The aim of adoption of the Rule of "Virtual Asset Service Provider Registration at the National Bank of Georgia, Cancellation of the Registration and Regulation" is regulate the Virtual Asset Service Providers (VASP) that are operating on the Georgian market and entities seeking to provide virtual asset service and to ensure Anti-Money Laundering and Combating the Financing of Terrorism  (AML/CFT) regulation.

The rule specifies the registration requirements such as “Fit&Proper” criteria for administrators and for the direct/indirect significant share owners (incl. beneficial owners) of the entity, requirements of the head office, branches, self-service kiosks, software systems and requirements related to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), that should be met at the application stage, also other obligations that should be fulfilled after registration. Provisions of the rule are based on the best international practices and are in compliance with the Financial Action Task Force (FATF) recommendations and guideline.

Rule of "Virtual Asset Service Provider Registration at the National Bank of Georgia, Cancellation of the Registration and Regulation" enters into force on July 1^st 2023 year. The rule with the associated annexes are published on the official website of the National Bank of Georgia at the following link.