Georgia to Adapt Crypto Regulation to EU Standards

The head of the Central Bank of Georgia, Koba Gvenetadze, announced in April the legalization of the cryptocurrency market. According to him, this industry needs to be brought out of the shadows, as the monthly turnover of digital currencies in the country exceeds $1.6 million.

Deputy Prime Minister Levan Davitashvili has announced the draft law has been submitted for consideration by the country’s parliament and that it may be adopted during the autumn session.

The regulatory framework is reportedly aimed at regulating operations for the purchase and sale and storage of digital assets. The state will also determine the legal status of citizens and companies investing in innovative tools.

In addition, the bill is designed to minimize the risks of using digital currencies in criminal schemes and financing terrorism.