2023-08-16 07:18:30
In Canada, the authorities are issuing a tender to create a platform that makes it easier to seize and store cryptocurrencies and NFTs from crimes. Applications for the tender are expected from technology service providers capable of developing a central solution in which the various authorities can transparently and securely manage confiscated crypto-assets. From time to time it can be read in the criminal news that the police also found crypto with the perpetrator, which was locked up by the authorities. Cryptocurrency users may rightly ask the question: what exactly are they reserving? The hardware used to commit the crime, or the words written in the seed phrase? Does the authority transfer the found coins to your own address? If so, who has access to the official portfolio and what legal framework protects once morest abuse? The Canadians’ new development is trying to answer these problems. An integrated system for the management of criminal assets The tender announced by the authority lists seventeen key functions that the solution to be developed must contain. These requirements include compatibility with the 20 largest cryptocurrencies by market capitalization, but – recognizing the constantly evolving nature of the digital asset environment – the bidder also expects that the solution must not only integrate existing blockchains, but also be expandable over time to emerging ones. with new technologies. One of the important objectives of the initiative is to make office administration simpler, and for law enforcement agencies to be able to cooperate more effectively with the knowledge of the acquired data. The new system is expected to potentially improve the efficiency of investigations and asset recovery processes. While the primary focus of the call for tenders is on cryptocurrencies, the authority also recognizes the importance of involving NFTs, so the system is expected to be compatible with NFTs created on Ethereum (ETH), Solana (SOL) and Polygon (MATIC). The specification, which lists seventeen main functions, also includes capabilities such as transaction logging, security requirements, automated verification and an easy-to-use web interface. Crime seems to be easier in cyberspace The authority’s move is a proactive response to the surge in criminal activities related to cryptocurrencies and NFTs. The rise of cryptocurrencies has opened up a new paradigm of financial transactions in which both legal and illicit activities have become easier. While blockchain technologies and cryptocurrencies can provide more privacy for legitimate users, of course criminals have also taken advantage of cryptocurrencies. Criminal circles not only threaten the financial security of crypto users, but also undermine the integrity of financial systems and public trust in digital assets. In this fight, the Canadian authorities are trying to create a tool that would make it more difficult for criminals and put the weight and accountability of crimes committed in the crypto sphere on the same level as crimes committed in the real world. This is not the first step of this kind by the law enforcement agencies of the North American country, as the Canadians recently started using the special tools of the blockchain analysis company Chainalysis to track cryptocurrencies. Local police can track blockchain transactions, identify suspects, and find out what criminals do with the money they earn.
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