Reading time: ~2 m
Governor of the National Bank of Georgia (NBG) Koba Gvenetadze said that the agency is working on a regulatory framework for cryptocurrency.
Due to the fact that at this stage the VASP sector is not regulated, we do not have exact data on the market size. However, in the fifth report for September 2020 … it is said that the volume of exchange transactions could be from 3.5 to 5 million lari (from € 1 to € 1.5 million) per month, Gvenetadze answered a question from journalists.
When asked if the NBG plans to regulate the crypto market in Georgia, Gvenetadze answered in the affirmative:
Yes, we plan to regulate the crypto market in Georgia. In this regard, we have developed an initial draft of the relevant legislative changes in accordance with the requirements of the Financial Action Task Force on Money Laundering.
We have received technical assistance from the staff of the International Monetary Fund in developing this regulatory framework. The Draft Legislative Changes at this stage include registration/licensing, compliance testing and AML control for crypto market participants.
In the meantime, financial institutions have been banned from providing services for the exchange and transfer of virtual assets. In addition, persons carrying out activities related to virtual assets should be classified as high-risk customers.
#Central #Bank #Georgia #working #IMF #regulate #cryptocurrencies