The Angolan Government is working on the preparation of legal and regulatory instruments aimed at virtual or crypto assets and virtual asset service providers as it considers it to be a “irreversible movement of decentralized finance".
This information was revealed by ogOvernator of the National Bank of Angola (BNA), José de Lima Massano, at the opening of a conference held by Ernest Young (EY) dedicated to the theme “Integrity, Ethics and Cybersecurity: Challenges and Opportunities“, and where the work for the regulation of virtual financial operations takes place within the scope of the actions of the Angolan Financial System Supervisory Board (CSSF).
José de Lima Massano informed those present that the International Financial Action Group had published recommendations on how to mitigate the risks associated with virtual assets.
"It is based on these recommendations that several central banks and other regulatory bodies have started a regulatory process with the objective of protecting financial systems, but also the consultants of these services.,” said the Governor of BNA.
The governor of the BNA considered, in his speech, to be “indispensable” that financial institutions create a strong culture of cyber risk awareness.
"It is common for workers to be the weakest link in the information systems infrastructure, often being the door behind which cybercriminals gain access to the target entity's information systems.“, he noted.
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"Careless or uninformed workers increase the financial institution's vulnerability to cyberattacks. Therefore, it is essential that everyone understands their responsibility in cyberspace and their obligation to act with greater rigor.“, He stressed.
At the aforementioned event, which took place today (21) in the country's capital, Luanda, the main manager of the BNA recalled notice 08/2022 on the Cybersecurity Policy and Adoption of Cloud Computing, published by the BNA, in recognition of “growing importance of operational risk associated with information technologies".
The warning "establishes rules on the cybersecurity component, as well as the terms and conditions for contracting damage processing and storage and cloud computing services".
The publication of the Law on the General Regime of Financial Institutions, in May 2021, was also noted by the governor of the central bank, noting that it incorporates referents on the governance models of financial institutions.
"Including requirements on the suitability of members of the management and supervisory bodies and holders of relevant functions“, He stressed.
The regulation update, he added, “is complemented by the new supervision model that integrates a regular assessment by the BNA of the governance model and culture, in each financial institution under its supervision, as well as in its practical day-to-day application".
"We therefore have a regulatory and supervisory framework that aims to ensure the sound and prudent management of financial institutions, based on corporate governance models and cultures that ensure conduct supported by standards of ethics, integrity and professionalism.“, he concluded.
Integrity and ethics and cybersecurity were topics discussed at the meeting in two panels that included different stakeholders from the Angolan public and private business sector linked to banking, telecommunications, oil and law.
