UK’s HMRC seeks to identify cybercriminals using ‘blockchain-analysis tool’

The UK’s tax, payments, and customs authority, HM Revenue and Customs [HMRC] is reportedly looking to invest in a “crypto-asset blockchain analysis tool” that could identify criminals indulging in the trade of Bitcoin or other cryptocurrencies.

In response to the growing menace of cyber-criminals leveraging crypto to evade tax and money laundering, PublicTechnology reported that Her Majesty Revenue and Customs is seeking a tool to track transactions and value fluctuations in Ethereum and Ethereum Classic, Bitcoin and Bitcoin Cash, Ripple, Tether, and Litecoin.

In addition to that, the tax authority would also prefer a product that could develop the ability to track privacy coins such as Monero, Zcash, and Dash.

“Many of these crypto-asset transactions are recorded publicly in a ledger known as a blockchain. Whilst the transactions are typically public, the participants undertaking them are not.”

HMRC’s contract value for the tool was reported to be £100k or $1,29,975. The description of the crypto-asset blockchain analysis tool as stated on the official notice read, …

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