Australian authorities will have power to seize crypto

Under new legislation, the authorities of Australia will be able to freeze the funds related to the cyber crimes activities. 

In the present time, with the adoption of crypto, crypto related cyber crime activities are also increasing. Such types of Increasing issues with the crypto, new laws and high restrictions based legislation implementation and improvement needed. Australian regulators become latest to adopt modernise their law over crypto related crimes to restrict and investigate the cases.

On 13 October, The new Legislation Amendment proposed by the federal government of Australia. Under the new rule of “Ransomware Action Plan” the investigation authorities will have authority to seize and freeze the crypto funds related to the Ransomware attack or any kind of cyber crime attacks. 

According to reports, this legislation by the Australian government was a necessary need because the main reason is increasing cyber crimes rates with the involvement of crypto assets based transactions. 

According to records of last year, the surge in the cyber crime rates was found to be 60%. And such types of criminal activities were responsible for the loss of around $1 billion dollar for the big online business and agencies against attacks. 

The aim of the government authorities of Australia is to make the existing rules more advanced, so that the investigation authorities can easily handle the situation & can take better strict steps against the cyber crimes to recover the funds stolen by online attacks by unfair means of activities. 

Karen Andrews, the minister of Home Affairs , stated that such improvement in the legislation is only to deter the international cyber attacks on the online businesses of Australia. And further added

“Our tough new laws will target this online criminality, and hit cybercrooks where it hurts most — their bank balances”

Read also: Chinese Police Arrests 100 People Over Crypto Money Laundering Case