Canada to develop repository for storing crypto and NFT seizures

The Royal Canadian Mounted Police (RCMP) is seeking for a integer plus solution to facilitate the seizure and retention of cryptocurrency and nonfungible tokens (NFTs). A tender was opened for applications connected August 10. As the tender announcement goes: 

“The improvement of a centralized repository solution would let constabulary officers to prehend these assets successful a idiosyncratic affable manner, portion besides offering important information to forestall the theft of said assets during their storage.”

There are seventeen points, demanded by the RCMP from the aboriginal repository. Among them are the abilty to process transactions for the apical 20 cryptocurrency blockchains by marketplace capitalization and scalability to enactment caller blockchains successful the future. The RCMP besides intends to assistance entree to its information for users who request it. As for NFTs, astatine this infinitesimal the constabulary deems indispensable to alteration holding of Ethereum, Solana, and Polygon generated non-fungibles. 

Canada's digital plus repository. Source: ised-isde.canada.ca

Other features to beryllium included successful the repository see the information issues, specified arsenic extortion of backstage keys, unafraid disposal process and regular automated verification. A autochthonal mobile exertion volition beryllium developed connected Android.

Related: Canadians person ‘weak incentives’ to usage a CBDC: Bank of Canada

Recently Canadian instrumentality enforcement started utilizing specialized bundle from Chainalysis to hint crypto portion investigating cybercrimes. Local constabulary present person the ability to hint blockchain transactions, place suspects and find wherever funds person been deposited.

Meanwhile, the fig of Canadians holding Bitcoin has fallen from 13.1% successful 2021 to 10.1% successful 2022.

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