Section 303Z34

This section applies while any cryptoasset or other item of property is detained under this Chapter. A magistrates’ court or (in Scotland) the sheriff may direct the release of the whole or any part of the property if the following condition is met. The condition is that the court or sheriff is satisfied, on an application by the person from whom the property was seized, that the conditions for the detention of the property in this Chapter are no longer met in relation to the property to be released. A person within subsection (5) may, after notifying the magistrates’ court, sheriff or justice under whose order property is being detained, release the whole or any part of the property if satisfied that the detention of the property to be released is no longer justified. The following persons are within this subsection— in relation to England and Wales and Northern Ireland, an enforcement officer; in relation to Scotland— the Scottish Ministers, an officer of Revenue and Customs, a constable, and a procurator fiscal. If any cryptoasset-related item which has been released is not claimed within the period of a year beginning with the date on which it was released, an enforcement officer may— retain the item and deal with it as they see fit, dispose of the item, or destroy the item. The powers in subsection (6) may be exercised only— where the enforcement officer has taken reasonable steps to notify— that the item has been released, and the person from whom the item was seized, and any other persons who the enforcement officer has reasonable grounds to believe have an interest in the item, with the approval of a senior officer. Any proceeds of a disposal of the item are to be paid— into the Consolidated Fund if— the item was directed to be released by a magistrates’ court, or a magistrates’ court or justice was notified under subsection (4) of the release; into the Scottish Consolidated Fund if— the item was directed to be released by the sheriff, or the sheriff was notified under subsection (4) of the release.

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Source: legislation.gov.uk · retrieved 2026-09-04