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The UK Home Office plans to sell the seized Bitcoin.
The UK Home Office, in collaboration with the police, plans to auction 61,000 Bitcoins seized since 2018, currently valued at over 7 billion USD. The government is developing a framework for the storage and commercialization of cryptocurrency, while inviting bids for a contract worth 53.7 million USD, but no parties have participated yet.
This move is part of the UK's efforts to tighten cryptocurrency regulation, in line with new rules on trading, custody, and KYC/AML compliance. While it may impact the market and the asset management industry, the response from the cryptocurrency community and the public has been muted. So far, no exchanges or major figures have spoken out, and the Home Office has not yet made an official statement regarding this auction plan.