The Georgian authorities have been refusing to recognize cryptocurrencies as a payment instrument over the past few years. Back in mid-2019, a law on the taxation of miners and traders began to operate in the country.
At the same time, plans appeared to create an infrastructure in Georgia for companies mining cryptocurrencies. Tbilisi promised that the country would become one of the centers for the development of the mining industry in Europe.
However, the Ministry of Finance at the same time rejected the proposal to allow the use of cryptocurrencies as a means of payment.
This week it became known about the plans of the Central Bank of Georgia to introduce a regulatory framework for the cryptosphere.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
As the Financial portal clarifies concerning the head of the Central Bank, Koba Gvenetadze, legalization is necessary, since the monthly volume of trading in such assets in the country exceeds 5 million lari ($1.6 million).
Gvenetadze notes that all crypto companies will have to register in a special registry as a service providers and pay taxes.
The legislation will fully comply with the requirements and recommendations of the Financial Action Task Force (FATF) and the International Monetary Fund.