OSCE holds Summit on emerging challenges and practical solutions in virtual assets regulation

How to stay ahead of the rapid evolution of virtual assets, such as cryptocurrencies, and ensure their effective regulation was in sharp focus at the OSCE Summit on Virtual Assets held in Warsaw from 24 to 25 June.

Representatives from financial oversight and regulatory bodies, law enforcement agencies, technology providers, and financial crime experts from across the OSCE participating States and international organizations discussed a broad range of challenges and opportunities in the virtual assets space. They focused on ways to enhance regulatory frameworks and implement supervisory practices to keep pace with technological innovation and emerging risks associated with virtual assets.

“Cryptocurrencies offer innovation, access and new ways of doing business. But we also know the other side: their anonymity, speed and global reach have made them attractive to criminals as well,” said Jarosław Żółtowski, General Inspector of Financial Information, Head of the Financial Intelligence Unit at Poland’s Ministry of Finance, during his opening remarks.

Beyond discussing opportunities and challenges, the Summit aimed to bring practical, co-ordinated solutions to virtual assets regulation.

“While progress has been made in shaping regulatory responses, there is still a lot to do in turning that insight into effective and collaborative action. This Summit is more than just a continuation of previous discussions. It is a launching point for the next generation of solutions,” said Ralf Ernst, Deputy Co-ordinator and Head of Economic Activities in the Office of the Co-ordinator of OSCE Economic and Environmental Activities.

The summit was organized in close co-operation with the General Inspector of Financial Information at the Polish Ministry of Finance and the Polish Financial Supervision Authority, and the Global Coalition to Fight Financial Crime. It is part of the OSCE’s extra-budgetary project, “Innovative Policy Solutions to Mitigate Money-Laundering Risks of Virtual Assets”, implemented by the Office of the Co-ordinator of OSCE Economic and Environmental Activities and funded by Germany, Italy, Poland, Romania, the United Kingdom and the United States.