Brazil is taking immediate steps to ensure that crypto-related crimes in the country are dealt with with extreme caution. The newly formed wing will also assist in raising awareness and awareness about the crypto sector in the Latin American country.
Crypto is the new investigation unit that will recruit representatives from the public administration, the judiciary, and the police to teach information about digital assets.
The best training for an agent who deals with digital assets is to interact with the market. Without practice, we can provide the finest tools that, at the end, the agent will not know what to do with. That is why we always focus on the interaction of agents with the ecosystem, starting with exchanges and peer-to-peer sellers, according to Frederico Meinberg, the coordinator of the unit in a recent interview.
To combat money laundering via cryptocurrency, the Brazilian Federal Police had executed more than 30 search and seizure warrants in August 2021.
The process of cracking and investigating cryptocurrency crimes, according to Meinberg, is more complex than the traditional ones.
The cryptocurrency sector is also largely unreliable, not only, but it is also not bound to any country's laws and regulations.
Brazil's government is attempting to protect crypto investors from financial dangers.
This newly formed Crypto unit will train its members in blockchain technologies so that they are equipped to deal with any unintended situation and mitigate the dangers.
Triple-Around 10 million Brazilians owned cryptocurrency in 2021, according to blockchain research firm Triple-Around
Nubank, Brazil's largest digital bank by market value, began offering Bitcoin and Ether for purchase or sale on its platform in May. The growth of crypto investors in the country fuelled Nubank's decision.
Brazil is putting a lot of effort into establishing appropriate penalties and penalties for those who misuse cryptocurrencies for unlawful activities like money laundering, fraud, and other white-collar crimes as part of its crypto laws.