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Home Technology Crytpocurrency

Georgia Central Bank Plans To Introduce New Crypto Rules: Report – CoinDesk

georgia-central-bank-plans-to-introduce-new-crypto-rules:-report-–-coindesk
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The National Bank of Georgia, the central bank of the eastern European nation, is planning to regulate the country’s crypto market, according to a report from The Financial, citing the central bank governor.

  • The country’s crypto markets have monthly transactions of up to GEL 5 million ($1.6 million), Governor Koba Gvenetadze said.

  • The draft law will include rules for registering virtual asset service providers, testing compliance procedures, and halting money laundering, Gvenetadze said.

  • The draft will follow the guidance of the anti-dirty money standard-setter the Financial Action Task Force, as well as technical advice from the International Monetary Fund.

  • The central bank has already forbidden conventional financial institutions like banks from offering crypto exchange services, and discouraged them from doing businesses with crypto companies.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.


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