The Royal Canadian Mounted Police seeks to develop a centralized digital asset repository solution allowing police officers to seize and store cryptocurrency and non-fungible tokens.
The Royal Canadian Mounted Police (RCMP) is searching for a digital asset solution to facilitate the seizure and custody of cryptocurrencies and nonfungible tokens (NFTs). The solicitation of bids began on August 10. According to the bid announcement:
“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 demanded seventeen points from the prospective repository. Among them are the capacity to process transactions for the twenty largest cryptocurrency blockchains by market capitalization and the scalability to support new blockchains in the future.
Additionally, the RCMP intends to grant access to its data to consumers who require it. Regarding NFTs, the authorities deem permitting holding Ethereum, Solana, and Polygon-generated nonfungibles necessary.
Other features to be included in the repository take security concerns into account, such as the preservation of private keys, a secure disposal procedure, and daily automated verification. On Android, a native mobile application will be developed.
Recently, Canadian law enforcement has begun using Chainalysis’s specialized software 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 holding Bitcoin decreased from 13.1% in 2021 to 10.0% in 2022.
