Canadian police to focus on cryptocurrency-related activities. In Canada, law enforcement has established a center for the investigation of cryptocurrency matters.

Calgary Police Partner with Chain analysis to Launch Cryptocurrency Investigations Centre to Combat Crypto Crime

Last week, the police service of Calgary — the largest city in Alberta, Canada and the biggest metropolitan area in the Prairie Provinces region — revealed plans to establish a ‘Cryptocurrency Investigations Centre’, according to an official statement.

“The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto crime.”

Last year, citizens of Calgary reported losses of $13.9 million resulting from cryptocurrency-related crimes to the police, with an additional $3.2 million reported in the current year, according to the announcement.

Chainalysis is an American firm with a global presence that specializes in providing blockchain data services to law enforcement agencies. The company has leveraged its expertise to assist authorities in identifying culprits and seizing stolen currency. In recent times, Chainalysis has been involved in the recovery of billions of dollars worth of currency stolen by North Korean hackers. While cryptocurrencies remain secure in ‘wallets’ similar to bank accounts but without regulatory oversight, the rogue state needs to convert the digital assets into a more usable form to fund its ballistic missile program

The partnership will involve a significant component of training provided by experts from both Chainalysis and the Calgary Police Service (CPS). This comprehensive training program aims to equip a greater number of law enforcement personnel in the region with the necessary skills to investigate sophisticated crimes involving cryptocurrencies or blockchain technology. According to research conducted by Chainalysis, fraudulent activities and other criminal operations are increasingly taking place at the local level. By democratizing knowledge and capabilities through this partnership, the effectiveness of investigations can be improved in the short term, while also deterring criminals from committing such crimes in the long run, thus benefiting the citizens of Western Canada.