Romania prepares to auction off confiscated BTC in the country's first-ever crypto auction

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• Authorities in Romania getting ready to host the first-ever auction of cryptocurrency. 

• The catch is that this cryptocurrency has been seized from a fraud police case. 

Authorities in Romania getting ready to host the first-ever auction of cryptocurrency. The catch is that this cryptocurrency has been seized from a fraud police case. 

On the 2nd of October last week, the national agency for the management of seized assets revealed that the upcoming auction would include confiscated bitcoin and ethereum. 

The agency has further said:

Taking into account the nature of the moveable property put up for auction, the successful tenderer will have to inform the Agency, to proceed with the transfer, about the BTC and ETH public addresses associated to a virtual currency trading platform.

For the individual that is successful in receiving this cryptocurrency, the agency has made it clear that the crypto train platform that they use will need to have a registered entity that adheres to the legislative guidelines in Romania for financial institutions. On top of this, it must abide by the know your customer (KYC) requirements for its clients as well as the anti-money-laundering protocols that will also need to be in place.

This upcoming election is a first for Romania but it isn’t the first auction for cryptocurrency in the world. Earlier this year in February, United States marshals auctioned off $37 million in confiscated bitcoin which was just above 4000 of the tokens.

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