The study of operational risks of virtual asset service providers will be strengthened in the curriculum of the USA and Latvia – LV portal

From August 13 to 15, the Bank of Latvia will hold a training where US experts will educate representatives of supervisory and law enforcement institutions of the Latvian financial sector about the operational risks of virtual asset service providers and their management.

The training program, created by the US Securities and Exchange Commission, the New York State Department of Financial Services, the Financial Crimes Enforcement Network and the Bank of Latvia, is designed as a forum for exchanging best practices and experiences of the operational risks. of virtual asset services and the regulatory requirement for their objective assessment and appropriate regulatory solutions in the identification, licensing and monitoring process.

Opening the international learning session on knowledge exchange, US Ambassador to Latvia Christopher Robinson emphasized: “Virtual currencies and blockchain technology have great potential. Striking a balance between governance and innovation is essential to promote economic growth while strengthening its strength.

The President of the Bank of Latvia, Mārtiņš Kazāks emphasizes: “Thank you to the US institutions for the valuable exchange of knowledge, which will strengthen the safety and stability of the Latvian financial sector. This is an important step to encourage new creation The financial sector is constantly developing, and supervisory institutions must be able to develop a risk-based approach and identify financial crimes in the field of virtual assets and prevent them successfully. the development of the sector and the availability of financial services.

In three days of training, US lecturers will consider topics related to the regulation of the field of virtual asset services, which determines compliance, market integrity and consumer protection, as well as the licensing of virtual asset service providers, looking at the types and functions of virtual asset services in practical examples. Experts will get a broader picture of the facts in monitoring the operational risks of virtual asset services, such as technologies that ensure anonymity, various blockchains, the ability of banks to become virtual asset service providers, as well as to ‘ identification of unauthorized virtual asset service activity. suppliers.

More than 30 experts from the Bank of Latvia, the Ministry of Finance, the Financial Information Service, Scandinavian and Baltic countries will participate in the training.