Belgian Justice Minister Koen Geens is reportedly consulting with experts in an attempt to determine how the government can liquidate Bitcoins it has seized during criminal cases in recent months. Those Bitcoins are currently in the custody of the Central Office for Seizure and Confiscation (COSC) – the government office responsible for managing confiscated assets.
At issue are 1,050 Bitcoins seized in two separate drug cases – assets that are currently valued at more than $1.2 million. 946 of those Bitcoins could be liquidated immediately, but officials apparently lack an established method for selling the currency. According to Geens, the law doesn’t provide the necessary guidance authorities need to deal with cryptocurrency used in criminal activities, since those laws were drafted prior to Bitcoin’s creation.
Geens explained the dilemma to VRT News:
“All of our anti-abuse legislation is based on the responsiveness of an intermediary in the financial sector and networks that we know like banks. The legislation provides nothing virtual about the sector because it was not there at the time that legislation was written. It is necessary to change the law so that we can deal with abuse bitcoins."
According to reports, the Finance Ministry is currently working with the Board of Procurators General, the Central Office for Seizure and Confiscation, and other experts to develop procedural solutions to handle the confiscation of these types of digital assets.