Canadian Police Launch Cryptocurrency Investigations Center

Canadian Police Launch Cryptocurrency Investigations Center – It was announced by the police service in Calgary, which is the largest city in the western Canadian province of Alberta, as well as the largest metropolitan area in the Prairie Provinces region, that they will be establishing a “Cryptocurrency Investigations Centre.” The announcement explains: “The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime.”

“The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical investigative skills and provide expert training resources for law enforcement,” the police noted. As per the statement, the police in Calgary received reports from Calgarians last year about losses amounting to $13.9 million as a result of crimes related to cryptocurrency, and as of now, an additional $3.2 million has been reported for this year.

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“Cybercrimes, particularly cryptocurrency scams, can be difficult for law enforcement to fully investigate due to a variety of complex factors, including various international locations and jurisdictions, sophisticated criminal techniques and quickly advancing technology,” the police stressed. Furthermore, the announcement details: “Together, with Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to support cryptocurrency and blockchain-related investigations.”

Chainalysis described the new center as “an innovative regional center that will enable law enforcement to tackle crime that takes place using blockchain technology.” According to research conducted by the blockchain company, there has been a noteworthy increase in the utilization and acceptance of cryptocurrencies and digital assets in Canada since 2019. In the firm’s Global Crypto Adoption Index, Canada advanced from 26th in 2021 and 24th in 2020 to 22nd in 2022.

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