What happened in the regulation of the cryptocurrency market in Georgia over the past year?

1️⃣ Adoption of amendments to the Law: in July 2022, the Parliament of Georgia made an important decision and approved a comprehensive bill that aims to regulate the crypto industry in the country.
Details
The law is intended to create a positive and transparent legal environment for the crypto industry in Georgia, which will contribute to its development and accelerate the process of integration into the global economic context. It includes the rules governing the activities of cryptocurrency exchanges, maintenance of cryptocurrency wallets, trust management and other operations related to cryptocurrencies.
What are the requirements of the Law?
🔸VASP must register with the National Bank of Georgia and obtain the appropriate permission.
🔸VASP must comply with measures to combat money laundering and terrorist financing in accordance with the provisions of the Law.🔸VASPs must carry out procedures for identifying their customers and perform checks for the compliance of the riskiness of transactions.
🔸VASPs must establish controls and security measures to protect cryptocurrency assets and personal data of clients.
🔸VASPs must report on their activities and provide access to their systems and data to verify compliance with the requirements of the control and oversight bodies.
Note
Georgia leads among its neighboring countries in the adoption of cryptocurrencies and is rapidly developing a regulatory framework to attract foreign capital. These measures can lead to an increase in the use of cryptocurrencies in the country and encourage innovation in this area.

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