Seizure of Bitcoin from Travelers in Brazil

Mario De Marco, Anderson Leme, and Rodrigo Quaresma, Federal Revenue agents, discussed the potential for seizing bitcoin from travelers in Brazil during a podcast.

Key Points

• Confiscation Conditions: Agents indicated they could only confiscate digital assets if there is a pending investigation involving the bitcoin.
• Current Regulations: Leme pointed out that current regulations do not mention bitcoin but refer only to cash. He noted that it is not their responsibility to supervise digital assets unless linked to criminal investigations.
• Procedure Agreement: De Marco concurred that any procedures should focus on specific targets. He added that if a cold wallet is identified, a risk analysis must be conducted before any search or seizure is undertaken.