Georgian government approves legislation to legalize crypto industry in line with EU directives.
The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions.A legislative package expanding the regulatory framework for companies dealing with crypto assets has been submitted to the parliament by the government in Tbilisi.
According to Levan Davitashvili’s statement, the draft legislation prepared by the Georgian government has been tailored to achieve convergence with three important directives of the European Union — the Payment Services Directive , Capital Requirements Directive , and the Virtual Asset Service Providers Directive .
notes. It is “particularly important for the formation of a legal environment for crypto services and crypto exchanges in Georgia,” Davitashvili emphasized.The Georgian economy minister considers the synchronization of the country’s financial legislation with the EU directives as a first move toward reaching the ultimate goal of turninginto a crypto hub.
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