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The Japan National Police Agency (NPA) funds the development of new software to help track down people behind illicit encryption transactions.
According to an NHK newsletter on Thursday, the NPA has allocated 35 million yen ($ 315,000) for 2019 to finance product creation, outsourcing software technology development to the private sector.
The NPA has stated that the software will track the flow of blockchain transactions marked as suspicious and "display and locate" the people who send or receive the cryptocurrency.
Apparently, the effort comes in response to the growing number of suspected criminal cases in Japan involving cryptocurrency. Given the anonymity of blockchain operations, police forces in the country are having difficulty conducting further investigations.
At the start of this year, the NPA has revealed that it has received 669 reports of suspected money laundering from the Japanese cryptos in just eight months of 2017, as reported by CoinDesk.
In addition, according to an annual report revealed by the agency in March, hackers stole at least $ 6.2 million of cryptocurrencies from the Japanese exchange and portfolio accounts in 2017.
The cryptocurrency industry in Japan was also successful in January, after the Coincheck exchange had stolen $ 520 million, which pushed regulators to implement better encryption against money laundering and security measures.
Image of the Japanese police car via Shutterstock
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