OSCE strengthens capacity on virtual asset regulation at workshop with the National Bank of Georgia

Participants of the workshop on virtual asset regulation with the National Bank of Georgia (OSCE) Photo details

From 25 to 29 March, the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) conducted a workshop aimed at strengthening the Virtual Asset Service Providers (VASPs) regulatory framework of the National Bank of Georgia. Held in Tbilisi and hosted by the National Bank of Georgia, the workshop aimed to enhance the National Bank of Georgia's capacity to regulate VASPs operating within the country.

The event provided an opportunity to discuss the registration rule requirements for VASPs in Georgia. Throughout the workshop, OSCE experts and officials from the National Bank of Georgia analyzed the regulatory landscape and brainstormed solutions on compliance measures aimed at mitigating the risks of money laundering and financial crime involving virtual assets.

Attendees actively participated in knowledge-sharing sessions, interactive discussions, and collaborative exercises with the goal of developing best practices, regulatory frameworks, and efficient strategies to foster transparency and combat illicit activities conducted with virtual assets and cryptocurrencies in Georgia.

"The OSCE is fully committed to supporting the National Bank of Georgia in strengthening the regulatory framework for Virtual Asset Service Providers," said Vera Strobachova-Budway, Acting Senior Economic Officer. "We must work together to ensure that regulatory measures are robust and align with international standards. By doing so, we not only ensure financial integrity but also enhance consumer protection and combat financial crime."

The workshop is part of an OSCE extra-budgetary project focused on innovative policy solutions to mitigate money-laundering risks associated with virtual assets. Tailored to support 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.