Georgian central bank prepares legislation to regulate the crypto market
2022.04.06 00:05
Georgian central bank prepares legislation to regulate the crypto market
Georgia, the country on the Black Sea, is preparing to regulate its cryptocurrency market. National Bank of Georgia Governor Koba Gvenetadze told The Financial on Monday that the central bank has already developed a draft of the regulatory legislation in accordance with the requirements of international agencies.
Gvenetadze said the size of the Georgian crypto market is unknown, due to the lack of regulation. However, an estimate by Moneyval, the Council of Europe money laundering monitoring body, placed its monthly transaction volume at between 3.5 million and 5 million Georgian lari, or $1.09 million to $1.64 million, monthly, as of September 2020. Moneyval urged Georgian authorities to “strengthen the practical application of their measures to combat money laundering and financing of terrorism” at that time.
