Brazil Establish Dedicated Crypto Investigation Unit

05-Jul-2022 By: Anirudh Trivedi

Brazil Establish Dedicated Crypto Investigation Unit

Brazil's Federal District Public Prosecution has established its own cryptocurrency investigating unit. The newly established unit will concentrate on informing consumers about the secure usage of cryptocurrencies and assisting other prosecutors with their investigations into cryptocurrency.

It can be challenging for traditional intelligence agencies to identify cryptocurrency crimes because of a number of their characteristics. Due to this, several nations have already set aside money in their budget to develop the necessary tools to combat these new technological crimes. Brazil, a nation where several cryptocurrency-related frauds have taken place, has formally announced the establishment of an investigation team specialized in this kind of matter.

The country's Federal District Public Prosecution Office is establishing a new section called "Crypto" that will assist public prosecutors in handling cryptocurrency matters as part of its tasks. The unit will similarly target users of crypto goods to inform and caution them about the responsible usage of cryptocurrency assets.

The coordinator of the unit and public prosecutor, Frederico Meinberg, spoke about the requirements for training the agents in the Crypto unit. The finest training for a representative working with digital assets, according to Meinberg, is interacting with the market. Without training, we can provide the greatest tools, but the agent won't know how to use them. Because of this, we constantly concentrate on how agents interact with the ecosystem, beginning with exchanges and peer-to-peer sellers.

Following the Senate of Congress's adoption of the cryptocurrency bill in April, the first cryptocurrency-specific investigation team was established. One of the goals of this proposed law is to reduce crypto-related crimes in the nation by designating a new category of crypto-related fraud and imposing sentences of two to six years in jail, depending on the offense.

According to Meinberg, cryptocurrency investigations are more challenging than conventional ones because of the nature of these crimes. In this regard, he thinks that the development of these laws might greatly benefit the public prosecution by setting clear protocols for this activity that would assist to expedite the legal process.

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