Central Bank of Georgia will start monitoring AML compliance of crypto companies

Virtual asset service providers will come under the regulator’s supervision on September 1

01.06.2023 - 15:10

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What’s new? Starting September 1, all virtual asset service providers (VASPs) in Georgia will come under the supervision of the National Bank. The regulator will monitor crypto companies’ compliance with anti-money laundering (AML) regulations, said acting governor of the central bank Archil Mestvirishvili. He noted that the bank continues to work in this direction, as well as in combating the financing of terrorism (CFT) and compliance with international financial sanctions.

Sputnik’s material

Crypto regulation in Georgia. In April 2022, the Central Bank began preparing a legislative framework for crypto regulation in accordance with the requirements of the Financial Action Task Force (FATF). In August, the Georgian authorities approved an updated legal framework for the financial sector regulating the sphere of digital business and crypto trading.

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In May of this year, it became known that Tether, the issuer of the USDT stablecoin, would expand its presence in Georgia by investing in cryptocurrency payment company CityPay.io. Tether also launched courses about blockchain technology at the local Business and Technology University (BTU).

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