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
363
2 min
0
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.
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.
G7 countries call for stricter control over individuals’ crypto transactions
At the G7 summit in Japan, regulators will discuss possible risks and control measures
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).
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024