Nino Jelaidze, Vice Governor of the National Bank of Georgia (NBG), spoke about the new regulation aimed at strengthening the regulation of virtual assets.

The National Bank of Georgia has developed a regulation on the initial offering of stable virtual assets, which regulates the issuance of stablecoins. The regulation aims to assess existing regulatory frameworks and identify potential future risks, thereby supporting financial sector stability and ensuring the protection of consumer rights.

“The NBG continues to strengthen the regulatory framework for virtual assets. In this regard, we have developed a regulation governing the initial offering of stable virtual assets, commonly referred to as stablecoins. The primary objective of this rule is to safeguard consumer rights, enhance risk management standards in the financial sector, and ensure alignment with international standards,” said Nino Jelaidze.

The Vice Governor of the NBG also highlighted the key aspects of the new regulation. According to her, stable virtual assets in circulation must be fully backed by reserve assets that meet high liquidity and credit rating requirements. The issuance process is also fully transparent, beginning with the offering document and followed by verification by external auditors, ensuring that the public is provided with comprehensive information about issuers, reserves, and risk management practices.

Nino Jelaidze also emphasized the importance of international cooperation. “In developing this regulation, the NBG relied on international best practices, including the relevant regulatory frameworks of the European Union, the United States, Singapore, and the United Kingdom in the field of virtual assets. It is also important to note that, within the framework of technical assistance aimed at strengthening the regulatory and supervisory framework for virtual assets, we actively cooperate with international organizations such as the World Bank and the Organization for Security and Co-operation in Europe,” said Nino Jelaidze.

According to her, the implementation of this regulation will support the sustainable development of Georgia’s stable virtual asset ecosystem and contribute to the protection of consumer rights, as well as the improvement of risk management standards within the sector.