A workshop, organised under the Partnership for Good Governance initiative by the European Union and the Council of Europe, provided a platform for the representatives of national authorities to discuss best practices, international standards, and the country’s strategy for licensing and supervising Virtual Assets Service Providers (VASPs).

The workshop brought together key stakeholders, including representatives from the National Bank of the Republic of Moldova, the Office for Prevention and Fight Against Money Laundering, the National Commission for Financial Market Supervision and the General Prosecutor’s Office. Participants discussed several models presented by the Council of Europe international expert to be considered when deciding upon the appropriate legislative and regulatory framework for VASPs that meets both the EU’s Markets in Crypto-Assets Regulation and Financial Action Task Force standards, while also analysing the regulatory gaps in the Republic of Moldova.

Over two days of the workshop discussions focused on key challenges, including money laundering and terrorist financing risks, possible licensing models, and strategies for implementing an effective Anti-Money Laundering and Countering the Financing of Terrorism supervisory system.

During the event, the head of the Council of Europe Office in Chisinau, Falk Lange, highlighted the importance of a strong regulatory framework over the VASPs sector:

Virtual assets present both tremendous opportunities and substantial challenges. While offering financial inclusion and technological advancement, they also create risks related to money laundering, terrorist financing, and fraud. The absence of a robust regulatory framework could expose the country’s financial system to vulnerabilities. The Republic of Moldova is committed to developing a legal and supervisory environment that ensures financial stability while allowing responsible innovation. Today’s discussions will help shape the roadmap for regulatory clarity, ensuring that VASPs operate within a transparent and accountable framework.”

The workshop’s conclusions and recommendations will serve as a foundation for the Republic of Moldova’s upcoming legislative efforts to align with international standards and EU requirements, ensuring compliance with international best practices while fostering responsible financial innovation.

This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project on “Strengthening the Anti-Money Laundering and Asset Recovery Regime in the Republic of Moldova”.