JUSTICE MINISTER JIM O’Callaghan wants to strengthen the powers of the Criminal Assets Bureau (CAB) so the organisation can seize cryptocurrency assets.

The move comes after reports that CAB has been unable to realise the value of 6,000 seized bitcoins which are worth just under €370m because the access codes to digital wallets have been lost.

In the last ten years, CAB has seized and sold cryptocurrency worth almost €6.5m, according to figures from the Department of Justice. 

Justice Minister Jim O’Callaghan wants to boost the powers of CAB when it comes to cryptocurrency and sought government approval to propose amendments to the Proceeds of Crime and Related Matters Bill 2025.

The changes will provide for new payment-freezing measures tailored specifically to the technological and operational characteristics of crypto-assets.

Seizure of crypto-assets

This will ensure CAB can effectively seize this crypto-assets through enhanced powers of search, seizure and detention. 

New access orders to compel the disclosure of credentials necessary to obtain effective control are also contained in the amendments.

Cryptocurrency is an increasingly popular option in the criminal world for hiding wealth due to the difficulties authorities face in tracing it. 

These amendments, approved by Cabinet this week, are important to Irish law because they would insert into the Proceeds of Crime Act a distinct and internally coherent statutory regime for crypto-assets.

Sources state that in particular, they would enable the Act to address the principal ways in which crypto-assets are now held and controlled, by distinguishing between provider-administered arrangements and self-hosted or otherwise unadministered holdings. 

It would also allow for crypto-wallet freezing directions and orders, search, seizure, detention and access orders.

The legislation in its current form allows criminal assets to be seized based on a civil process without the need for a conviction.

CAB is an independent statutory body, established in 1996, which carries out investigations into the suspected proceeds of criminal conduct.