ChainCatcher report: According to market sources, the National Bank of Georgia has enacted new regulations permitting companies registered and licensed in Georgia to issue fiat-backed stablecoins, provided they are fully collateralized by reserve assets. Users may redeem stablecoins at par value at any time. Issuers must meet capital requirements and undergo rigorous audits. Under the regulations, issuers must register with the central bank and obtain written approval; minimum regulatory capital is set at 500,000 GEL (approximately $183,000), and when reserve assets exceed 15 million GEL (approximately $5.5 million), quarterly audits must be conducted by one of the “Big Four” accounting firms. Redemption requests up to 300,000 GEL must be processed within three business days; larger amounts must be settled within five business days. The new rules cover stablecoins pegged to the Georgian lari, foreign currencies, or other assets, requiring a 100% reserve coverage ratio and strict segregation of reserve assets from the issuer’s own assets.
Georgia Allows Licensed Firms to Issue Reserve-Backed Stablecoins
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Summary
Georgia’s central bank has introduced rules permitting licensed firms to issue reserve-backed stablecoins pegged to fiat currencies. The CFT framework requires issuers to hold 500,000 GEL ($183,000) in regulatory capital, with quarterly audits by Big Four firms if reserves exceed 15 million GEL. Redemption is guaranteed at face value, with small claims settled within three days and larger ones within five. The move aligns with broader financial reforms, including clear guidelines on capital gains tax for digital assets.
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