RCMP Seeks Solution for Cryptocurrency Seizure

The Royal Canadian Mounted Police (RCMP) is in search of a digital asset solution to aid in the seizure and storage of cryptocurrencies and nonfungible tokens (NFTs).

According to a notification, a request for proposals for a solution to store seized digital assets was issued on August 10:

“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.”

The RCMP has stipulated seventeen requirements for the prospective repository. The ability to process transactions for the twenty largest cryptocurrency blockchains by market capitalization, as well as the scalability to support new blockchains in the future, are among these features.

Canada’s digital asset repository tender. Source: ised-isde.canada.ca

Additionally, the RCMP intends to grant access to its data to consumers who require it. The RCMP has deemed it necessary to permit the holding of Ethereum, Solana, and Polygon-based non-fungible tokens.

The repository will also include security features such as the preservation of private keys, a secure disposal procedure, and daily automated verification.

On Android, a native mobile application will also be developed. Canadian law enforcement has recently begun utilizing specialized software from Chainalysis to track cryptographic evidence while investigating cybercrimes.

Local law enforcement can now track blockchain transactions, identify suspects, and locate where funds have been deposited.

The percentage of Canadians who hold Bitcoin has decreased from 13.1% in 2021 to 10.0% in 2022.