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 from The Financial, citing the central bank governor.
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The country’s crypto markets have monthly transactions of up to GEL 5 million ($1.6 million), Governor Koba Gvenetadze said.
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The draft law will include rules for registering virtual asset service providers, testing compliance procedures, and halting money laundering, Gvenetadze said.
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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.
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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.
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Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.
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