Enhancing Virtual Asset Regulation and Supervision: Insights from a study visit to Tbilisi for representatives of the National Bank of Moldova

Ms Natela Turnava, acting Governor of the National Bank of Georgia, participating in the study visit programme for representatives of the National Bank of Moldova to Tbilisi (National Bank of Georgia) Photo details

From 27 to 29 March, the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) organized a 3-day study visit for representatives of the National Bank of Moldova to Tbilisi, Georgia. The visit aimed to promote the exchange of insights and experiences between representatives of the National Bank of Moldova and its Georgian counterpart, the National Bank of Georgia.

The study visit focused on leveraging the expertise of the National Bank of Georgia in regulating virtual assets and Virtual Asset Service Providers (VASPs), with particular emphasis on addressing Anti-Money Laundering/ Countering Financing of Terrorism (AML/CFT) risks. The delegation from the National Bank of Moldova received valuable insights into regulatory and supervisory approaches, compliance measures, and risk mitigation strategies implemented by the National Bank of Georgia.

"The OSCE's support has been instrumental in advancing the capabilities and capabilities of the National Bank of Georgia to build AML/CFT regulatory and supervisory frameworks around Virtual Assets and Virtual Asset Services," said Ms Natela Turnava, acting Governor of the National Bank of Georgia. "We appreciate the OSCE's ongoing commitment to support us on this journey."

Throughout the visit, participants engaged in a series of interactive sessions and knowledge-sharing discussions hosted by the National Bank of Georgia. The visit provided a platform to discuss national virtual asset regulation and supervision, including the identification of AML/CFT risks associated with virtual assets, the development of robust compliance frameworks, and the implementation of effective oversight mechanisms for VASPs.

The delegation from the National Bank of Moldova had the opportunity to learn first-hand from the experiences of their Georgian counterparts, gaining insights into the practical challenges these face and the innovative solutions they apply in the regulatory and supervisory approaches of virtual assets. Interactive discussions and an exploration of case studies provided a platform for fruitful exchange, enabling both parties to deepen their understanding of the risks and challenges their counterparts face, as well as explore avenues for co-operation in enhancing regulatory frameworks.

"Over the course of this period, the National Bank of Georgia has not only gained expertise but has also been sharing the knowledge and experience with other jurisdictions within the OSCE region - facilitating the cross border collaboration and co-ordination in relation to Virtual Asset Regulatory and supervisory approaches," Turnava said.

The study visit is a part of an OSCE extra-budgetary project "Innovative policy solutions to mitigate money-laundering risks of virtual assets". Tailored to support the OSCE participating States, the project aims to increase the capacities of national authorities in mitigating money laundering risks of virtual assets and cryptocurrencies. The project is funded by Germany, Italy, Poland, Romania, the United Kingdom and the United States.