Komainu Works With Authorities In The UK To Store Crypto Confiscated As Part Of Criminal Investigati
Komainu, the digital asset custodian, is working with authorities in the United Kingdom to store crypto confiscated as part of criminal investigations.
It has been reported that the firm announced it has made an agreement to “securely store digital assets seized during the investigatory process” for police forces in England, Wales, Northern Ireland, and Scotland after a commercial tender with the Derbyshire Constabulary in the East Midlands region.
UK authorities are turning to Komainu to store confiscated crypto. An uptick in digital asset seizures has necessitated a regulated third party to properly handle them. https://t.co/Yy6ij0FI2N — Cointelegraph (@Cointelegraph) January 23, 2021
However, the announcement stated that it has the support of Coinshares as well as Gentium, a consultancy service for law enforcement in the UK specializing in financial crime and cybercrime.
Angela McLaren, the Assistant Commissioner of the City of London Police, said:
“Specialist Cyber Crime Units at local, regional and national level are seizing cryptocurrencies as part of their investigations on a regular basis and desperately needed access to a secure storage solution from a regulated provider. [Komainu] will provide teams with the proper technology and security they need to store cryptocurrencies and other digital assets as part of their investigations.”
Thus, McLaren added that the agreement between the digital asset custody venture and law enforcement marked progress in “denying criminality the proceeds of crime” and would reduce the financial burden on authorities to find a solution for storing the funds.