How can governments create virtual assets and blockchain-related regulations that foster innovation while reducing associated crime? This special event offers cross-sector insights into key principles for managing virtual asset risks and shaping effective regulation. This special event took place in hybrid format on Emerging Tech day at the 11th Conference of the States Parties to the UN Convention Against Corruption in Doha, Qatar.

Summary

This panel at the 11th Conference of the States Parties to the UN Convention Against Corruption in Doha, Qatar, examined the rapidly evolving virtual assets landscape and its implications for financial integrity, innovation and cross-border cooperation.

Panellists discussed how features such as speed, decentralisation and reduced intermediaries can drive efficiency, financial inclusion and business growth, while also creating new vulnerabilities for money laundering, corruption and other financial crimes if left insufficiently regulated.

The discussion focused on finding the right balance between innovation and integrity, highlighting how regulators and supervisors are adapting their frameworks to address risks linked to virtual and tokenised assets without stifling innovation.

Case studies from different regions illustrated how national risk assessments, proportionate regulation and supervisory tools – including blockchain analytics – can support effective oversight. The role of the private sector, particularly virtual asset service providers, was emphasised as critical in advancing responsible innovation through robust compliance, transparency and collaboration with authorities.

The panel featured Maha Al-Saadi (Qatar Financial Centre), Tamar Latsabidze (National Bank of Georgia), Bogdan Vacusta (National Bank of Romania), Robert MacDonald (Bybit) and Gabriel Hugonnot (European Commission, DG FISMA). It reaffirmed the importance of multi-stakeholder dialogue in shaping balanced global virtual asset regulation.

The event was co-organised by the Basel Institute on Governance, OSCE and UNODC.

Speakers

• Marta Olowska, Crime Prevention and Criminal Justice Associate, UNODC (moderator)
• Maha Al-Saadi, Head of Regulatory Affairs, Financial Services Sector, Qatar Financial Centre
• Gabriel Hugonnot, Seconded National Expert to the European Commission, Directorate-General Financial Services and Markets
• Tamar Latsabidze, Acting Chief Specialist, Regulation and Support Division, Payment Service Providers Supervision and Virtual Asset Service Providers Registration Department, National Bank of Georgia
• Robert MacDonald, Chief Legal and Compliance Officer, Bybit
• Bogdan Vacusta, Strategy Consultant, Cryptoassets and Digital Currencies, National Bank of Romania

Further reading

• Global experts advance the joint fight against crypto-enabled crime – joint press release from the 9th Global Conference on Criminal Finances and Cryptoassets by the Basel Institute on Governance, Europol and UNODC
• Designing robust cryptoasset frameworks: Practical takeaways from international regulators and supervisors
• Crypto: the ultimate enabler of corruption?
• Developing blockchain intelligence standards and interoperability: a critical need to fight financial crime in the digital age
• Innovative policy solutions to mitigate money laundering risks of virtual assets | OSCE Projects
• Decoding Crypto Crime - A Guide for Law Enforcement | OSCE Projects