New crypto laws are on their way in the eastern European nation of Georgia, its central bank chief told the media. By jackschickler
The National Bank of Georgia, the central bank of the eastern European nation, is planning to regulate the country's crypto market, according to a report fromThe country's crypto markets have monthly transactions of up to GEL 5 million , Governor Koba Gvenetadze said.
The draft law will include rules for registering virtual asset service providers, testing compliance procedures, and halting money laundering, Gvenetadze said. The draft will follow the guidance of the anti-dirty money standard-setter the Financial Action Task Force, as well as technical advice from the International Monetary Fund.
The central bank has already forbidden conventional financial institutions like banks from offering crypto exchange services, and discouraged them from doing businesses with crypto companies.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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