Friday, January 27, 2023
BTC NOON
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation
No Result
View All Result
BTC NOON
No Result
View All Result
Home Regulation

Georgia Follows EU’s Crypto Regulation Lead, Hopes to Become a ‘Hub’ for the Sector

Artem Bogdanov by Artem Bogdanov
September 3, 2022
in Regulation
0
Georgia Follows EU’s Crypto Regulation Lead, Hopes to Become a ‘Hub’ for the Sector
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Source: Adobe/Виталий Сова

 

Georgia’s government is taking steps to update its crypto regulation in line with the European Union – and hopes that the move will help this country at the intersection of Europe and Asia become a “hub” for the global industry.

Per iXBT and News Georgia, the nation’s Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, claimed that a “bundle” of draft bills had already been sent to parliament.

The minister was confident that these bills would be approved, and that legal “changes” would be OKed during the upcoming autumn parliamentary session.

Davitashvili stated that all of the bills are amendments to existing laws that will “provide for the convergence” of Georgian legislation with a number of EU directives that pertain to crypto.

Namely, these include:

  • The Payment Service Directive (PSD2), which requires exchange customers to submit additional information before buying crypto
  • The Capital Requirements Directive (CRD), which requires financial regulators to apply certain criteria when assessing crypto-related license requests
  • Virtual Asset Service Provider (VASP) directives, which pertain to the way exchanges and other crypto service providers communicate with one another and monitor customer transactions for suspicious-looking transfers or trades

Davitashvili was quoted as explaining that this would mean that Georgia-based crypto traders would be able to enjoy new legal rights, and that the measures would help the government and law enforcers ensure that crypto is not used in money laundering or terrorist financing efforts.

Davitashvili also pointed out that the VASP-related legislation was “one of the most important steps” the country needed to take in its journey toward a “sustainable regulation of the crypto industry in Georgia.”

The Deputy Prime Minister claimed that streamlining Georgian crypto legislation with the EU directives was “only the first step” on the nation’s crypto journey.

The government has previously stated that it wants Georgia to become a “crypto hub” by 2025.
_____
Learn more: 
– Why Regulation Is Key to Crypto Industry  
– Crypto Firms Flock to Dubai for Regulatory Clarity as UAE Cleans Its ‘Grey’ Reputation

– US Inches Towards Bitcoin & Ethereum Accounting Clarity, Leaving NFTs and Stablecoins for Later
– Paraguay President Squashes Bitcoin & Crypto Mining Bill with ‘Total Veto’

– Iran Passes Bill to Authorize Use of Crypto for Imports
– South Korea’s Central Bank Calls for End to ICO Ban

– Taliban Release Arrested Crypto Dealers, Bans Crypto in Afghanistan
– Brazil’s Senate Seeking to Hire Crypto and Blockchain Experts to Advise It on Policy



Source link

RELATED POSTS

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?

Tags: CryptoEUsGeorgiaHopesHubleadRegulationSector
ShareTweetPin
Artem Bogdanov

Artem Bogdanov

Related Posts

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

by Artem Bogdanov
January 26, 2023
0

Web3 loyalty programs have numerous advantages over traditional loyalty programs, but three will resonate the most with policymakers: ownership, control...

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?

U.S. Crypto Laws: Could Separating Exchange and Custody Protect Consumers?

by Artem Bogdanov
January 26, 2023
0

The pragmatic (or, if you prefer, crony capitalist) crypto companies that engage with (or, if you prefer, spend boatloads to...

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

by Artem Bogdanov
January 26, 2023
0

U.S. senator Elizabeth Warren urged banking and environmental regulators to fight crypto fraud along with the Securities and Exchange Commission...

US SEC Charges Man for Crypto Token Manipulation Scheme – Regulation Asia

US SEC Charges Man for Crypto Token Manipulation Scheme – Regulation Asia

by Artem Bogdanov
January 26, 2023
0

US SEC Charges Man for Crypto Token Manipulation Scheme  Regulation Asia Source link

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

Crypto lawyers to be in demand as regulatory pressure reaches boiling point

by Artem Bogdanov
January 26, 2023
0

Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry...

Next Post
FIFA to Launch NFT Platform for Soccer Fans – Bitcoin News

FIFA to Launch NFT Platform for Soccer Fans – Bitcoin News

European Time Uplifting Bitcoin’s Price – The Coin Republic

European Time Uplifting Bitcoin’s Price - The Coin Republic

RECOMMENDED

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023

MOST VIEWED

  • Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    0 shares
    Share 0 Tweet 0
  • Destiny 2: Season of the Seraph Warmind Node locations

    0 shares
    Share 0 Tweet 0
  • How Did Sam Bankman-Fried’s Alameda Research Lose So Much Money?

    0 shares
    Share 0 Tweet 0
  • Project Cedar: Improving Cross-Border Payments With Blockchain Technology

    0 shares
    Share 0 Tweet 0
  • Could USDT Crash Like Luna? Here’s 3 Safe Options

    0 shares
    Share 0 Tweet 0

Recent News

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023
Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

January 26, 2023

Category

  • Altcoin
  • Altcoins
  • Bitcoin
  • Blockchain
  • BNB
  • DeFi
  • Ethereum
  • Luna Crash
  • News
  • NFT
  • Regulation

Follow Us

Find Via Tags

altcoin Altcoins analyst big Binance Bitcoin Blockchain BNB BTC buy Cardano Chain Coin Crash Crypto Cryptocurrency DeFi Digital dogecoin ETH Ethereum Exchange Eyes Finance FTX heres investors Launches Luna Market Merge News NFT NFTs Platform Prediction Price Protocol Regulation Solana Token Top Trading Week XRP

© 2021 BTC Noon

No Result
View All Result
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation

© 2021 BTC Noon