Interpol Debuts New Team to Fight Crypto Crimes
- Interpool recently issued a red notice to other agencies for the arrest of Terra co-founder, Do Kwon.
- The global police have been heavily involved in blockchain, which they identifies as a source of concern due to the lack of legal structure.
- Global regulators believe cryptocurrencies pose a risk to society as they can be used by criminals to launder money.
Interpol, the largest international police organization, has reportedly set up a unit in Singapore which would help governments around the world fight against crimes involving digital assets such as cryptocurrencies. The police body made the announcement ahead of its 90th general assembly in Delhi, India.
Jürgen Stock, secretary general of Interpol, stated that the lack of a clear regulatory and legal framework makes cryptocurrencies such as Ethereum and Bitcoin a major concern for regulators worldwide.Stock was quoted as saying that “very often, agencies are not properly trained and properly equipped” to address crypto-related crimes, noting that the general assembly will focus mainly on cybercrime and cryptocurrencies.
The German also claimed that a huge amount of assets generated by criminals are laundered via cryptocurrency. While cryptocurrencies have unlocked a new market, authorities are concerned about the potential of them being used to fund crimes such as human trafficking and terrorism.
Praveen Sinha, special director of India’s Central Bureau of Investigations, added that cybercrimes have become difficult to decipher and called for “international cooperation, coordination, trust, and real-time sharing of information.” The Indian representative noted that Interpol had a huge role to play in bringing order and enforcing the law on the international stage.
Stock later remarked that Interpol is evaluating the future of police in an increasingly digital world. Regulatory bodies around the world have become active in the call for stricter regulations on cryptocurrencies and other digital assets.
Last month, the European Union Agency for Law Enforcement Cooperation (Europol) noted that the widespread use of cryptocurrencies across different industries has led to abuse and different forms of crime. Law enforcement agencies in Europe are reportedly exploring the use of blockchain tools to investigate and fight crypto-related crimes.
High-profile crimes and cases of fraud in the crypto industry have attracted the attention of regulators and agencies such as Interpol which recently became involved in the Do Kwon saga. The global police body issued a “red notice” to reguators around the world for the arrest of the disgraced Tera boss who is wanted by prosecutors in South Korea.
The Interpool has reportedly been working its way into the crypto space since 2015 and has partnered with several security firms to get more knowledge and skills in handling blockchain crimes.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
