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Home Latest News Policy and regulation Lithuanian state tax service’s first confiscated crypto sale nets $7.6M

Lithuanian state tax service’s first confiscated crypto sale nets $7.6M

The Lithuanian government has reportedly sold a batch of cryptocurrency seized by local enforcement agencies.

According to cointelegraph, The State Tax Inspectorate (STI), the country’s tax authority, sold confiscated crypto assets worth 6.4 million euro ($7.6 million) and later added the funds to the state budget.

According to an announcement on Nov. 24, the seized crypto assets included major cryptocurrencies Bitcoin (BTC) and Ether (ETH) as well as privacy-focused altcoin Monero (XMR).

The STI noted It’s the first time that the agency has sold seized crypto for fiat. “The conversion of cryptocurrencies into euros took almost a day,” the authority mentioned.

Irina Gavrilova, the director of the STI’s tax arrears administration department, stated, “The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their realization.” She also said that it will be much easier for the agency to sell confiscated crypto assets in the future.According to the announcement, the STI took over the confiscated funds in late February 2020. The authority did not define how exactly the STI sold the seized assets but said that the exchange process required the STI to make a crypto wallet in order to receive crypto from law enforcement agencies.

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