Tbilisi (GBC) - Cryptotech Solutions, which operates under the brand Coinet, applied to the National Bank of Georgi (NBG) for registration as a crypto wallet.

At the moment, about 40 people who wish to legally trade with virtual currency are trying to register in the NBG. The application and documentation have been submitted, the fee of 5,000 GEL has been paid and the decision of the regulator is awaited (source: business partner).

So far, only one crypto-wallet (VASP) is registered in the NBG. MyCoins is a subsidiary of eMoney (PSP) eMoney.

PSP eMoney has been on the market for more than 15 years and has made various payments for more than 2 million clients, including it serves utilities, banking, and international remittances, has a gambling wallet for betting and cashing out.

Taking into account the natural risks, the NBG's attitude to enhanced prevention is shared by the market, although the indefinite mode of waiting is still not comfortable.

The supervisor opened a limited period for studying the documentation of VASPs subjects. The said procedure is lifelong and the periodicity only depends on the need for review.

Digital and crypto wallets agree that the product has high risk. VASP's asset value is virtual. Both the purpose of the transaction and the background of the owners and parties should be investigated. The "Virtual Asset Service Provider" (VASP) itself is responsible for continuous monitoring of activities. for which they are ready. According to traders, protection of the market and the client is primarily in their interest.

In stage I, within 1 year of registration, transactions will only be checked in accordance with the requirements of the Money Laundering Act (AML/CFT), to identify the client, to determine the suspected reliability. VASP is given several months to complete the software, reporting system and other AML/CFT obligations.

Bringing crypto asset trading platforms under the supervision of the NBG serves to legalize the said segment. Administration will clarify the size of the several billion market.

Among the more than 35 entities wishing to register as a VASP, which have paid the registration fee of 5,000 GEL, as requested, at the beginning of the review of the registration documentation at the NBG, are: Coinmania, Cryptal, BitExchange, Cryptotech Solution.