The Royal Canadian Mounted Police (RCMP) is seeking a digital asset solution aimed at streamlining the process of seizing and securely storing cryptocurrency and NFTs. The RCMP has taken a progressive step by issuing a tender for applications, opening on August 10th, to realize this ambitious endeavor.

The Need for a Centralized Repository

The essence of this initiative revolves around the creation of a centralized repository solution. This further promises to provide law enforcement officers with a user-friendly mechanism to seize digital assets. Also, beyond user convenience, paramount importance is placed on robust security measures. More importantly, aimed at thwarting any potential theft during the storage phase.

Furthermore, the RCMP has outlined a comprehensive set of seventeen key points that prospective solutions must address. A notable aspect is the capability to process transactions across the top 20 cryptocurrency blockchains, categorized by market capitalization. Moreover, future scalability to accommodate emerging blockchains is a crucial consideration.

The RCMP is also committed to facilitating access to its data, ensuring a seamless experience for authorized users.

Recognizing the evolving landscape of NFTs, the RCMP deems it imperative to enable support for Ethereum, Solana, and Polygon generated NFTs. This forward-looking approach is aligned with the broader goal of providing a comprehensive and adaptable solution.

Safeguarding Digital Assets

Notably, the repository’s design places a strong emphasis on security protocols, with meticulous attention to safeguarding private keys. Additionally, it aims to implement a secure disposal process, and institute a rigorous daily automated verification system. A dedicated mobile application is also in the works, catering to the Android user base.

Chainalysis Empowers Canadian Law Enforcement

Recent strides have been made in bolstering Canada’s investigative capabilities in the realm of cybercrimes. Canadian law enforcement has harnessed specialized software from Chainalysis, enabling efficient tracking of blockchain transactions.

This sophisticated tool facilitates the identification of suspects and offers insights into the destinations of funds. This, thereby enhances the effectiveness of ongoing investigations.

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