Canada to Create Repository for Storing Crypto & NFT Seizures

The Royal Canadian Mounted Police (RCMP) and Shared Services Canada (SSC) are seeking to establish a digital asset solution in order to facilitate the seizure and storage of cryptocurrency and non-fungible tokens (NFTs).

On August 10, the government opened a tender for applications for a solution to store seized digital assets which will close on September 21, 2023.

According to the RCMP, there is a rise in the use of cryptocurrencies and other digital assets like NFTs as payment methods for illegal activity. The RCMP needs to be able to store digital assets that have been seized and retained until they are eventually disposed of at the end of any legal proceedings. 

“The development of a centralized repository solution would allow police officers to seize these assets in a user-friendly manner while also offering significant security to prevent the theft of said assets during their storage,” as mentioned in the announcement. 

The RCMP has seventeen requirements for the potential repository. The RCMP intended to support the new blockchains and grant access to their data to users who needed it. Adding to this, it will allow the transfer and holding of Ethereum, Solana, and Polygon-based NFTs. 

For security purposes, features like the protection of private keys, a secure disposal process, and daily automated verification are included in the repository. A native Android mobile application and web interface will also be available to access the system. 

Also Read: Canadian Police Embrace Chainalysis to Trace Crypto Crime