Georgia Central Bank Plans to Introduce New Crypto Rules: Report

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 (US$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.