In the framework of the Central Asia Rule of Law Programme, the authorities of Kyrgyzstan participated in a seminar on risk assessment methodology of the sector of virtual assets and virtual assets service providers held on 22 July 2022.

The Council of Europe Methodology on sectoral risk assessment of virtual assets and virtual assets service providers (Vas/VASPs) was introduced to Kyrgyz partners. Around 45 representatives from the National Bank, the State Financial Intelligence Unit (FIU), the Service for Regulation and Supervision of Financial Markets and other government bodies were briefed on the national context regarding virtual assets and virtual assets service providers, as well as the regulatory framework, challenges, and planned steps for conducting a sectoral risk assessment. The experts provided guidance on data collection and analysis and discussed further potential support in reviewing the results of the sectoral risk assessment and subsequent recommendations.

The participants requested additional information on identification and control of blockchain systems and experience from other countries. The Council of Europe will provide guidance and technical expertise at further stages of the process, to be undertaken by the competent authorities.

The webinar was organised within the framework of the Action “Promoting Transparency and Action Against Economic Crime in Central Asia”, which is implemented as part of the “Central Asia Rule of Law Programme 2020-2023”, a joint initiative co-funded by the European Union and the Council of Europe and implemented by the Council of Europe.