Sweden Turns Up Pressure on Crypto and Luxury Assets

Sweden is stepping up its crackdown on illegal money and assets, including cryptocurrency, luxury items, and large amounts of cash.

A new law that started in November 2024 lets authorities take these assets if people can’t prove where their wealth came from, even if they aren’t facing charges. So far, millions have been seized, and officials say more action is coming.

Sweden Seizes Crypto, Cash, and Luxury Without Charges

In a report by Dagens Industri, Minister Gunnar Strömmer said police, tax officials, and enforcement agencies should focus on cases that could lead to big asset seizures, including crypto and real estate. Since the law took effect, over $8.3 million in criminal assets have been confiscated.

“It’s time to increase the pressure,” said Strömmer.

The law, which started in November 2024, allows authorities to take luxury goods, large amounts of cash, or other assets from people, even if they are not officially under investigation. If someone can’t explain how they got their wealth or if it doesn’t match their income, authorities can seize it.

Sweden May Keep Bitcoin as Reserves

The law was introduced to help fight violent crime but has been controversial. According to The Economist report a woman at Gothenburg-Landvetter Airport had $137,000 and a Rolex watch taken. In the first week alone, Swedish authorities confiscated about $1 million in goods.

In April, Swedish politician Rickard Nordin asked the country’s finance minister to consider adding Bitcoin to Sweden’s reserves. He suggested following the U.S. example by keeping Bitcoin seized by authorities instead of selling it.

This comes after U.S. President Donald Trump signed an order in March to create a national crypto reserve. The move by the world’s biggest economy has likely encouraged other countries to explore building their crypto reserves.