Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
RCMP Sponsors Digital Asset Repository Challenge – Contract Opportunity
Contract Opportunity | Aug 14, 2023
Image: Unsplash/Jason Dent
Open Bid Challenge: The RCMP seeks to create a digital asset repository in response to the escalating use of cryptocurrencies and non-fungible tokens (NFTs) in illicit activities.
Background
- Crypto crime is increasing and complex. With the proliferation of digital currencies, criminals have found innovative ways to exploit the system, leading to significant financial losses for individuals and posing challenges for law enforcement agencies who have observed an increase in the use of cryptocurrencies and non-fungible tokens (NFTs) for illegal activities.
- The RCMP, along with other Canadian law enforcement entities, has identified the need for a secure mechanism to safely store digital assets that have been confiscated during investigations.
- The primary objective of the digital asset repository is to develop a centralized solution that facilitates the seizure of these assets in a user-friendly manner, ensuring their secure storage. By establishing this repository, the RCMP aims to prevent the theft or misuse of seized assets, streamline the management of digital assets during legal proceedings, and enhance their capabilities in countering cryptocurrency-related crimes.
See: Crypto Crime Falls But Ransomware Persists: 2023 Mid-Year Update
Opportunity for Qualifying Experts - View the opportunity
- Challenge Sponsor: The Royal Canadian Mounted Police (RCMP) and Shared Services Canada (SSC).
- Funding Mechanism: Contract.
- Opening Date: August 10, 2023.
- Closing Date: September 21, 2023, 14:00 Eastern Time.
- Desired Outcomes: The proposed solution should be capable of:
- Handle transactions for the top 20 cryptocurrency blockchains as of August 10, 2023.
- Be scalable for future blockchains and NFTs.
- Create cases using police file numbers and add multiple public wallets.
- Facilitate wallet recovery using seed phrases and guide transfers.
- Log all transactions, fees, and ensure private key security.
- Securely dispose of digital assets and verify them daily.
- Implement wait periods and notifications for transfers.
- Offer a native android app for police and a web system interface.
- Provide asset reports and support specific NFT transfers.
- And more (See challenge details)
- Contract Value and Duration:
- Phase 1: Maximum funding is $150,000.00 CAD for up to 6 months. Estimated number of contracts: 4.
- Phase 2: Maximum funding is $1,000,000.00 CAD for up to 12 months. Estimated number of contracts: 2. Only businesses that complete Phase 1 will be invited for Phase 2.
- Eligibility: The solution can only be proposed by a small business that meets specific criteria, including being for-profit, incorporated in Canada, having 499 or fewer employees, and conducting research and development activities in Canada.
See: Consultation Until Sep 20, 2023: OSFI Proposes New Guidelines for Crypto-Asset Exposures in Canada
This challenge presents a significant opportunity for experts in the field of blockchain and digital assets to collaborate with Canadian law enforcement and provide a solution that addresses the rising challenges associated with the illicit use of cryptocurrencies and NFTs.
You may also like:
Calgary Police and Chainanalysis Launch the Western Canada Cryptocurrency Investigations Centre
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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