Georgian National Bank is Preparing a Crypto Regulation Bill

The head of the National Bank of Georgia, Koba Gvenetadze, told The Financial that the central bank has developed a draft regulatory legislation for the cryptocurrency sector in accordance with the requirements of international agencies.

Moneyval, the Council of Europe’s money-laundering monitoring body, estimates the monthly transaction volume in Georgia to be between 3.5 and 5 million Georgian Lari, or between 1.09 and 1.64 million US dollars, as of September 2020. Moneyval called on the Georgian authorities to “strengthen the practical application of their measures to combat money laundering and terrorist financing.”

Gvenetadze added that the bill was written with the assistance of the International Monetary Fund staff, but he did not give a date for its submission to parliament.

Previously, GLRD experts discovered the absence of crypto-regulatory regulations in countries such as South Africa, Brazil, Chile and Georgia.

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