Canadian Police Launch Cryptocurrency Investigations Center

The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm Chainalysis to help combat crypto crime. The center “will enable law enforcement to tackle crime that takes place using blockchain technology,” Chainalysis described.

Canada’s Cryptocurrency Investigations Centre

The police service of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, announced last week that it is creating a “Cryptocurrency Investigations Centre.” The announcement explains:

The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime.

“The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical investigative skills and provide expert training resources for law enforcement,” the police noted.

According to the announcement, Calgarians reported losses totaling $13.9 million due to cryptocurrency-related crimes to the police last year, and an additional $3.2 million has been reported so far this year.

“Cybercrimes, particularly cryptocurrency scams, can be difficult for law enforcement to fully investigate due to a variety of complex factors, including various international locations and jurisdictions, sophisticated criminal techniques and quickly advancing technology,” the police stressed.

Furthermore, the announcement details:

Together, with Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to support cryptocurrency and blockchain-related investigations.

Chainalysis described the new center as “an innovative regional center that will enable law enforcement to tackle crime that takes place using blockchain technology.”

The blockchain firm’s research indicates that there has been a significant surge in the usage and adoption of cryptocurrencies and digital assets in Canada since 2019. In 2022, Canada ranked 22nd on the firm’s Global Crypto Adoption Index, which is an improvement from 26th in 2021 and 24th in 2020.

What do you think about this crypto center set up by the Canadian police service and Chainalysis? Let us know in the comments section below.