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Council of Europe supports Kyrgyz Authorities to Introduce Sectoral Risk Assessment of Virtual Assets and Virtual Assets Service Providers

Webinar 22 July 2022
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© Shutterstock

© Shutterstock

On 22 July 2022, the Economic Crime and Cooperation Division organised a webinar on conducting money laundering and terrorism financing risk assessment of the sector of virtual assets and virtual assets service providers for competent state authorities of the Republic of Kyrgyzstan.

The webinar was organised with the aim of introducing the Council of Europe Methodology on sectoral risk assessment of virtual assets and virtual assets service providers (Vas/VASPs) to project partners in Kyrgyzstan. Around 45 representatives of the National Bank, State Financial Intelligence Unit (FIU), Service for Regulation and Supervision of Financial Markets and other state agencies familiarised themselves with the national context regarding virtual assets and virtual assets service providers, as well as with the regulatory framework, challenges, and planned steps for conducting a sectoral risk assessment. The experts also provided guidance on data collection and analysis and discussed further potential support in reviewing the sectoral risk assessment results and follow up recommendations.

The participants requested additional information with regard to identification and control over the blockchain systems. They also requested to present the experience of regulation and supervision over virtual assets service providers from different countries. The Council of Europe will support with advice and technical expertise further stages of the process to be conducted by competent authorities.

The webinar was organised within the framework of the Action “Promoting Transparency and Action Against Economic Crime in Central Asia”, which is implemented as part of the “Central Asia Rule of Law Programme 2020-2023”, a joint initiative co-funded by the European Union and the Council of Europe and implemented by the Council of Europe.