Authorities in Georgia are now in discussions with industry representatives to finalize a draft law designed to regulate coin trading, among other cryptocurrency-related activities. The legislation will be presented to Georgian society this fall at the latest, a senior central bank official announced. Central Bank of Georgia talks about crypto regulation with market players The National Bank of Georgia (NBG) is fine-tuning a draft law specifically designed to create a legal framework for certain operations using cryptocurrencies with the help of interested parties from the sector.
Public officials and businessmen are currently holding talks about the new legislation, as revealed by the bank’s deputy governor, Babona Lizava, quoted by Sputnik Georgia. He said: We are working on a draft law that regulates cryptocurrency, and now it is in the consideration stage with market participants. The final document will be announced either in the summer or in the fall. The law will regulate several areas related to cryptocurrencies at once, the central bank official explained.
These include consumer protection and cryptocurrency trading. Its provisions will set rules for trading platforms such as digital asset exchanges. However, they are not related to crypto miners and their activities, as Lezhava noted.
Cryptocurrency mining became a popular business activity and an alternative source of income for many Georgians a few years ago. A study by the Cambridge Center for Alternative Finance (CCAF), published in 2018, ranked Georgia second in the world in terms of the amount of electricity used to mine digital currencies. In April, GNB Governor Koba Gvenitadze told Georgian business news portal The Financial that the monetary authority plans to regulate transactions in the field of cryptocurrencies in the South Caucasus country.
He revealed that companies in the industry may expect a licensing system. At the same time, the regulatory body intends to ban traditional financial institutions from providing cryptocurrency-related services. Gvenitadze also noted that the amendments being worked on by the Central Bank are in line with the requirements of the intergovernmental Financial Action Task Force on Money Laundering (FATF).
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