The Federal District Public Prosecution Service, located in the central and western region of Brazil, has created its own cryptocurrency investigation unit. The newly created unit will focus on assisting other prosecutors with cryptocurrency investigations and educating consumers about the safe use of cryptocurrencies.
Brazil establishes cryptocurrency crime unit
Cryptocurrency crimes have several characteristics that make them difficult to detect by traditional intelligence services. This is why some countries have allocated part of their budgets to building resources to tackle these new technology crimes. Brazil, a country with many cryptocurrency-related scams, has officially reported the creation of a dedicated cryptocurrency investigation unit.
The new unit, called “Cryptocurrency,” was created by the country’s Federal District Attorney’s Office and will carry out its duties by helping prosecutors handle cryptocurrency cases. Likewise, the department will target consumers of crypto products by warning and educating them about the safe use of crypto assets.
The unit’s coordinator and prosecutor, Frederico Meinberg, spoke about the training that Crypto unit’s agents must undergo.In an interview, Meinberg statement:
The best training for agents dealing with digital assets is to interact with the market. Without practice, the best tools we can provide, in the end, the agent won’t know what to do. That’s why we always focus on how agents interact with the ecosystem, starting with exchanges and peer-to-peer sellers.
For security reasons, Meinberg did not disclose the number of proxies that are part of the encryption unit.
Brazil Cryptocurrency Regulations
The establishment of the first cryptocurrency-specific investigation unit follows agree The cryptocurrency bill passed by the Senate in April. Among other goals, the proposed bill aims to curb crypto-related crime in the country by defining a new type of crypto-related fraud and punishing it with 2 to 6 years in prison depending on the offense.
Meinberg has said that due to the nature of these crimes, cryptocurrency investigations are more difficult than traditional investigations. In that sense, he thinks the advancement of these statutes could be of great help to prosecutions, as they could help expedite the process by creating specific protocols for the task.
What do you think of the establishment of a cryptocurrency-based investigative unit in Brazil? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.