Tbilisi (GBC) - After e-wallets (PSP), crypto-currency traders (VASPs) are regulated by the NBG.
However, in the first, 1-year phase, transactions will only be checked against the requirements of the anti-money laundering legislation (AML/CFT) to identify the customer, whether they are suspicious or trustworthy.
According to the NBG, bringing the crypto-assets trading platform under the supervision of the NBG serves to legalize this segment.
At the moment, it is impossible to determine the exact volume of the multi-billion USD market. This also prevents trading with prohibited means and objects, although not completely, because in addition to the fact that there are other trade channels, not all of the crypto asset providers will want to register with the NBG.
Several companies, including one of the largest market players mycoins, are going to register with the NBG (registration fee GEL 5 000) on the start date (1.07.2023).
According to Nika Kolbaia, the director of mycoins, the protection of the market and the client is also in his interest. He also noted that the level of security on the part of the parent company eMoney is high.
Electronic wallet, Payment Service Provider (PSP) is under NBG regulation and fined.
eMoney has been operating the market for 16 years and has more than 2 million customers. serves various payments, including utility, banking. Has a gambling wallet, for betting and also for cashing out. It is possible to receive/send international money transfers.
PSP serves both physical and electronic currency transactions. There are 13 currencies in the eMoney crypto wallet.
eMoney also announced the issue of plastic bank cards. Soon Mastercard cards will be available in the eMoney digital wallet. In transactions, the user will also use electronic money, but only converted into physical currency.
In the NBG, 10-15 companies are expected to register as "virtual asset service providers" (VASPs) in the first stage.
VASP is given 6 months from registration to complete software, reporting system and other AML/CFT obligations.