The Lithuanian State Tax Inspectorate (STI) has realized 6.4 million euros from the sale of cryptocurrency (Bitcoin, Ethereum and Monero) just recently, seized by law enforcement authorities back in February 2020. The cryptocurrencies were sold at a market price on 18 November 2020 and the funds from the sale were allocated to the state budget. To prepare for the sale, the STI also created a crypto wallet.
The process of selling off the confiscated cryptocurrencies was handled by JSC Kaiser Exchange International (Kaiserex). The company was authorized to provide its services by winning the public tender. Even though the whole process was completely new for the STI and the conversion from crypto to euro took almost a day, from this point forward it will be easier to sell confiscated crypto assets in the future and such operations will pass more quickly.