October 23, 2023
By Sharan Kaur Phillora
Responding to the rise in technological crimes, the Singaporean prosecutor’s office has formed two specialized teams to address cryptocurrency-related crimes. This move marks a broader initiative to keep pace with the fast-evolving digital realm, where modern technologies often serve as tools for illicit activities.
Here’s what we know:
Deputy Attorney General Ong Shouren shared with local media the critical need for this initiative. He stressed that criminal justice institutions must adapt swiftly to the changing tactics of tech-savvy criminals. These changes have given birth to new forms of criminality, demanding a strong legal framework and well-prepared prosecutors to tackle the associated challenges effectively.
The new setup includes two robust teams: The Technology Crime Task Force and the Cryptocurrency Team, comprising 20 seasoned prosecutors. The Technology Crime Task Force will mainly tackle crimes inherent to digital technologies, such as hacking, and manage digital evidence and related issues.
On the other hand, the Cryptocurrency Team will delve into the complex domain of virtual currency-related crimes, viewing cryptocurrencies as valuable assets that warrant focused legal attention.
A key responsibility of the Cryptocurrency Team is to work closely with local police to trace and seize virtual currency assets, a critical component of modern financial investigations as highlighted by Shouren. Additionally, a planned partnership with major tech companies, particularly in the social media sector, is on the horizon. This cross-sectoral collaboration is vital in enhancing the fight against technological crimes and effectively addressing the challenges of the digital age.
This move by Singapore symbolizes a growing global awareness regarding the need to adapt legal frameworks to counter the rising threat of crypto-centric crimes. It highlights a pragmatic approach towards the intertwined future of law enforcement and digital technology, aiming to create a safer cyberspace for all.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.