Georgia aims to adopt European crypto standards for anti-money laundering
One of the most crypto-friendly countries in the world wants to sync its crypto regulations with associated Union rules European.
New
Georgia, one of the most cryptocurrency-friendly countries in the world, is set to introduce new crypto regulations to further its ambitions of becoming a global crypto hub.
Georgian lawmakers have prepared a new regulatory framework targeting digital businesses and cryptocurrency trading in the country, Georgian Economy Minister and Deputy Prime Minister Levan Davitashvili announced.
Davitashvili said a bill has been sent to parliament and the amendments are expected to be passed in the fall session, local news agency Business Media Georgia reported on Monday.
According to the minister, the bill seeks to coordinate local cryptocurrency laws with three major European Union directives, including the Payment Services Directive (PSD2), capital (CRD) as well as the virtual asset service provider (VASP) law.
The VASP Act aims to provide legal status to entities involved in the trading of digital assets. The new framework will also prevent the use of cryptocurrencies for money laundering or terrorist financing, the report notes.
According to Davitashvili, the adoption of the VASP rules is crucial for Georgia to ensure sustainable regulation of the cryptocurrency industry. The minister reportedly stressed the importance of synchronizing Georgian financial legislation with associated rules in the EU. The latest framework is just the first step, as Georgia aims to become a crypto hub in the future, in line with the government's official development strategy for 2022-2025.
Georgia has become one of the most crypto-friendly countries in the world. In a study by Forex Suggest, Georgia was ranked the fourth most crypto-friendly jurisdiction after Hong Kong, the United States, and Switzerland in July 2022. Georgia is specifically associated with a high density of ATMs cryptographic,
One of the most crypto-friendly countries in the world wants to sync its crypto regulations with associated Union rules European.
New
Georgia, one of the most cryptocurrency-friendly countries in the world, is set to introduce new crypto regulations to further its ambitions of becoming a global crypto hub.
Georgian lawmakers have prepared a new regulatory framework targeting digital businesses and cryptocurrency trading in the country, Georgian Economy Minister and Deputy Prime Minister Levan Davitashvili announced.
Davitashvili said a bill has been sent to parliament and the amendments are expected to be passed in the fall session, local news agency Business Media Georgia reported on Monday.
According to the minister, the bill seeks to coordinate local cryptocurrency laws with three major European Union directives, including the Payment Services Directive (PSD2), capital (CRD) as well as the virtual asset service provider (VASP) law.
The VASP Act aims to provide legal status to entities involved in the trading of digital assets. The new framework will also prevent the use of cryptocurrencies for money laundering or terrorist financing, the report notes.
According to Davitashvili, the adoption of the VASP rules is crucial for Georgia to ensure sustainable regulation of the cryptocurrency industry. The minister reportedly stressed the importance of synchronizing Georgian financial legislation with associated rules in the EU. The latest framework is just the first step, as Georgia aims to become a crypto hub in the future, in line with the government's official development strategy for 2022-2025.
Georgia has become one of the most crypto-friendly countries in the world. In a study by Forex Suggest, Georgia was ranked the fourth most crypto-friendly jurisdiction after Hong Kong, the United States, and Switzerland in July 2022. Georgia is specifically associated with a high density of ATMs cryptographic,
What's Your Reaction?
