Interpol establishes a dedicated squad to combat crimes involving cryptocurrency

Through a specialized section, the International Criminal Police Organization (Interpol) is stepping up its efforts to assist member nations in battling crimes connected to cryptocurrencies.

According to a September 17 article in the Business Standard, Interpol, which has 195 members, has already established a branch in Singapore to assist governments in battling various crimes spread by the expanding bitcoin industry.

Notably, Interpol Secretary General Jürgen Stock noted that one of the major difficulties in combating financial crime in the industry is the absence of a legislative framework governing cryptocurrencies like Bitcoin (BTC).

Speaking at the Interpol general assembly in India, Stock said that the agency’s top priorities for the upcoming years are cryptocurrencies and cybercrime.

Stock said,

“Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge to law enforcement, because very often, they (agencies) are not properly trained and properly equipped from the beginning.”

The secretary-general also mentioned Interpol’s plans to examine how police will proceed in a digital age. The organization is working on its vision 2030 protocol in this area, which focuses on crimes against children, terrorism, and cybercrime.

Notably, Interpol has underlined that cooperation between law enforcement, governmental agencies, regulatory bodies, and the commercial sector is necessary to combat crypto crimes.

With the most recent initiative involving Do Kwon, the creator of the defunct Terra (LUNA) ecosystem, Interpol has been concentrating more and more on preventing crimes related to cryptocurrencies in recent months.

After South Korean police revealed an arrest warrant for Kwon for his alleged role in the incident, Interpol issued a red alert against him.

It’s interesting that despite the notification, Kwon has insisted he is not hiding. Notably, Singapore, where Kwon was initially believed to reside, will host the new Interpol crypto section.