India’s Ministry of Home Affairs (MHA) is creating a Cryptocurrency Intelligence and Analysis Tool (CIAT) as a proactive measure to combat the rise in cryptocurrency-related illegal activities.
The Indian Cyber Crime Coordination Centre, an MHA organization dedicated to battling cybercrime through research, training, forensics, and investigation, is in charge of the project.
A crucial aspect of CIAT’s operations will involve establishing a comprehensive database that includes information about all known cryptocurrency exchanges globally, including their contact details.
The Home Ministry’s Cryptocurrency Intelligence and Analysis Tool (CIAT) will constantly scan the dark web for cryptocurrency wallet addresses used in transactions and identify and monitor them. When it notices unusual or irregular crypto activity, alerts will be sent out automatically.
CIAT is envisioned as a flexible tool that can be used to identify and track cryptocurrency wallet addresses used in transactions as well as keep a constant watchful eye on the dark web. It will compile thorough records of these exchanges, including information like addresses, timestamps, dates, the types of exchanges used, and the services provided.