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HomeNFT NewsCanada to develop repository for storing crypto and NFT seizures

Canada to develop repository for storing crypto and NFT seizures

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The Royal Canadian Mounted Police (RCMP) is seeking a digital asset solution to facilitate the seizure and storage of cryptocurrency and nonfungible tokens (NFTs). According to an announcement, a tender was opened for applications on Aug. 10 for a solution to store seized digital assets:

“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 demands 17 requirements from the future repository. Among them is the ability to process transactions for the top 20 cryptocurrency blockchains by market capitalization and the scalability to support new blockchains in the future. The RCMP also intends to grant access to its data to users who need it. As for NFTs, the RCMP has deemed it necessary to enable the holding of Ethereum, Solana and Polygon-based NFTs. 

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

Other features to be included in the repository are security considerations, such as the protection of private keys, secure disposal process and daily automated verification. A native mobile application will also be developed on Android.

Related: Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada

Recently, Canadian law enforcement started using specialized software from Chainalysis to trace crypto while investigating cybercrimes. Local police now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposited.

Meanwhile, the number of Canadians holding Bitcoin (BTC) has fallen from 13.1% in 2021 to 10.1% in 2022.

Magazine: Deposit risk. What do crypto exchanges really do with your money?



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