Georgia to update crypto regulation to align with EU rules

Georgia’s authorities approved an updated regulatory framework for the financial sector regulating the trading of cryptocurrencies in the country. Deputy Prime Minister Levan Davitashvili said this, according to Business Media Georgia.

The package of legislative acts envisages alignment with three EU directives — on payment services, capital requirements, and providers of virtual asset services. The latter Davitashvili described as “particularly important” for shaping a sound regulatory framework for Georgia’s crypto industry.

According to him, the document has been referred to Parliament. Amendments are planned to be adopted during the autumn session.

Earlier in July, the Council of the European Union and the European Parliament preliminarily agreed on provisions of the draft regulation for crypto assets, MiCA. It outlines rules applicable to issuers of unbacked crypto assets, trading and custodian platforms.

Later, members of the European Greens and Socialists proposed extending AML/CFT-procedures to decentralised organisations, DeFi platforms and NFT platforms.

The EU authorities also decided to establish a new regulatory body, charged with direct oversight of cryptocurrency businesses.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.