Lawmakers in Australia have drafted a law that would allow authorized agencies to seize digital assets or freeze cryptocurrency transactions linked to cybercrime.

The Australian federal government has introduced an amendment to legislation that would increase criminal liability for the use of ransomware. The authorities' response came in response to an increase in cyberattacks on Australian businesses and government agencies in 2020. This crime spike cost the country's economy A$1.4 billion ($1 billion).

Australian giants such as Uniting Care Queensland, Lion Brewing Company, Nine Entertainment, New South Wales Labor Party, Toll Holdings and BlueScope Steel were affected by the ransomware attacks. The attack on one of the world's largest meat producers, JBS Holdings, in May forced the company to close 47 facilities in Australia.

The new law would allow authorized authorities to seize digital assets or freeze cryptocurrency transactions linked to cybercrime, regardless of country of origin. The legislation will be refined and updated to expedite and make efficient the recovery of cryptocurrencies obtained by criminals from victims.   

Actions involving stolen data, as well as the trade in ransomware viruses that attackers use to cyberattack companies, will be harshly suppressed by the government. Australian Home Affairs Minister Karen Andrews said the new measures were designed to prevent international cyberattacks on the country's government organizations and private businesses.

"Our tough new laws target cyber criminals and hit them where they are most vulnerable - bank accounts," she said.

Australia is not alone in tightening measures against cybercriminals. Earlier it became known that the U.S. government is creating a working group to investigate cyber attacks and combat cybercriminals who use ransomware to get ransom in cryptocurrency.

U.S. Senator Elizabeth Warren, together with Deputy Deborah Ross, introduced a bill that would require companies to report to federal authorities on the ransom of encrypted data from hackers who use ransomware.