Georgia to update crypto regulation to comply with EU rules

Georgia to update crypto regulation to comply with EU rules

Georgia will update crypto regulation to comply EU rules

Georgian authorities have approved an updated regulatory framework for the financial sector that regulates cryptocurrency trading in the country. This was stated by Deputy Prime Minister Levan Davitashvili, Business Media Georgia reports.

The package of legislative acts provides for convergence with three EU directives – on payment services, capital requirements and virtual asset service providers. Davitashvili called the latter “particularly important” for the formation of sustainable regulation of the cryptocurrency industry in the country.

According to him, the document has been sent to parliament. The amendments are planned to be adopted during the autumn session.

In April, the chairman of the Central Bank of Georgia, Koba Gvenetadze, announced the preparation of a legislative framework focused on the digital assets industry. A month later, Vice-President of the regulator Papuna Lezhava said that the final version of the document would be published in the summer or autumn of 2022.

Recall that in early July, the Council of the European Union and the European Parliament preliminary agreed on the provisions of the MiCA cryptocurrency regulation bill. It describes the rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.

Later, members of the European Green Party and the Socialists proposed extending the standards of AML/CFT procedures to decentralized organizations, DeFi sites and NFT platforms .

The EU authorities have also decided to create a new regulatory body that will be entrusted with the direct supervision of the cryptocurrency business.

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