Japanese National Police Agency (NPA) is in the midst of developing a new cryptocurrency tracker software. In the wake of the recent incidents concerning digital coins, the regulating bodies are putting efforts to protect the market.
New Software for Crypto Transfer Tracking
The Japanese NPA issued a statement regarding the new cryptocurrency tracker software for cryptocurrency transactions monitoring. The project is part of the regulators’ efforts in battling the cybercrime due to recent developments. Still, a private firm became the project leader in the architecture of the program. The name of the firm, however, is still unknown.
The deadline for release is set to be in 2019. All crypto transfers will be under the scrutinized eyes of national investigators in order to ensure the safety of the market. The dedicated budget stands to be evaluated at 35 million yen (approx. $315,000) to cover all expenses.
In this situation the investigation itself uses visuals for each transaction, pinpointing the platform where it occurred from open records.
Theft and Scams Pushed NPA to React
To put the situation into perspective, in August, ATMs from security software manufacturer Trend Micro held bitcoin malware. Individuals would purchase the malware online to receive free bitcoins up to $6.750. The network was so vast, that a number of fiats were available, including EUR, GBP, and USD.
On the side of hacking incidents, CoinCheck experienced a devastating attack in January 2018. The damage measured over $534 million in bitcoins, pushing the exchange to be the next largest target after Mt. Gox.
Both incidents pushed the Financial Services Agency (FSA) into the investigation. Just recently, a new FSA head did provide a statement regarding excessive control being harmful. Nevertheless, security leaders did recognize the need for protection against cybercrime by tracking address codes and market in general.