Holpop News

National Bank of Georgia (NBG) Governor Koba Gvenetadze said the bank is working on a regulatory framework for cryptocurrency.
“Yes, NBG plans to regulate the crypto market in Georgia. In this regard, we have developed an initial draft of relevant legislative changes as required by the Financial Action Task Force (AML). We are also receiving technical assistance from International Monetary Fund (IMF) staff in developing this regulatory framework. The draft legislative changes at this stage include AML registration/licensing, compliance, and monitoring for crypto market participants. However, it should be noted that prior to the entry into force of the aforementioned rules, some measures had already been taken by the National Bank. In particular, financial institutions were prohibited from providing virtual asset exchange and transfer services. In addition, persons engaged in activities related to virtual assets should be classified by financial institutions as high-risk customers and should be subject to appropriate enhanced preventive measures,” he said.