The agency stated that the increase in illicit and illegal crypto transactions has prompted it to look for new methods to curb the situation.
The report which was released by Japan’s national broadcasting organization NHK on August 30 revealed that the implementation of the software will commence in 2019. The report claimed that the agency will install the software into services so as to track the cryptocurrency transactions history of suspected fraudsters.
Further to state that the creation and implementation of the software will cost Japan’s national police almost 35 million yen which is equivalent to $315,000.
The software will be able to extract crypto transaction data that can aid investigations. To do this, it will access a transaction data from a network’s open records and disclose the transaction’s purpose.
Japan’s Cybercrime War
An earlier report had suggested that Japan’s financial regulator, Financial Service Agency (FSA) is planning on releasing regulations that will protect crypto investors from fraud. The commissioner of the agency stated that the agency is not planning on disrupting the crypto market. Instead, it is working on creating a balance between investors’ safety and technological innovations.
The agency had previously released the result of its survey of crypto exchanges. The result showed that majority of crypto exchanges systems had failed to keep up with the increase in their transaction volumes. FSA’s probe on crypto exchanges platforms was carried out after one of the exchanges Coincheck was hacked. The probe led to the suspension of some exchanges that could not guarantee a secured platform
Earlier this month, Bitcoin (BTC) automated teller machine (ATM) malware were discovered for sale on the internet. The discovery made by Tokyo-based security software manufacturer Trend Micro. It revealed that the malware has ready-to-use EMV and is equipped with near-field communication. These malware upgrades allow fraudsters to withdraw up to $6,750 worth of bitcoin (BTC). The malware is reported to be available online for about $25,000.
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