Japanese Police to Fund Crypto Criminal Tracking Tool

Japanese Police to Fund Crypto Criminal Tracking Tool

Japan’s National Police Agency (NPA) has to fund the development of new software to help track individuals behind illegal crypto transactions.

According to a NHK report on Thursday, to fund the construction of the product, it will budget 35 million ($ 315,000) for 2019 – software outsourcing of technical development in the private sector.

NPA said that software will track the flow of blocked transactions marked as suspicious and “visualization and detection” to people receiving or sending cryptocurrency.

This effort comes clearly in response to the increasing number of suspected criminal cases in Japan, which includes cryptocurrency. Given the anonymity of Blockchain transactions, the police forces are facing difficulties in the country while further investigating.

Earlier this year, the NPA revealed that it had reported 669 reports of suspicious money laundering from Japanese crypto exchanges in the eight months of 2017.

In addition, according to an annual report given by the agency in March, hackers stole at least 6.2 million US dollars cryptocurrencies from the exchange and wallet accounts of Japanese users in 2017.

After the Coin check Exchange reported the $ 520 million hack, the Cryptocurrency Industry in Japan also hit in January, from which regulators were implement better crypto anti-money laundering and security measures.

 

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