Romanian authorities are set to host their first-ever auction of cryptocurrency that was seized in a fraud case.
The National Agency for the Management of Seized Assets (ANABI) on Friday announced an upcoming auction of the confiscated Bitcoin and Ether, resulting from a ruling from prosecutors at a court in the southern city of Ploiesti, Coin Telegraph reported.
There was no date set for the auction nor was the exact amount of cryptocurrency available to bidders the agency said in a press release.
Taking into account the nature of the moveable assets on auction, the successful bidder will have to inform the agency, and proceed with the transfer using Bitcoin and Ether public addresses associated to a virtual currency trading platform.
The agency said that the crypto trading platform used by the successful bidder is required to be legal and registered entity that respects Romania’s laws and guidelines, and comply with domestic and foreign anti-money laundering provisions.
Romania was previously summoned to the European Court of Justice for a delay in implementing the provisions of the Fifth Anti-Money Laundering and Terrorism Directive, 5AMLD which is the implementation of additional measures regarding the transparency of financial transactions, including rules relating to cryptocurrencies.
Although the upcoming auction is a first in Romania, there have been other auctions of cryptocurrencies seized in criminal cases across the world.