As crypto-related crimes continue to rise globally, Kosovo has taken it upon itself to combat the menace by all means necessary. As part of the European nation’s efforts in this regard, Kosovo is currently hosting a three-day workshop that seeks to strengthen its financial intelligence and combat illicit crypto activity.
In attendance at the workshop are local financial leaders and law enforcement agencies. The workshop began on September 24 and would run through to the 26th.
Hosted by Kosovo’s Financial Intelligence Unit (FIU), the programme is part of the CYBERKOP Action, under the Octopus Project, a broader initiative of the Council of Europe aimed at addressing cybercrime issues across the continent.
One of the main aims of this workshop is to provide Kosovo’s financial industry experts and other stakeholders with the right tools for tracing and freezing illicit crypto transactions.
The programme brings together financial experts, law enforcement officials, prosecutors, and the Central Bank of Kosovo, all working together as they strive to deepen their understanding of the fast-growing digital currency space.
Kosovo to Equip Self With Crypto Crimes Fighting Tools
The Council of Europe has highlighted that the primary objective of the workshop is to boost Kosovo’s financial and legal institutions with advanced tools and techniques to address the growing threat of cybercrime. That is, with special consideration for digital currencies and Virtual Asset Service Providers (VASPs).
The workshop will make it a point to bring Kosovo’s capacity to trace and seize virtual assets that have been used in illegal activities to an advanced level. To achieve this, hands-on training in operations and investigations based on the Council of Europe’s guidelines for seizing cryptocurrencies have been put in place.
European Support amid Regulatory Expansion
Kosovo’s latest effort to fight this rising rate of crypto crimes comes at a perfect time. While the nation has its personal battles, particularly facing international disputes over its status as an independent nation, it has seen a reasonable amount of backing from both the European Union (EU) and the United States.
Both regions have recently stepped up their game by regulating the crypto industry to curb the financial crime issue. The EU, for instance, introduced the Markets in Crypto-Assets Regulation (MiCA). Although the 27 EU member states have until 2026 to fully implement its guidelines, MiCA remains the world’s first comprehensive regulatory framework for digital assets.
By putting together this workshop, Kosovo has undoubtedly indicated its interest in combating crypto crime while also aligning with global standards.
