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Georgia Central Bank Plans to Introduce New Crypto Rules: Report
The eastern European nation will follow international guidance as it sets out an anti-money laundering and licensing regime.
Updated May 11, 2023, 5:07 p.m. Published Apr 5, 2022, 12:34 p.m.
The National Bank of Georgia, the central bank of the eastern European nation, is planning to regulate the country's crypto market, according to a report from The Financial, citing the central bank governor.
- The country's crypto markets have monthly transactions of up to GEL 5 million (US$1.6 million), Governor Koba Gvenetadze said.
- The draft law will include rules for registering virtual asset service providers, testing compliance procedures and halting money laundering, Gvenetadze said.
- The draft will follow the guidance of the anti-dirty money standard setter, the Financial Action Task Force, as well as technical advice from the International Monetary Fund.
- The central bank has already forbidden conventional financial institutions like banks from offering crypto exchange services, and discouraged them from doing businesses with crypto companies.
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ECB gains backing from Council of EU for caps on digital euro holdings
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- Critics argue that these limits protect banks from competition and may restrict the digital euro's potential usefulness.
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