The National Bank of Georgia is taking steps to regulate the crypto market in the Southern Caucasus country, its governor revealed in a recent interview. While companies in the industry are to expect a licensing regime, financial institutions have already been banned from providing crypto-related services.Georgia’s monetary authority is planning to introduce rules for operations in the nation’s crypto space.
The bank is also receiving technical assistance from the International Monetary Fund in the development of the regulatory framework, Gvenetadze added. Quoted by the publication, he elaborated: While the rules for these entities are still being finalized, Georgian authorities have already introduced measures limiting the exposure of traditional financial companies to decentralized crypto assets. They have been prohibited from providing digital currency exchange and transfer services, Gvenetadze remarked.
Interesting what would be if banks worked with crypto exchanges like BFX from time to time
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