Australian police announced Formation of a new police unit to check and regulate all crypto-based activities across the country. According to a statement to that effect, the new agency will be involved in checking, tracking and seizing all digital assets obtained from crimes. This new agency will serve as another arm of the recently announced Criminal Asset Confiscation Task Force. In a statement by an executive overseeing the body, he felt a new team was needed for this purpose.
Australian police want independent agency to tackle crypto illegality
Australian police have pointed to digital assets as one way for criminals across the country to evade the law. With this new update, the newly formed team aims to significantly reduce the rate at which digital assets are involved in criminal activity. CACT also noted that it felt it needed just a group of officers working on these issues, rather than training every officer in the country to that effect.
According to Stefan Jerga, the executive in question, the new ex-organization not only examines the usage of these assets, but specifically helps track their usage. Executives said having a team that can track digital asset transactions is of paramount importance as it helps overcome crime on many fronts.
CACT envisions seizures worth $600 million by 2024
This latest update follows the announcement that Australian police have seized $400 million in criminal proceeds. The statement also notes that since 2020, he has seized more than $23 million through various means, including digital assets, automobiles and sophisticated works of art. A feat of $600 million in total over the next two years seems likely, judging by the amount seized.
Digital assets have been viewed broadly by Australian authorities.Since last year, the country has been considering plans for its establishment Framework, to guide the use of digital assets. This framework provides more information as officials can monitor movements and trends in the crypto market. Policymakers around the world are still relentless in their quest to ban it worldwide. People are still few.