Canada’s RCMP Calls for Cryptocurrency and NFT Storage Solution

The Royal Canadian Mounted Police (RCMP) is looking for a digital asset solution developer to facilitate the seizure and storage of cryptocurrency and non-fungible tokens (NFTs) from multiple public blockchains.

The body announced a tender opened on August 10 for which parties can bid. In the announcement, the RCMP stated that it had noted that cryptocurrencies and NFTs were increasingly being used as a means of payment for illicit activities.

As such, the police are seeking a solution that will enable them to safely and securely store digital assets seized and retained from such activities until their eventual disposition after any legal proceedings.

🚨 RCMP & SSC seek solutions for crypto and NFT seizure/storage due to rising illicit digital asset use in Canada. The open tender (Aug 10 – Sep 21) aims for a secure, centralized storage system, ensuring asset safety during legal processes.#CryptoNews

— Cryptonews.com (@cryptonews) August 11, 2023

“The development of a centralized repository solution would allow police officers to seize these assets in a user-friendly manner while also offering significant security to prevent the theft of said assets during their storage,” the RCMP said.

For the solution to be deemed suitable, the RCMP specified 17 requirements it must meet. The main one is that it should be able to accept and process transactions for the top 20 cryptocurrency blockchains by market capitalization, as detailed on CoinGecko on August 10, 2023. These include Bitcoin, Ethereum, Solana, USDT, USDC, and other cryptocurrencies.

It should also allow for Ethereum, Solana, and Polygon-generated non-fungible tokens to transfer and hold. The RCMP also specified that the solution should be scalable and support future cryptocurrencies and NFTs.

Other fundamental features include rigorous security protocols. These include conducting daily automatic inspections, ensuring a reliable disposal process, and protecting secret keys.

In terms of accessibility, the RCMP requires a web interface for accessing the system as well as a mobile application specifically designed for Android smartphones to be deployed onto police mobile devices to interact with the system.

Eligibility Criteria for RCMP Tender

To qualify for this tender, the RCMP specified that the party or company should be for profit and based in Canada. It should also have less than 500 full-time employees, of which 50% should be found and working from Canada.

Once a company is chosen, the development will happen in 2 phases, receiving a maximum funding of CAD 150,000.00 and CAD 1,000,000.00, respectively. Applicants have until September 21 to submit their bids for consideration.

With this ambitious project by the RCMP to establish a centralized digital asset repository, Canada is preparing to handle the security challenges posed by the digital asset realm. Such actions by law enforcement organizations represent a proactive strategy toward monitoring and overseeing the digital banking space as the crypto landscape changes.

Crackdown on Crypto Crimes

This development comes after Canadian law enforcement recently began utilizing specialist software from Chainalysis to track crypto during their cybercrime investigations. Local law enforcement can track blockchain transactions from the point of origin until it’s been deposited on an exchange.

The Reactor software can also identify suspects and request their information and transaction data to see where the cryptocurrency was sent beyond the exchange. Using the software, police can discover where the crypto has been stored.

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