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

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As a seasoned researcher with a background in cybersecurity and financial regulation, I find it heartening to see Kosovo taking proactive measures to combat the rising tide of crypto crimes. Having worked extensively in the Balkan region, I’ve seen firsthand how these digital threats can destabilize economies and undermine trust in financial institutions.

Due to an increase in cybercrimes affecting the cryptocurrency sector, Kosovo – a self-declared European nation in the Balkans – has joined forces with the Council of Europe to strengthen its protection against such digital perils. This independent state is hosting a three-day seminar for financial overseers and law enforcement personnel, aiming to equip them with knowledge on how to combat crimes related to digital assets.

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

From January 1, 2021, through December 31, 2027, The Octopus Project unfolds, inviting essential participants from nations that are Parties or Observers of the Cybercrime Convention, along with diverse entities from both public and private sectors. This initiative aims to devise complete strategies to counter cybercrime and assist countries in adopting the Budapest Convention’s principles effectively.

At a forthcoming workshop, the Kosovo Financial Intelligence Unit (FIU) will be given specialized instruction on tracking and seizing illegal virtual currency transactions that occur on the blockchain as part of the project. This training will provide the regulatory body with the essential tools needed to combat crypto crimes and assets connected to illicit activities.

The three-day workshop commenced on September 24th and concludes on September 26, 2024. This event aims to gather financial intelligence experts, law enforcement agencies, prosecutors, and the Central Bank of Kosovo to boost their knowledge about digital assets and ways to combat cybercrime.

Two-Pronged Approach

The gathering aims to bolster the understanding of Kosovo and its economic regulator concerning developing economies, plus entities offering services such as Virtual Asset Service Providers (VASPs).

Furthermore, it primarily seeks to promote collaboration between different agencies in Kosovo, enhancing the region’s capacity to tackle cybercrimes related to digital currencies. This also involves adhering to the Budapest Convention on Cybercrime regarding these matters.

The workshop is structured into two main parts. The initial portion concentrates on the legal, regulatory, and licensing facets of the cryptocurrency market. Attendees will learn about the necessary legal structures for managing cryptocurrencies and maintaining compliance within Kosovo.

In the second part of our workshop, we’ll explore the operational and investigative facets of dealing with virtual assets. This encompasses teaching techniques for capturing digital assets and handling criminal cases involving cryptocurrencies. Additionally, we will provide participants with real-life case studies to offer practical, hands-on experience in applying these principles to actual situations.

As a researcher engaged in this extensive workshop, I am proud to be part of Kosovo’s commitment to harmonize our local practices with globally recognized standards. This includes adhering to guidelines established by esteemed organizations like the Financial Action Task Force (FATF) and the Council of Europe, particularly their guidance on the seizure of cryptocurrencies.

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2024-09-25 14:05