The government of Georgia has approved an updated legal framework for the financial sector that regulates digital business and cryptocurrency trading, minister of economy and sustainable development of Georgia, Deputy Prime Minister Levan Davitashvili said, Report informs.
He noted that the bills have already been sent to the parliament, and the changes are planned to be adopted at the autumn session.
The minister explained that they ensure the harmonization of national legislation with three important European Union directives - the Tax Services Directive (PSD2), the Capital Requirements Directive (CRD) and the Virtual Asset Service Providers Directive (VASP).
The latter provides for the provision of legal status to persons trading in digital assets, as well as the definition of their obligations and rights. This will exclude the use of cryptocurrencies for money laundering or terrorist financing.