Brazil Sets Up Unit to Investigate Crypto

Brazil’s Federal District Public Prosecutor has begun its crypto investigation unit. The focus of the unit will be to aid other prosecutors where crypto is concerned. It will equally educate the public on the safe usage of cryptocurrencies.

Birthing a New Crypto Crimes Unit

There are unconventional traits that emerge from cryptocurrency crimes. These are difficult for conventional intelligence security to detect. Some countries have, therefore, put aside resources to combat this new wave.

A lot of crime-connected crimes happen in Brazil on a regular basis. The country has decided on a unit focused on investigating cryptocurrency crimes. 

The new investigative unit denominated “Crypto” was created by the office of public prosecution. Operating from the Federal District, the unit will help public prosecutors in their duties. The absolute focus will be on cases related to cryptocurrencies.

Likewise, the unit will work to educate crypto users on the safe usage of crypto. They will equally warn them against any sharp practices going on in the crypto space.

The unit’s coordinator spoke about the necessary training agents must undergo. Frederico Meinberg addressed an interview where he mentioned some requirements. He said the best thing is for them to be involved in the market.

The unit might provide the best tools that agents might not be able to use. He continued by saying the unit focuses on the engagement between agents and the ecosystem.  The engagements start with crypto exchanges as well as peer-to-peer traders.

Meinberg declined to comment on the number of agents in the unit. This is due to top security reasons.

Crypto Regulation in Brazil

The launch of the special cryptocurrency unit has a longstanding background. The country’s Senate approved the cryptocurrency bill in the month of April.

Among other things, the bill aims to combat crimes related to crypto in the country. The bill defined crypto fraud and assigned penalties from two to six years in jail. It all depends dominantly on the crime.

Meinberg said as a result of the crime, investigating crypto is more difficult than regular crimes. In that case, he thinks the advancement of the regulations could help public prosecution. The reason is that they might speed up procedures by defining definite protocols.

If this unit becomes remarkably successful, it could inspire more of such units in Latin America. Cryptocurrencies are used to launder drug money in the region.

Related Posts

Leave a Reply

Your email address will not be published.