British tax agency invests in cryptanalysis tool

HM Revenue & Customs (HMRC) plans to invest in technology“Cryptanalysis,” which will help regulators track cybercriminals.

The tax agency is looking for suppliers of analytical tools to analyze cryptocurrency transactions and identify the use of virtual currencies for "tax evasion and money laundering."

Applications from companies are accepted until January 31, andthe contract itself will start on February 17th. Developers are offered £ 100,000 to create a product using "cluster analysis." The regulator is primarily interested in tracking the transactions of companies that are related to gambling services, darknet operations or cryptocurrency mixers.

HMRC are interested in tools that canTrack transactions of major cryptocurrencies: Ethereum, Ethereum Classic, Bitcoin, Bitcoin Cash, XRP, Tether and Litecoin. Ideally, the department would also like to have a tool that can track privacy coins: Monero, Zcash and Dash.

First of all, the regulator plans to excludehuman factor and automate the tracking and clustering of crypto transactions into databases and the identification of those associated with suppliers of crypto assets.