The International Criminal Police Organization (Interpol) is stepping up its efforts to help member countries fight cryptocurrency-related crimes through a dedicated branch.
Interpol, which has 195 members, has already set up an agency in Singapore to help governments combat different crimes propagated through the growing cryptocurrency sector, the Business Standard reported on September 17.
Notably, Interpol secretary general Jürgen Stock pointed out that the lack of a regulatory framework governing cryptocurrencies like Bitcoin (BTC) is among the key challenges in fighting financial crime in the sector.
Main focus for Interpol
Stock, who was speaking during the agency’s general assembly in India, noted that cryptocurrency and cybercrime are part of the key agenda for Interpol in the coming years.
“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,” Stock said.
Furthermore, the secretary general noted that Interpol plans to review the future of policing in a digitized world. In this line, the agency is working on its vision 2030 protocol targeting cybercrime, terrorism, and crimes against children.
Notably, Interpol has maintained that fighting crypto crimes requires collaboration between law enforcement, government authorities, regulators, and the private sector.
Interpol’s involvement in Terra crash
In recent months, Interpol has increasingly focused on curbing crypto-related crimes, with the latest initiative involving Do Kwon, the founder of the collapsed Terra (LUNA) ecosystem. Interpol issued a red notice against Kwon after South Korean authorities unveiled a warrant of arrest against him for his alleged involvement in the crash.
Interestingly, Kwon has maintained he is not on the run despite the existing notice. Notably, the new Interpol crypto branch will be formed in Singapore, the initially presumed residence of Kwon.