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Monday, November 28, 2022

Japanese Police Adopt Cybersecurity Software to Trace Bitcoin Transactions

After several instances of cryptocurrency-based crime and a stark increase in the use of cryptocurrencies as a money-laundering tool, Japan’s National Police Agency (NPA) revealed it would launch a crypto-tracking software to trace digital currency transactions in the country.

According to the country’s public broadcasting organization NHK, the special software is a wholly-funded effort from the NPA to prevent propagation of as an illicit financial vehicle.

Historically, Japan has been liberal in regard to cryptocurrencies and was the first major economy to recognize Bitcoin as a legal tender in April 2017. However, the onslaught of criminal activities and hacks–the $500 million dollar NEM hack occurred in Japan–is causing the country to introduce stricter rules for the volatile asset class.

Read more at CryptoSlate

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The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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