Canada’s RCMP Calls for Cryptocurrency and NFT Storage Solution

The Royal Canadian Mounted Police (RCMP) is in search of a digital asset answer developer to facilitate the seizure and storage of cryptocurrency and non-fungible tokens (NFTs) from a number of public blockchains.

The physique announced a tender opened on August 10 for which events can bid. Within the announcement, the RCMP acknowledged that it had famous that cryptocurrencies and NFTs had been more and more getting used as a way of fee for illicit actions.

As such, the police are in search of an answer that can allow them to securely and securely retailer digital property seized and retained from such actions till their eventual disposition after any authorized proceedings.

🚨 RCMP & SSC search options for crypto and NFT seizure/storage attributable to rising illicit digital asset use in Canada. The open tender (Aug 10 – Sep 21) goals for a safe, centralized storage system, guaranteeing asset security throughout authorized processes.#CryptoNews

— Cryptonews.com (@cryptonews) August 11, 2023

“The event of a centralized repository answer would enable cops to grab these property in a user-friendly method whereas additionally providing vital safety to forestall the theft of stated property throughout their storage,” the RCMP stated.

For the answer to be deemed appropriate, the RCMP specified 17 necessities it should meet. The primary one is that it ought to be capable of settle for and course of transactions for the highest 20 cryptocurrency blockchains by market capitalization, as detailed on CoinGecko on August 10, 2023. These embrace Bitcoin, Ethereum, Solana, USDT, USDC, and different cryptocurrencies.

It must also enable for Ethereum, Solana, and Polygon-generated non-fungible tokens to switch and maintain. The RCMP additionally specified that the answer needs to be scalable and assist future cryptocurrencies and NFTs.

Different basic options embrace rigorous safety protocols. These embrace conducting each day automated inspections, guaranteeing a dependable disposal course of, and defending secret keys.

By way of accessibility, the RCMP requires an online interface for accessing the system in addition to a cellular software particularly designed for Android smartphones to be deployed onto police cellular gadgets to work together with the system.

Eligibility Standards for RCMP Tender

To qualify for this tender, the RCMP specified that the occasion or firm needs to be for revenue and primarily based in Canada. It must also have lower than 500 full-time workers, of which 50% needs to be discovered and dealing from Canada.

As soon as an organization is chosen, the event will occur in 2 phases, receiving a most funding of CAD 150,000.00 and CAD 1,000,000.00, respectively. Candidates have till September 21 to submit their bids for consideration.

With this bold challenge by the RCMP to ascertain a centralized digital asset repository, Canada is getting ready to deal with the safety challenges posed by the digital asset realm. Such actions by legislation enforcement organizations characterize a proactive technique towards monitoring and overseeing the digital banking area because the crypto panorama modifications.

Crackdown on Crypto Crimes

This growth comes after Canadian legislation enforcement lately started using specialist software program from Chainalysis to trace crypto throughout their cybercrime investigations. Native legislation enforcement can observe blockchain transactions from the purpose of origin till it’s been deposited on an trade.

The Reactor software program may establish suspects and request their info and transaction knowledge to see the place the cryptocurrency was despatched past the trade. Utilizing the software program, police can uncover the place the crypto has been saved.

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