Japanese Authorities Confiscate Cryptocurrencies Over Parking Fines
According to regulations enforced last year in Japan, just like any other asset, digital tokens can be seized and confiscated by police authorities if deemed necessary. Reports this week said that police in Hyogo have claimed every cryptocurrency belonging to a local resident with several parking fines.
According to a published report, cryptocurrencies were seized from the violator and although police reports did not state which currency was seized, police confiscated almost more than $40 in digital coins. A different publication explained that this was the first report of parking violation-related cryptocurrency seizure in Japan.
The man’s parking violations amounted to almost $900 in fines, with police stating that even the crypto seized from him was not remotely enough to pay for all his fines. It also explained that official authorities could only hold onto a seized asset for one month before being sold and its profits will go to local authorities.
Kyoto police stated that the man had left his vehicle unattended multiple times resulting in several violations. Through Japanese law, an unattended vehicle is considered one to be left alone by its owner in a no-parking zone for any period of time and also applies even if the vehicle is still running or not. According to the PSC, any asset of any kind can be claimed by officials for failure to pay violations. This ranges from homes to corporate pay and any financial savings.
As per reports, due to the 59-year-old man possessing no financial assets or employment of any sorts, police claimed his digital assets since regulations have legalized digital coins, his assets were deemed legally seized by officials.
The new regulations have seen a stronger response to violations and unpaid fines within the nation and a wide range of belongings have been confiscated by police authorities including clothing goods, sports goods and more. A statement by regulators said that increased crackdowns will ensure a just system for all individuals.