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Scottish court sets precedent by converting seized crypto to cash

Scottish court sets precedent by converting seized crypto to cash

GrafaGrafa2024/09/04 07:05
By:Liezl Gambe

A Scottish court has set a legal precedent by converting cryptocurrency into cash under proceeds of crime legislation. 

John Ross Rennie, 29, was ordered to surrender £109,601 after his Bitcoin (CRYPTO:BTC) holdings were found to be linked to criminal activities. 

This ruling at the High Court in Edinburgh marks the first time in Scotland that cryptocurrency has been confiscated and converted into cash under such laws. 

Initially, the case proposed a settlement in cryptocurrency. 

However, Judge Lady Ross sought legal clarification on whether digital assets could be used for settlements under proceeds of crime legislation. 

On Monday, it was agreed that Rennie’s Bitcoin would be converted to cash, establishing a significant legal benchmark for future cases involving digital assets. 

Rennie was previously subjected to a community payback order due to his involvement in laundering stolen property. 

The case dates back to a 2020 police raid in Blantyre, where investigators traced stolen cryptocurrency back to Rennie following a robbery. 

The decision to convert cryptocurrency into cash underlines the evolving legal landscape concerning digital assets and their treatment in criminal cases. 

By converting the seized digital assets into cash, the Scottish court has paved the way for a more conventional approach to handling proceeds from crime, ensuring that digital currencies are treated similarly to traditional assets when linked to illegal activities. 

The case sets a notable precedent for the use of proceeds of crime legislation in handling cryptocurrencies, signaling a significant development in the legal handling of digital assets in Scotland.

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