Georgia’s Central Bank to submit a draft law on crypto regulation in the second half of 2022

The document assumes regulation of sales and trade but does not affect mining

05.05.2022 - 11:40

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What’s new? The National Bank of Georgia (NBG) will release a bill on the regulation of digital assets in the summer or fall of 2022, NBG Vice President Papuna Lezhava has said. Consideration of the new law is under discussion with market participants, Sputnik Gruziya reports. Lezhava noted that the document would regulate consumer protection, sales, and trade of cryptocurrency, but would not affect mining.

Sputnik’s material

What happened before? In early April, the Governor of the NBG Koba Gvenetadze reported that the agency began preparing a legislative framework for crypto regulation. An initial draft of the document was developed in accordance with the requirements of the Financial Action Task Force (FATF). Gvenetadze added that the NBG was receiving technical assistance from the International Monetary Fund (IMF) staff.

In February, Arcane Research, an analytical company, reported that home mining had begun to boom in Georgia amid the energy crisis. At the time the report was published, the country’s share in the global hashrate of the industry was 0,81%.

In this, back in January, the Georgian authorities started fighting against illegal mining. Georgian Minister of Economy Natia Turnava stated that the local authorities and the energy distribution company Energo-pro Georgia were actively solving the problem of illegal cryptocurrency mining in Svaneti.

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