The Royal Canadian Mounted Police (RCMP) is considering a solution to manage digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), a unique form of digital asset. They have initiated a tender process to find a centralized storage solution that enables safekeeping and management of these assets.
The objective behind developing this solution is to create favorable conditions for law enforcement officers to seize and manage digital assets effectively. This approach aims to be user-friendly while ensuring a high level of security to prevent asset theft during storage.
RCMP has outlined 17 requirements for this storage system. Some of these requirements include the capability to process transactions for the top 20 market-cap cryptocurrencies and the flexibility to support emerging blockchain technologies. They also intend to grant data access rights to authorized personnel. In regard to NFTs, RCMP is interested in supporting various types from platforms such as Ethereum, Solana, and Polygon.
The storage solution will incorporate security features such as private key protection, secure processing procedures, and automated daily verification. Additionally, they are developing a mobile application for the Android platform to facilitate easy management of digital assets for law enforcement officers.
In recent times, Canadian law enforcement agencies have begun utilizing software from Chainalysis to track cryptocurrencies in cybercrime investigations. This technology allows them to monitor blockchain transactions and identify suspects.
However, the number of Bitcoin (BTC) holders in Canada decreased from 13.1% in 2021 to 10.1% in 2022.