In a progressive move, the Royal Canadian Mounted Police (RCMP) is planning to develop a digital asset solution to streamline the custodial process of cryptocurrency and non-fungible tokens (NFTs). The initiative, marked by an August 10 tender, aims to create a centralized repository that not only simplifies the seizure of these assets but also provides substantial protection against theft, especially while in storage.
The project demands an extensive list of capabilities from its future repository – including the facilitation of top 20 cryptocurrency transactions, as measured by market captitalization, and a structural scalability to incorporate new blockchain technology over time. Demonstrating its openness, the RCMP also plans to grant access to the repository data for interested users. In terms of NFTs, the police have identified the need for a system that supports holding of Ethereum, Solana, and Polygon generated non-fungibles.
Security-related features are given extreme prominence, with protection of private keys, a secure disposal process, and daily automated verification forming part of the key necessities. An Android-based mobile application is also expected to accompany the main repository.
The RCMP’s step comes alongside a growing trend of Canadian law enforcement authorities leveraging specialized software, like that from Chainalysis, to track crypto transactions amidst cybercrime investigations. Through these advanced tools, they can now trace blockchain transactions, pinpoint possible suspects, and identify where funds have been deposited.
In parallel, it’s worth noting that Bitcoin investment among Canadians has witnessed a slight drop, sliding from 13.1% in 2021 to 10.1% in 2022.
In essence, while the Canadian approach to digital asset storage might promote a more secure and manageable crypto and NFT environment, it’s crucial to note that this expanding control could perhaps feel overbearing to some, especially those who value the freedom traditionally associated with decentralized assets. On the flip side, these surefooted strides toward enhanced regulation could bring a sense of legitimacy and acceptance to these innovative technologies, enabling a broader segment of the population to explore and adopt them.
Identifying the crosscurrents of control and freedom presents an interesting way forward. The RCMP’s digital footprint expansion undoubtedly signifies an embrace of the burgeoning blockchain technology, while it also incites a weighty conversation on the degrees of intervention and regulation digital assets should or should not endure.
Source: Cointelegraph
