Workshop on Legal Issues in Regulation of Virtual Assets

BACKGROUND

Cryptography, distributed ledger, blockchain and other new technologies have paved way for different kinds of virtual assets such as crypto currencies, coins and tokens. The new types of virtual assets present many potential benefits. They can lead to faster, convenient and cheaper payment methods, and in so doing, advance financial inclusion. However, they also pose many risks and dangers. For instance, they may become worthless, as they are susceptible to cyber-attacks and scams. Furthermore, if not properly regulated, virtual assets can create problems in the financial system. They can undermine the integrity and destroy confidence in the mainstream financial system, and facilitate money laundering and terrorism financing. Because of these dangers, there is a need for countries to take effective measures to strengthen their regulatory frameworks for virtual assets. This will create an environment where virtual asset providers can innovate responsibly, consumers are adequately protected, and the integrity of the financial system is safeguarded. It is against this background that MEFMI will offer a course focusing on the key legal issues to be considered when establishing an effective regulatory framework for virtual assets.

OBJECTIVES

The objectives of the course are to enhance the participants’ understanding of the main legal aspects of regulating virtual assets. After the training, participants are expected to be able to assist in developing an appropriate regulatory framework for virtual assets in their respective countries.

TARGET GROUP

This course targets middle level and senior officials at regulatory sandboxes, fintech, legal and supervision divisions of the different financial sector regulatory and supervisory agencies in MEFMI member countries.