From 6 to 9 August, the OSCE held a workshop at the National Bank of Georgia (NBG) in Tbilisi to enhance the bank's regulatory framework for Virtual Asset Service Providers (VASPs), improve customer risk assessment procedures and implement robust preventive measures within the virtual assets sector.
The training started out with two days of discussions covering key topics such as Know Your Customer processes and the use of blockchain analytics tools for monitoring customer behaviour, focusing on developing and integrating customer risk assessment models. The latter half of the workshop focused on preventive measures-including establishing internal governance structures and enhancing due diligence procedures for VASPs-with an emphasis on aligning these practices with international standards.
The workshop concluded with a collaborative effort to create compliance recommendations that will be integrated into the NBG's regulatory guidelines. The participants emphasized the importance of ongoing co-operation to ensure that Georgia's regulatory framework remains resilient against the risks associated with virtual assets, contributing to a more secure and transparent financial environment.
