Georgia is preparing to regulate its crypto market, believed to have a monthly transaction volume over $1M
Georgian authorities to “strengthen the practical application of their measures to combat money laundering and financing of terrorism” at that time.
The coming legislation complies with international Financial Action Task Force requirements, the central banker continued, and was written with assistance from International Monetary Fund staff. Currently, financial institutions in Georgia are not allowed to provide virtual asset exchange and transfer services, and clients engaged in activities with virtual assets are considered high-risk and are “subject to appropriate enhanced preventive measures.
Gvenetadze did not specify a date for the introduction of the regulatory legislation into parliament.of the total Bitcoin hash rate – an exceptional showing for a country with a population under 4 million. It has plentiful hydropower, although power shortages in the remote Svaneti region over the winter were attributed to illegal private crypto mining activities.
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