Georgia plans to adopt European standards for the crypto industry

The Georgian authorities are going to bring the legislation in line with the rules of the European Union, which should bring the country closer to the goal of becoming attractive to the crypto industry.

Minister of Economy Levan Davitashvili said that the corresponding draft law had already been submitted to the Parliament. It is expected to be adopted this fall.

According to the minister, the bill will attempt to bring Georgia’s crypto laws into line with three major EU directives – on capital requirements, on payment services and on virtual asset service providers (VASPs). This should significantly strengthen the cryptocurrency infrastructure in the country and prevent the use of digital assets for money laundering or terrorist financing.

“We expect that Georgia will have updated legislation in autumn, which will significantly develop our financial sector. The VASP directive is especially important in shaping the legal environment for crypto services and crypto exchange organizations,” Davitashvili said.

The adoption of VASP rules is critical for Georgia, Davitashvili says: it will ensure the sustainable regulation of the cryptocurrency industry in the country. Also, according to the minister, it is very important for Georgia that the financial legislation is compatible with the relevant EU rules. Therefore, the step taken is only the beginning – in the future, by 2025, Georgia plans to become one of the most friendly countries for cryptocurrencies.

At the beginning of the year, the chairman of the National Bank of Georgia (NBG), Koba Gvenetadze, said that his regulator was working on creating a regulatory framework for regulating the cryptocurrency market.