Georgia has begun to form a regulatory framework for cryptocurrency regulation

The head of the Central Bank said that the regulator has developed an initial draft of legislative changes in accordance with FATF requirements

06.04.2022 - 13:10

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What’s new? The National Bank of Georgia (NBG) plans to regulate the digital assets market. Koba Gvenetadze, Governor of Central Bank, told The Financial that the agency has begun preparing a legislative framework for crypto regulation.

Information on The Financial website

What else did the Central Bank Governor say? Gvenetadze said that the regulator has developed an initial draft of legislative changes in accordance with the requirements of the Financial Action Task Force (FATF). He added that the Central Bank is receiving technical assistance from the International Monetary Fund staff in the development of the regulatory framework.

The draft of legislative changes at this stage includes registration/licensing as well as anti-money laundering (AML) compliance checks for crypto market players.

What had happened before? In January, the Georgian authorities began to fight against illegal mining. Georgian Minister of Economy Natia Turnava stated that the local authorities and the energy distribution company Energo-pro actively solve the problem of illegal cryptocurrency mining in Svaneti.

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