigate organized crime, seize ill-gotten gains, and target cyber criminals.”
In this new bill, authorities can “compel cryptocurrency platforms to hand over information about suspects like banks [currently] must and seize digital wallets.” It means crypto exchanges have to give any information that will help criminal investigations.
In this one, the new bill will also improve police powers to obtain electronic data during search warrants, and more compensation for victims of the crime will be available from “forfeited property.”
The bill also will ensure that appropriate “safeguards” and “oversights” remain.
How Will It Affect the Crypto Community?
The new bill can affect crypto users as it will help them tackle criminal activities by organized crime. They can feel more secure entering or using crypto as the authorities will ensure that everything is safe.
However, as this community is large, some disagree with this new bill. Paul Kidd, a criminal lawyer, responded to the statement that the authorities would be able to compel crypto platforms to hand over information. He said, “That is not how crypto works.”
The Victorian govt will crack down on organised crime by, inter alia, “compel[ling] #cryptocurrency platforms to hand over information about suspects like banks currently must, and seize digital ‘wallets’.”
Guys that’s not how crypto works. https://t.co/VDiPQ7kcT9
— Paul Kidd (@paulkidd) August 1, 2022