The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm Chainalysis to combat crypto crime. This centre promises to strengthen law enforcement's ability to ensure the public safety of citizens and enhance their technical investigative skills. Last year, Calgarians reported losses totaling $13.9 million due to cryptocurrency-related crimes to the police and an additional $3.2 million has been reported so far this year, resulting in the necessity to create this centre.

Together, with Chainalysis, the Calgary Police Service has built a dedicated Blockchain Investigation Team (BIT) to support cryptocurrency and blockchain-related investigations. Chainalysis also notes that there has been a significant increase in the usage and adoption of cryptocurrencies in Canada since 2019, with the country's Global Crypto Adoption Index ranking rising from 26th in 2021 to 22nd in 2022.

Several factors have made it difficult for law enforcement to investigate crypto-mediated crimes effectively, including the difficulty of tracing the transactions, the different international jurisdictions and criminal techniques, and the rapid advancement in technology. It is hoped that the new Cryptocurrency Investigation Centre will make it easier for law enforcement to investigate and tackle crime associated with blockchain technology. The centre will provide training resources, expert advice, and technical assistance to law enforcement to make their investigations more effective.

With the proliferation of digital assets and the rapidly growing crypto industry in Canada, the need arises to tackle crypto-related crime promptly and effectively. The launch of the Cryptocurrency Investigations Centre in Calgary promises to improve the effectiveness of investigations and enhance public safety for those involved in matters concerning the use of blockchain technology.



Other News from Today