The National Bank of Georgia is pleased to invite interested parties to participate in two foreign currency digital exchange projects of the Regulatory Sandbox.

The projects help the National Bank of Georgia to create a proper regulatory framework and encourage the involvement of interested parties.

The Regulation on Registration and Regulation of Currency Exchange Bureaus states that foreign currency exchange bureaus are authorized to carry out only cash exchange operations. The participants of this project will have the opportunity to submit their currency conversion schemes to the NBG. The NBG will review them in accordance with the procedure.

The NBG is ready to consider entities (as regulatory sandbox candidates) that do not use their funds for currency exchange and only act as an intermediary between two parties who wish for currency exchange. In this case, the currency exchange platform should not receive funds from parties and the currency conversion must be instant.

The project is a step forward in the NBG’s efforts to support the development of the Fintech sector. The National Bank of Georgia is ready to receive applications from interested parties in both projects from July 15, 2023 to December 31, 2023.

Additional information about the Regulatory Sandbox is available at the link.

Interested parties may contact the Innovation Office of the National Bank of Georgia to obtain additional information and to apply for the Regulatory Sandbox projects: innovationoffice@nbg.gov.ge

This statement must not be perceived as a promise by the administrative body and/or does not create any kind of legal obligation for the National Bank of Georgia to develop the regulatory/legislative framework, nor does it grant appropriate authority to third parties for the given exercise.