Japan’s National Police Agency (NPA) is to finance advancement of new software to help track people behind illegal crypto transactions.
As per a news report from NHK on Thursday, the NPA will create a spending plan of 35 million yen ($315,000) for 2019 to finance the creation of the product – outsourcing technological advancement of the product to the private sector.
The NPA said the software will track the stream of blockchain transactions hailed as suspicious and “visualize and locate” the people sending or getting the cryptocurrency.
The effort evidently comes in light of the expanding number of suspected criminal cases in Japan that include cryptocurrency. Given the secrecy of blockchain transactions, police forces in the nation are facing troubles when undertaking further investigations.
Early this year, the NPA unveiled it had gotten 669 reports of suspected money laundering from Japanese crypto exchanges in only eight months of 2017, as announced by CoinDesk.
Further, as per a yearly announced uncovered by the office in March, hackers stole $6.2 million-worth of cryptocurrencies from Japanese clients’ exchange and wallet accounts in 2017.
The cryptocurrency industry in Japan additionally took a shot in January after the Coincheck trade revealed a $520 million hack, which incited calls from regulators to actualize better crypto anti-money laundering and safety efforts.