Georgia Tightens Crypto Regulations

The news comes as the Georgian government prepares to approve legislation related to cryptocurrencies during the fall session.

Georgia Tightens Crypto Regulations
Georgia Tightens Crypto Regulations

Georgia, one of the most cryptocurrency-friendly post-Soviet states, is preparing to monitor crypto firms to prevent money laundering and comply with sanctions.

Beginning September 1, 2023, the National Bank of Georgia (NBG) intends to implement mandatory supervision of virtual asset service providers (VASPs).

Archil Mestvirishvili, the acting governor of the National Bank of Georgia, stated on May 31 that the new regulatory measures would help the country combat money laundering.

This was reported by the local news agency, InterPressNews.

The forthcoming VASP investigation is anticipated to increase the country’s compliance with Western sanctions against Russia and Belarus following anti-money laundering considerations.

Mestvirishvili remarked that the NBG is one of the primary authorities responsible for monitoring compliance with these sanctions.

In addition to the VASP supervision, the NBG is preparing to implement a series of significant restrictions for foreign bank account holders, he added, stating:

“We have created an additional department for monitoring sanctions. The enforcement of the sanctions is very important and the financial sector takes it very seriously.”

Beginning on September 1, Russian citizens will not be permitted to withdraw more than twenty percent of their savings at once.

Such measures, according to the central bank, are intended to support Georgia’s economic stability in the face of rising Russian deposits of foreign currency.

Since this capital inflow may be temporary, it is preferable to keep it in liquid funds, a regulator reportedly advised.

The news comes as the Georgian government prepares to approve legislation related to cryptocurrencies during the fall session.

As previously reported, a local draft bill on crypto regulation seeks to harmonize local laws with primary European Union directives and provide legal standing to entities engaged in digital asset trading.

In addition to preventing the use of cryptocurrencies for money laundering and terrorism financing, the upcoming crypto regulations are intended to help Georgia become a significant global crypto hub.


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