Taiwan’s Ministry of Justice has disclosed that the federal government holds greater than 210 bitcoin seized via prison investigations, putting the island among the many world’s prime authorities holders of the asset by quantity.
The disclosure, confirmed by legislator Ko Ju-chun, exhibits that judicial authorities held 210.45 BTC as of Oct. 31. At present market costs, their BTC is value about $18 million. In accordance with knowledge from Bitcoin Treasuries, this might put Taiwan because the Tenth-largest authorities holder of BTC globally.
Ko stated the data was launched in response to a legislative inquiry and shared a picture documenting the overall quantity held underneath state custody. The ministry stated the bitcoin was confiscated in circumstances tied to monetary crime and unlawful digital asset exercise.
Again in November, Taiwan’s Premier and Central Financial institution reportedly agreed to check Bitcoin as a strategic reserve, draft pro-Bitcoin laws, and pilot BTC treasury holdings, beginning with seized BTC that’s ‘awaiting public sale.’
Whereas many nations have amassed BTC via enforcement actions, few have offered clear steering on custody requirements or long-term coverage.
Taiwan’s Ministry of Justice didn’t define any plans to liquidate, public sale, or convert the seized BTC into fiat forex. Officers additionally didn’t disclose the place or how the BTC is custodied, or whether or not it’s held via self-custody or third-party companies.
United States’ bitcoin holdings from seizures
The US, which leads world authorities BTC holdings with greater than 328,000 BTC, has seized crypto linked to cybercrime and fraud circumstances. China and the UK rank subsequent after the U.S.
Collectively, governments worldwide maintain greater than 640,000 BTC, or about 3% of bitcoin’s complete provide, in line with public knowledge. Most of those holdings stem from legislation enforcement seizures moderately than formal reserve methods.
Taiwan has not introduced any intention to undertake BTC as a part of its nationwide reserves.
Nonetheless, the disclosure lands amid broader debates within the nation over digital asset regulation and the remedy of confiscated crypto. Lawmakers have pressed companies to make clear whether or not seized property ought to be bought, retained, or managed underneath a standardized framework.
The Ministry of Justice stated the BTC was obtained as a part of its broader effort to trace and course of digital property tied to prison proceedings.
On the time of writing, the value of Bitcoin is close to $88,000.