Georgia Will Update its Crypto Regulation to Comply with EU Rules

The Georgian authorities have just approved an updated regulatory framework for the financial sector regulating cryptocurrency trading in the country, Business Media Georgia has reported citing Deputy Prime Minister Levan Davitashvili.

The package reportedly provides for convergence with three EU directives: on payment services, capital requirements and virtual asset service providers.

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Davitashvili has said the latter is “particularly important” for the formation of sustainable regulation of the crypto sector in the country.

According to him, the regulation has been sent to the country’s parliament and amendments are scheduled to be adopted during the autumn session.

The chairman of the Central Bank of Georgia, Koba Gvenetadze, announced back in April the regulator was preparing a legislative framework focused on the digital assets industry.