The National Bank of Georgia (NBG) is planning to regulate and control the country’s crypto market. The central bank of the eastern European nation will follow international guidance as it sets out an anti-money laundering and licensing regime.
Governor Koba Gvenetadze said the country’s crypto marketplaces had monthly transactions of up to GEL 5 million ($1.6 million).
According to Gvenetadze, the draft law will include provisions for registering virtual asset service providers, testing compliance procedures, and preventing money laundering.
The draft will be guided by the Financial Action Task Force, which sets anti-dirty money standards, as well as technical input from the International Monetary Fund.
The central bank has already prohibited traditional financial institutions, like banks, from providing crypto exchange services and discouraged them from doing business with crypto firms.
