Georgia Updates Crypto Regulation

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The 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, reports Business Media Georgia.

The package of legislation 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.

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According to him, the document has been sent to the 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 asset industry. A month later, the vice president of the regulator, Papuna Lezhava, announced that the final version of the document would be published in the summer or fall of 2022.

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AT At the beginning of July, the Council of the European Union and the European Parliament preliminary agreed on the provisions of the draft law on the regulation of cryptocurrencies MiCA. 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 Socialists proposed to spread the standards AML/CFT– procedures for decentralized organizations, DeFi platforms and NFT platforms.

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

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Source: Cryptocurrency

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