Finance

2 applications for registration as VASPs were submitted to the NBG

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Tbilisi (GBC) - MyCoins has applied to the NBG for registration as a VASP (Virtual Asset Service Provider).

The NBG regulation covers only anti-money laundering (AML/CFT) requirements at the first stage.

According to NBG, bringing the crypto-asset trading platform under the supervision of the NBG serves to legalize this segment. However, it should also be noted that registration will not be an option for all crypto platforms.

Part of electronic money traders on the market will remain unregistered, only under the supervision of the tax service. At the moment, it is impossible to determine the exact volume of the several billion market.

Some of the providers are e-wallet related companies. The NBG's commitment to them has been extended to VASPs, and at the moment, more than 30 entities are registered as payment service providers (PSP) in the NBG.

According to the director of MyCoins, Nika Kolbaia, the commitment is acceptable, because the protection of the market and the client is also in his interest. He also noted that the level of protection of MyCoins users from the parent company (PSP eMoney) is high.

According to him, the NBG will inform MyCoins within 1 month after the application, whether its documentation meets the NBG requirements for the mentioned stage. and will continue or terminate the registration procedure.

VASP is given 6 months from registration to complete software, reporting system and other AML/CFT obligations.

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In 2025 in the slaughterhouses were slaughtered 511.1 thousand units of livestock, 32.0 percent of which were cattle and 68.0 percent were sheeps, goats, pigs, etc. In addition, the number of poultry slaughtered in slaughterhouses during the reporting period amounted to 12 351.6 thousand.65 279.8 tons of meat (i.e. slaughtered weight, including poultry meat) were produced by slaughterhouses in 2025 and 30.0 percent of this amount was beef, 33.4 percent was poultry meat, 35.9 percent – pork, 0.6 percent – mutton and goat meat, and the share of other meat was negligible.9 436.9 tons of meat produced in slaughterhouses were purchased by slaughterhouses themselves in 2025. Out of this amount, 29.9 percent was cattle, 6.9 percent was poultry meat, and 62.6 percent – pork meat.In 2025 the service was provided to 29.0 thousand persons, 51.3 percent of which were households. The monthly average number of people employed in slaughterhouses equaled 1 094 persons.The average costs of the service of slaughtering per unit of livestock were respectively: cattle – 40.2 GEL, sheep or goat – 13.6 GEL, and pig – 33.8 GEL. Almost half (47.0 percent) of slaughterhouses are fully equipped with modern equipment, 45.5 percent are partially equipped, and 7.6 percent are not equipped with modern equipment at all. 65.9 percent of slaughterhouses do not use loans, while 34.1 percent have taken loans for various purposes. Of those who have loans, 57.8 percent took it for purchasing fixed capital, 28.9 percent for financing the working capital, and 13.3 percent got loans to finance both, fixed and working capital simultaneously.445 cold storage facilities operated in Georgia in 2025. Most of them were located in Shida Kartli region (60.7 percent), while the rest were spread across Tbilisi (10.1 percent), Kakheti (7.9 percent), Kvemo Kartli (4.9 percent), Samegrelo-Zemo Svaneti region (4.5 percent), Imereti region (4.5 percent), Adjara AR (3.1 percent), Samtskhe-Javakheti region (1.8 percent), Guria (1.3 percent), Mtskheta-Mtianeti (0.9 percent), and Racha-Lechkhumi and Kvemo Svaneti (0.2 percent).In 2025 service was provided to 533 customers. The number of producers and resellers, from whom the product was purchased for resale, totaled to 1 531, while the annual average number of employed persons in cold storage facilities equaled 2 168.In 2025, in cold storage facilities were stored 381.7 thousand tons of products. 34.6 percent of those products was chicken meat (including frozen meat), 21.2 percent were meat and meat products (including semi-finished products), 16.2 percent – fish, 15.6 percent – fruits and vegetables, 6.9 percent – milk products, while the remaining 5.5 percent were other types of products.

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According to the official conditions, 25% of the shares will vest in each of the second, third, fourth and fifth years following the work year, subject to the terms of his service agreementAs a reminder, on January 6 of this year, Irakli Gilauri received another 190,907 free options for work performed in 2025 within the framework of the same program.According to the statement made by the Chairman of the GCAP Compensation Committee, Neil Janini, last summer, according to their call, after Gilauri sells his shares and grants the 2025 salary shares, he should have approximately 2.7 million shares.

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Sheri (commercial name "Sheriff Crypto Exchange") is the first and only VASP_ to be fined and suspended, after less than 2 years of operation.Sheri was fined 465,000 by the National Bank of Georgia for several violations, including not monitoring the client's income, not determining the purpose of transactions, and not verifying the origin of the virtual asset of the virtual asset service provider (VASP).The majority of crypto traders choose an exchange platform. Although there are offices, Sheri belonged to this category and, accordingly, served clients at the office (Pekini Ave., Tbilisi) with a cash desk.Digital wallets, also known as VASPs, perform purchase and sale transactions through an operational, so-called hot wallet. There is also a cold, so-called Ledger, which is referred to in fintech circles as a simple wallet. It is digital, but less modernized. Certain procedures are performed manually and selected by a part of the clients who think that it is safer and feels more protected than the latest versions.The regulator imposes the same requirements on cash-based providers, VASPs are required to have software mechanisms for client verification and crypto wallet screening.The Ashkashidzes (founders of Sheriff) are working on converting several digital currencies, including Ethereum and Bitcoin, mainly the digital dollar USDT, into GEL and USD (and vice versa).Currently, 40 Wasp exchanges are registered with the National Bank of Georgia. The latest license was obtained by Vnisi Digital Assets.

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