Canadian law enforcement continues to search for ways to boost its efforts in the fight against crypto-related crimes.
The Royal Canadian Mounted Police (RCMP) has unveiled its intentions to establish a dedicated digital solution optimized for storing confiscated cryptocurrencies and non-fungible tokens (NFTs).
On August 10th, the RCMP officially began accepting proposals for the creation of this digital asset solution. Their primary goal, as detailed in the announcement, is to develop a "centralized repository solution" that simplifies the seizure process for law enforcement.
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It is worth noting that the time for application submissions will end on September 21st.
When commenting on the necessity for such a solution, the RCMP stated:
The development of a centralized repository solution would allow police officers to seize these assets in a user friendly manner, while also offering significant security to prevent the theft of said assets during their storage.
For those wanting to create this innovative digital solution, the authority has listed 17 specifications for this repository. Notably, it needs to cater to transactions across the leading 20 cryptocurrency blockchains and be able to add new blockchains in the future.
On top of that, RCMP's requirements include the need to have access to Ethereum, Solana and Polygon blockchains for the handling of NFTs created on these blockchains.
Integral features that the RCMP expects from this centralized system include stringent security protocols. These encompass safeguarding private keys, ensuring a robust disposal method, and implementing daily automated checks. On the accessibility front, there's a plan for a dedicated mobile application tailored for Android devices.
This initiative aligns with recent advancements in the Canadian legal system. Authorities have begun employing sophisticated tools from Chainalysis to investigate crypto-related offenses. This empowers local police to scrutinize blockchain transactions, pinpoint suspects, and ascertain the final destinations of funds.
However, on a different note, recent statistics have shown a decline in Bitcoin (BTC) holdings among Canadians, with the percentage dropping from 13.1% in 2021 to a mere 10.1% last year.
With the RCMP's ambitious endeavor to establish a centralized digital asset repository, Canada is gearing up to handle the challenges posed by the digital asset realm. As the crypto landscape evolves, such measures by law enforcement agencies signify a proactive approach toward managing and overseeing the digital finance domain.
