During remarks at the Munich Cyber Security Conference Thursday, Deputy Attorney General Lisa Monaco announced the launch of a new FBI unit that will work with the Department of Justice National Crytocurrency Enforcement Team.

“The FBI is forming a specialized team dedicated to cryptocurrency: the Virtual AssetExploitation Unit (VAXU). This FBI unit will combine cryptocurrency experts into one nerve center that can provide equipment, blockchain analysis, virtual asset seizure and training to the rest of the FBI,” Monaco said. “We are also launching an International Virtual Currency Initiative to combat the abuse of virtual currency. This initiative will allow for more joint, international law enforcement operations — more eyes from multiple law enforcement agencies around the world — to track money through the blockchain. It will also foster responsible regulation and anti-money laundering requirements to root out the abuse of these technologies.”

While the NCET was announced last fall, today DOJ named Eun Young Choi as its first Director.