The National Bank of Georgia is developing a legislative framework for regulating the cryptocurrency market, the central bank chairman Koba Gvenetadze has recently said in an interview with The Financial.
According to Moneyval, who are experts in evaluating AML and terrorist financing measures, the monthly volume of exchange operations with cryptocurrencies in Georgia ranges from 3.5 to 5 million lari.
The central bank of the country has developed draft legislative measures in accordance with the requirements of the Financial Action Task Force on Money Laundering (FATF) with the assistance of specialists from the International Monetary Fund (IMF).
The project includes the procedure for registration and licensing, checking for compliance and monitoring compliance with AML procedures for crypto market participants.
