This is because “quite frequently, authorities are not fully qualified and effectively equipped,” according to Stock, to deal with cryptocurrency crimes at first.
The International Criminal Police Organization, as reported by Cointelegraph, is reportedly getting ready to establish a specialized branch to enhance its attention on cryptocurrency-related crimes.
In a story published on Monday by the Indian news site Business Standard, it was revealed that Interpol, the largest international police organization, has formed a special unit in Singapore to help countries fight crime by using digital assets. Interpol announced the announcement during a press conference ahead of its 90th annual assembly, which will be attended by notable police officers from its 195 members from October 18 to October 21.
The lack of a legislative framework for cryptocurrencies like Bitcoin and Ether, according to Interpol Secretary General Jürgen Stock, poses serious challenges for law enforcement agencies. This is because “quite frequently, authorities are not fully qualified and effectively equipped,” according to Stock, to deal with cryptocurrency crimes at first.
The organization has made previous steps to increase its expertise in the subject, and it’s most recent measures to better track bitcoin crimes are not the first. According to Cointelegraph, Interpol has been striving to improve its understanding of bitcoin transactions and spot criminal activities in the darknet since at least 2015.
According to Cointelegraph, Interpol and Trend Micro will work together in 2020 to reduce the amount of cryptojacking that occurs on routers throughout South-East Asia. In March 2020, the government also worked with S2W Lab, a South Korean firm that specializes in data intelligence, to look into dark web activity, including bitcoin transactions.
