Georgia’s government is working towards modernizing its cryptocurrency regulations.
This is part of efforts toward making the country a crypto hub by 2025.
The legislation is seeking to avail Georgian cryptocurrency merchants greater legal protections while helping authorities to prevent money laundering and terrorism funding through cryptocurrency.
The government is seeking to, among other things, amend its crypto regulations to “allow for the convergence” of Georgian law with a number of EU regulations relating to cryptocurrency.
Levan Davitashvili, the country’s Deputy Prime Minister and Minister of Economy and Sustainable Development speaking in this regard said that the government has begun moving towards attaining this feat which would aid efforts already put in place.
According to him, integrating EU guidelines into Georgia’s crypto law was “just the first step” in the country’s crypto journey.