Cryptocurrency News

Brazil Creates Investigation Unit Dedicated To Crypto

A crypto investigation has been launched by the Federal District’s public prosecution, which is located in the heart of Brazil. The purpose of the newly formed unit is to assist prosecutors in conducting crypto investigations. In addition, they will also have the responsibility of educating people about how to use cryptocurrencies safely.

Dealing with crypto crimes

There are several traits of crypto crimes that make it difficult for traditional intelligence units to detect these activities. Therefore, there are a number of countries that have dedicated some part of their budget for developing resources that are aimed at dealing with these new technologically-advanced criminal activities.

While crypto scams have become rampant globally, Brazil has seen a high number of them happen in the country and this has prompted it in setting up an investigation united dedicated to these crimes. The new unit has been given the title of ‘Crypto’ and the public prosecution office is setting it up. Its job description includes assisting public prosecutors in managing crypto-related crimes.

Furthermore, the unit will also reach out to crypto products’ consumers in order to warn them about the risks involved, along with educate them on how to use them safely.

Training of agents

The public prosecutor and the coordinator of the crypto unit, Frederico Meinberg also spoke about the training that investigators who are part of the unit will be required to follow. Meinberg stated that the best training they could provide to these agents is to help them interact with the digital assets market.

He asserted that they could give the agents the best tools, but they would not be able to do anything with them if they do not have any experience. Therefore, he said that their focus was on helping the agents interact with the ecosystem and they would start with peer-to-peer sellers and exchanges. He refrained from mentioning the number of agents that have been added to the unit for security reasons.

Crypto regulation

This crypto-dedicated investigation unit has been established in Brazil after the Senate of Congress gave its approval for a crypto bill back in April. There are a number of objectives of the proposed bill, which include putting a stop to crimes related to crypto in the country. They want to accomplish this goal by defining a new type of crypto-related fraud and also want to assign penalties and imprisonment terms between two to six years, in accordance with the crime.

According to Meinberg, the difficulty level of crypto investigations tends to be higher than that of traditional ones. Therefore, he is of the opinion that the prosecution would greatly benefit if these regulations are advanced because they would come in handy for speeding up the process. In fact, the regulations would help establish specific protocols that need to be followed for this purpose, which would certainly make the job of prosecutors easier.

The most important benefit would be that it could help discourage crypto-related crimes in Brazil, which is the ultimate goal that they want to achieve.

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