Australia Introduces Dedicated Crypto Unit

Australian Federal Police now has a specialized unit whose goal is to track and seize crypto linked to illicit activity. The unit is part of the broader Australian Criminal Assets Confiscation Taskforce (CACT).

According to CACT’s representative, the formation of this team was necessary following the increasing involvement of crypto in criminal activities. Its members will be specially trained to handle crypto, instead of this only being a part of their overall skill-set.

In the past two years, CACT has seized more than AU$600 million ($408 million). The know-how of tracing crypto transactions across different blockchains should help CACT to further increase cyber and national security.

Generally speaking, the Australian government seems to be more focused on crypto these days. Last month, it announced a plan to introduce a national crypto regulatory framework.