Brazil Creates Crypto-Dedicated Investigation Unit – In Brazil’s center-west, the Federal District Public Prosecution has established its own cryptocurrency investigation unit. The newly established unit will concentrate its efforts on helping other prosecutors with their cryptocurrency investigations and educating the public about how to utilize cryptocurrencies securely.
Numerous characteristics of cryptocurrency crimes make them difficult for traditional intelligence units to detect. Due to this, some countries have already set aside a portion of their budget to develop the necessary resources to combat these emerging technological crimes. Brazil, a country where numerous cryptocurrency-related scams have occurred, has formally announced the establishment of a unit devoted to conducting investigations.
The country’s Federal District public prosecution office is establishing a new unit called “Crypto” that will assist public prosecutors in handling cryptocurrency matters as part of its duties. The unit will similarly target users of cryptocurrency products to inform and caution them about the safe usage of cryptocurrency assets.
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The coordinator of the unit and public prosecutor, Frederico Meinberg, spoke about the requirements for training the agents in the Crypto unit. In a conversation, Meinberg said:
Interacting with the market is the best form of training for an agent dealing with digital assets. Without practice, we can provide the best tools, but the agent won’t know how to use them. Because of this, we constantly concentrate on how agents interact with the ecosystem, beginning with exchanges and peer-to-peer sellers.
Due to security concerns, Meinberg refuses to reveal how many agents are a part of the crypto unit. Following the Senate of Congress’s approval of the cryptocurrency bill in April, the first cryptocurrency-specific investigation team was established.
One of the goals of this proposed legislation is to reduce crypto-related crimes in the country by designating a new type of crypto-related fraud and imposing penalties of two to six years imprisonment, depending on the crime.
According to Meinberg, cryptocurrency investigations are more challenging than traditional ones because of the nature of these crimes. In this regard, he thinks that the development of these regulations might greatly benefit the public prosecution by setting clear protocols for this activity that would help to hasten the legal process.
Originally posted 2022-07-05 17:50:42.