Kosovo Secures Council of Europe Guidance to Tackle Crypto Crimes

• During this three-day workshop, Kosovo’s FIU will receive specialized training on how to track and seize illicit crypto transactions, particularly those linked to criminal activities. 
•  The event is held under the Council of Europe’s Octopus Project

The European country of Kosovo is taking measures to address issues caused by crypto crime.

Kosovo’s Financial Intelligence Unit (FIU) is taking part in a 3-day workshop between September 24-26, to receive training on how to track and seize illicit crypto transactions, tied to criminal activities. The event is held under the Council of Europe’s Octopus Project, an initiative focused on combating cybercrime and supporting the Budapest Convention on Cybercrime.

The focus is on improving the FIU’s capabilities in handling the complexities of virtual assets like cryptocurrencies, helping them better enforce regulations and combat financial crimes.

The Octopus Project, which started in January 2021 and will run until the end of 2027, involves a wide range of stakeholders, including governments, law enforcement agencies, and organizations from both the public and private sectors. The goal is to provide support and guidance for countries to tackle the rising issues of cybercrime, including those associated with digital currencies.

The event brings together experts from various fields, including financial regulators, law enforcement agencies, prosecutors, and the Central Bank of Kosovo.As per reports, the collaboration between these entities is aimed at strengthening Kosovo’s overall approach to cybercrime, particularly in the emerging field of digital assets.

The workshop is structured into two main sections. The first part focuses on the legal and regulatory framework surrounding cryptocurrencies. Reportedly, in this first section, participants will explore the legislation needed to effectively manage and regulate digital currencies within Kosovo, ensuring compliance with international standards.

The second section of the workshop will dwell into the operational side of dealing with virtual assets in criminal cases, which includes practical training on how to investigate and seize crypto, hands-on case studies that allow participants to apply what they’ve learned in real-life scenarios.

Kosovo has been cracking down on crypto mining in recent years. In early 2022, the country banned bitcoin mining to curb electricity use to tackle the energy crisis.

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