TBILISI, September 23 – Georgia’s parliament is moving to limit the National Bank’s authority over state reserves while giving it stronger powers to regulate cryptocurrency service providers.
Supporters of the measure say the tighter rules will bring Georgia’s fast-growing crypto sector under stronger oversight. A draft bill prepared by Finance and Budget Committee chair Paata Kvizhinadze and 11 other lawmakers was unveiled this week.
The proposal would revoke Article 22, Section 3 of Georgia’s Organic Law on the National Bank, which currently allows the bank’s board to allocate money from the state’s reserve fund to support financial stability and economic growth. Lawmakers say the change reflects recommendations from the International Monetary Fund. If passed, the bank would no longer be able to release funds to the government at its own discretion.
At the same time, the bill expands the bank’s supervisory role over virtual asset service providers (VASPs). Since 2023, the National Bank has overseen registration and basic compliance checks for these companies, including anti-money laundering rules and standards for fund transfers.
Under the new legislation, the central bank would be able to demand information directly from VASPs, both through on-site inspections and remote monitoring. It would also set stricter financial requirements, including minimum capital levels, asset-to-capital ratios, and risk-management standards.
According to the bill, 27 VASPs are already registered in Georgia, with more applications under review.
