Kosovo is taking the next step in boosting financial literacy in cryptocurrency as local finance leaders participate in a multiday workshop.
From Sept. 24 to Sept. 26, Kosovo’s Financial Intelligence Unit (FIU) leaders will join the CYBERKOP Action of the Octopus Project — an initiative from the Council of Europe — to hold a workshop on cryptocurrencies and the challenges associated with digital currencies.
Laying groundwork for crypto
According to the Council of Europe, the workshops will unite financial intelligence experts, law enforcement, prosecutors and the Central Bank of Kosovo to strengthen both local skills and knowledge on digital currencies and Virtual Asset Service Providers (VASPs).
The workshop also aims to provide these institutions with better tools for tracing and confiscating illicit digital currency transactions.
The FIU is one of the primary financial departments within the Kosovar government and maintains electronic communication with financial institutions and government agencies.
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Another primary goal of the sessions is to deepen the understanding of existing legal frameworks around digital currencies and licensing aspects.
The workshop also plans to cover components relating to operations and investigations. The goal is to equip local Kosovar financial leaders with the skills to seize virtual assets and handle criminal cases involving cryptocurrencies, based on the Council of Europe’s guide on seizing cryptocurrencies.
Europe’s role in crypto
Kosovo still faces disputes over its legitimacy as a nation. However, it receives large amounts of ongoing support from both the European Union and the United States, both of which have been actively monitoring and regulating the crypto industry in their respective regions.
The EU was one of the first regions globally to pass and implement a sweeping regulatory package to govern the crypto space. Its Markets in Crypto-Assets Regulation (MiCA) came into effect in June 2023.
The EU’s 27 member states have until 2026 to prepare local businesses and institutions to comply with MiCA laws; after said date, enforcement will be applied.
Member states have been developing their own strategies for implementing the rules, with countries such as Ireland and Spain taking proactive measures to prepare digital asset firms within their jurisdictions for the future.
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