Interpol creates a team to combat cryptocurrencies

The Singapore unit will help member countries prevent illegal activities related to digital assets

19.10.2022 - 13:30

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2 min

What’s new? Interpol Secretary General Jürgen Stock announced that the organization will intensify the fight against cryptocurrency crimes. He announced the creation of a new unit to investigate cases involving digital assets. The unit, which will be based in Singapore, will help member countries of the international organization to monitor and prevent illegal activities related to the new asset class, according to Business Standard.

Information on the Business Standard website

What else does Stock say? Interpol created a specialized team due to the lack of regulations controlling the crypto sector. According to representatives of the organization, the lack of regulation has led to a surge in criminal activity in the field of digital assets.

In addition, Stock noted the lack of training and experience of agents in combating these crimes. He said the international law enforcement agency will work to expand its capabilities, powers and tools. Interpol's secretary general added that digital assets and their potential can be a threat to law enforcement agencies around the world because of a lack of training.

In September, Interpol put Terraform Labs founder Do Kwon on the international wanted list in connection with its investigation into the collapse of the Terra blockchain ecosystem.

In July, the US Commodity Futures Trading Commission created the Office of Technology Innovation. The Commission's employees will be able to intern there to gain experience in the cryptocurrency industry.

In September, the Defense Advanced Research Projects Agency (DARPA) of the US Department of Defense began an extensive study of cryptocurrencies to determine what threats they might pose to national security and law enforcement.

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