In the middle-west of Brazil is the Federal District Public Prosecution. The unit’s mission will be to investigate cryptocurrency. This unit, which was established in the middle-west region of Brazil, will assist other prosecutors with cryptocurrency investigations and educate consumers on safe usage.
Brazil launches a unit to combat cryptocurrency crime
Many characteristics make it difficult for traditional intelligence agencies to identify cryptocurrency crime. Some countries have dedicated a portion of their budgets to the development of resources for these emerging tech crimes. Brazil, a country where numerous cryptocurrency-related scams have happened, has officially reported the launch of a cryptocurrency-dedicated investigation unit.
This new unit, denominated “Crypto,” is being created by the public prosecution office of the Federal District in the country, and will perform its duties by helping public prosecutors deal with cryptocurrency cases. The unit will also target consumers of cryptocurrency products in an effort to educate and warn them about safe usage of these assets.
Frederico Meinberg is the head of the unit, and a public prosecutor. He spoke about the training the crypto unit agents must receive. Meinberg spoke out in an interview.
Interactively with the marketplace is the best method of training an agent to deal with digital assets. We can’t offer all the tools, and the agents will never know how to use them. We always place emphasis on interaction between agents and the ecosystem. This includes exchanges, peer-to-peer sales, and so forth.
Due to security concerns, Meinberg didn’t disclose how many agents are part of the crypto-unit.
Brazilian Crypto Regulation
The establishment of the first cryptocurrency-dedicated investigation unit comes on the heels of the approval of the cryptocurrency bill by the Senate of Congress in April. This bill proposes to reduce crypto-related criminalities in the country. The proposal defines a new type of crypto-related fraud, and penalizes the offender with imprisonment ranging from two years up to six years depending upon the crime.
Meinberg said that because of the nature and sophistication of cryptocurrency crimes, investigations into these cases are much more challenging than those involving traditional criminals. Meinberg believes these regulations will be of great benefit to the public prosecution. They could accelerate procedures and establish specific protocols.
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