Interpol develops a specialised unit to combat crypto-related crimes
Through a specialized section, the International Criminal Police Organization (Interpol) is intensifying its efforts to assist member nations in combating crimes using cryptocurrencies.
Business Standard stated on September 17 that Interpol, which has 195 members, has already established an operation in Singapore to assist countries to tackle various crimes spread by the expanding bitcoin industry.
Notably, Interpol secretary general Jürgen Stock said that the absence of a legislative framework controlling cryptocurrencies such as Bitcoin (BTC) is one of the most significant obstacles in the battle against financial crime.
During the agency’s general assembly in India, Stock said that cryptocurrencies and cybercrime would be Interpol’s top priorities in the future years.
In addition, the secretary general said that Interpol would examine the future of police in a digitalized society. In this area, the CIA is developing its vision 2030 protocol to combat cybercrime, terrorism, and child abuse.
Notably, Interpol has emphasised that law enforcement, government agencies, regulators, and the commercial sector must work together to combat crypto crime.
Interpol has increased its emphasis on crypto-related crimes recently, with the most recent endeavour involving Do Kwon, the inventor of the defunct Terra (LUNA) ecosystem. Interpol issued a red alert for Kwon after South Korean police filed an arrest order for his suspected participation in the accident.
Despite the warning, Kwon has maintained that he is not on the run. Notably, the new Interpol crypto section will be established in Singapore, which was first believed to be Kwon’s domicile.