Kosovo Teams Up with Council of Europe for Three-Day Crypto Workshop 

Coinspeaker
Kosovo Teams Up with Council of Europe for Three-Day Crypto Workshop 

With the rise in cybercrimes targeting the crypto industry, Kosovo has partnered with the Council of Europe to bolster its defenses against these digital threats. The self-declared independent nation in the Balkan region of Europe is hosting a three-day workshop aimed at educating financial regulators and law enforcement officials on combating digital assets-related crimes.

In a recent announcement, Kosovo revealed that the workshop will be conducted under the Council of Europe’s Octopus Project, which supports the implementation of the Budapest Convention on Cybercrime and its related protocols.

Octopus Project to Help Kosovo Combat Crypto Crimes

The Octopus Project, launched on January 1, 2021, and set to run until December 31, 2027, involves key stakeholders from the States Parties and Observers to the Convention on Cybercrime, as well as various public and private sector organizations. Its primary goal is to provide comprehensive solutions to combat cybercrime and to support countries in implementing the Budapest Convention

Through the help of the project, Kosovo’s Financial Intelligence Unit (FIU) will receive specialized training during the workshop on how to trace and confiscate illicit virtual currency transactions on the blockchain. This will equip the regulator with the necessary tools to tackle crypto crimes and obscure assets associated with criminal activities.

The three-day workshop has already started yesterday, September 24, and will run until 26 September 2024. The event will bring together financial intelligence experts, law enforcement agencies, prosecutors, and the Central Bank of Kosovo to enhance their understanding of digital assets and cybercrime mitigation.

Two-Pronged Approach

The event seeks to strengthen Kosovo and its financial regulator’s knowledge of the emerging economy, as well as service providers including Virtual Asset Service Providers (VASPs).

Additionally, its primary aim is to foster cross-agency cooperation within Kosovo, strengthening the region’s ability to respond to virtual currency-related crimes and ensuring compliance with the Budapest Convention on Cybercrime.

The workshop is divided into two key segments with the first focusing on the legislative, regulatory, and licensing aspects of the crypto market. Participants will gain insights into the legal frameworks required to regulate cryptocurrencies and ensure compliance within Kosovo.

The second phase of the workshop will delve into the operational and investigative aspects of handling virtual assets. This includes training on how to seize digital assets and manage criminal cases involving cryptocurrencies. The workshop also features practical case studies, providing participants with hands-on experience in applying these concepts to real-world scenarios.

By participating in this comprehensive workshop, Kosovo aims to align its practices with international standards, such as those set by the Financial Action Task Force (FATF) and the Council of Europe’s guide on seizing cryptocurrencies.

Kosovo Teams Up with Council of Europe for Three-Day Crypto Workshop