Royal Canadian Mounted Police and Shared Services Canada Announce Challenge for Cryptocurrency Asset Solution

The Royal Canadian Mounted Police (RCMP) and Shared Services Canada have jointly launched a challenge to develop a solution for the seizure and storage of cryptocurrency and non-fungible tokens (NFTs) from public blockchains. The RCMP aims to securely store confiscated digital assets for the duration of legal cases and mitigate the risk of asset theft.

The challenge consists of two phases. The first phase offers a contract worth 150,000 Canadian dollars ($111,532) (excluding taxes) with a maximum duration of six months. The second phase presents a significantly higher reward of approximately 1 million Canadian dollars and allows for a contract duration of up to 12 months. The deadline for the challenge is September 21.

However, it should be noted that the total payout may vary depending on factors such as evaluation results, departmental priorities, and the availability of funds.

The RCMP and Shared Services Canada require a solution that can process transactions for major cryptocurrencies and have the capability to support new blockchains in the future. The chosen solution should also allow users or officers to enter seed phrases and facilitate wallet recovery, including guidance on transferring the wallet to a secure system.

Additionally, the solution should provide clear instructions for officers on how to seize assets through a step-by-step guide within the application.

The RCMP has highlighted the growing threat of crypto-related crimes, with the Canadian Anti-Fraud Center reporting cryptocurrency fraud losses of 75 million Canadian dollars in 2021. This has prompted Canada to increase scrutiny on crypto exchanges, urging trading platforms to register with the appropriate regulators.

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