UK police appoint Komainu to custody seized cryptos

Saturday 23 January 2021, 1:16 AM AEST - 1 month ago

UK police appoint Komainu to custody seized cryptosUK police appoint Komainu to custody seized cryptos 19

TL;DR Breakdown:

  • Komainu has been appointed to provide custody service for cryptos seized by UK police.
  • The development will help the police to properly handle cases involving crypto.

The UK law enforcement authority has entered a new agreement with an institutional-grade crypto-assets custodian, Komainu, to store digital currencies confiscated during the course of investigations. As part of the agreement, the digital asset manager will provide a secure storage facility for all the enforcement agencies in the country. The liquidation of seized assets will be sourced through CoinShare, one of the leading cryptocurrency managers in the country.

Komainu awarded contract to store cryptos for UK police

According to the announcement, the agreement was signed between Komainu and Derbyshire Constabulary, on behalf of the National Police Chiefs Council Cybercrime Programme. Going forward, the law enforcement agencies operating within the country will be able to access Komainu institutional-grade custody service to manage the digital currencies seized during investigations. The agreement was reached in support of CoinShares, and Gentium, a law enforcement consultancy service based in the UK.

The UK police noted that the development today will enable them to handle criminal cases that involve digital currencies properly. The framework agreement also reduces the duplication and costs associated with different forces all running separate tender processes to find their own solution, the police said. This is a significant step forward in supporting specialist cybercrime teams in pursuing and prosecuting offenders and denying criminality the proceeds of crime.

With operating guidance from Gentium, Komainu will source for the liquidation of the assets through CoinShare, according to Komainu co-founder, Jean-Marie Mognetti.

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