The police service of Calgary, the largest city in the western Canadian province of Alberta, has partnered with blockchain analytics firm Chainalysis to create a Cryptocurrency Investigations Centre. The new initiative will enhance law enforcement’s capabilities in combating cybercrime and ensuring public safety in relation to cryptocurrency transactions.
Calgary saw cryptocurrency-related crimes that led to reported losses of $13.9 million in 2021, and an additional $3.2 million so far in 2022. As law enforcement agencies globally confront the challenges presented by the proliferation of cryptocurrencies, the partnership between Calgary police service and Chainalysis is a significant step forward in developing effective strategies to combat cryptocurrency crimes.
Chainalysis has described the new center as an innovative regional center, which will enable law enforcement to tackle crime that takes place using blockchain technology. The center will develop a dedicated Blockchain Investigation Team (BIT), a technical investigative unit which will acquire and deploy best-practice techniques combatting cryptocurrency-related criminal activity. Law enforcement analyses indicate that due to complex factors such as sophisticated criminal tactics, advancing technology, and various international jurisdictions, cybercrimes, particularly cryptocurrency scams, have become difficult to investigate.
Cryptocurrencies and digital assets have become increasingly popular in Canada, and the usage and adoption of cryptocurrency have surged since 2019. Chainalysis Global Crypto Adoption Index reports that Canada ranked 22nd on the index in 2022 – a considerable improvement from 26th in 2021 and 24th in 2020.
The Calgary Police Service Cyber Forensics Unit is pleased to partner with Chainalysis in creating a specialized unit dedicated to supporting cryptocurrency and blockchain-related investigations. The center’s creation and implementation will strengthen proactive policing and add technical investigative skills to law enforcement, providing expert training resources to officers.
The partnership between Calgary and Chainalysis reaffirms the latter’s dedication to transparency and security in the blockchain space. As cryptocurrencies continue to emerge as a vital asset class, Chainalysis has actively encouraged collaboration between regulatory agencies and the cryptocurrency industry by implementing its best-practice strategies and methods.
In conclusion, the launch of the Cryptocurrency Investigations Centre is welcome news for law enforcement agencies in Canada and a significant initiative in combating cryptocurrency-related crimes. By partnering with Chainalysis, the center is well placed to acquire and deploy the best-practice techniques necessary to investigate and solve complex cyber-enabled criminality involving cryptocurrencies.
