Recently, cryptocurrency crimes have increased globally, with total losses amounting to millions. Unfortunately, these crimes are difficult to trace using traditional intelligence tools.
For this reason, certain countries have released funds to build resources to combat such crimes. Among such countries is the South American nation, Brazil.
Brazil’s public prosecution office has launched an investigation unit to combat crypto crimes in the country. The unit will focus mainly on helping state prosecutors in their crypto investigations.
Furthermore, the crypto unit will educate citizens on how to secure their cryptocurrency holdings. This will help to safeguard investors from being victims of crypto crime.
Brazil Establishes A Unit To Combat Crypto Crimes
Brazil has experienced several cryptocurrency-related scams over the years. As a result, the country decided to launch a crypto-dedicated investigation unit.
The crypto unit, “Crypto,” will be formed by the country’s public prosecution office. Its main furthermore is to assist other state prosecutors in their cryptocurrency investigations.
Similarly, the crypto unit will target crypto investors in the country. It will educate them on how to safeguard their crypto assets.
According to the unit’s prosecutor, Frederico Meinberg, the unit members will undergo training. He added that:
“These agents would be taught how to assess the crypto market. It is not all about having the best tools. The agent must know how to operate and use them. They will interact with peer-to-peer sellers and exchanges.”
However, the public prosecutor did not state the number of security agents in the cryptocurrency unit. He noted that this is for security reasons.
Cryptocurrency Regulation In Brazil
Brazil’s cryptocurrency investigation unit is coming amid its latest crypto bill. In April, the country’s House of Congress approved a bill to regulate the crypto industry.
Although the bill has various sections, one major part is the area of cyber security. The bill aims to reduce the amount of crypto-related crime in Brazil.
Additionally, the bill listed various forms of crypto fraud and assigned penalties of imprisonment. Fraudsters can face a jail term of two to seven years according to the crime they commit.
Furthermore, Meinberg noted that the investigation of cryptocurrency crimes is difficult compared to traditional ones. Depending on the nature of the crime, it could take a long time to unravel.
As a result, he states that these regulatory advancements could help quicken the prosecution process. This is because it would set up certain protocols to follow during prosecution.