Odaily Planet Daily report: Natela Turnava, Governor of the National Bank of Georgia (NBG), recently signed an order formally establishing the legal framework for the issuance and circulation of fiat-pegged stablecoins in the country. The new regulations permit companies registered and licensed in Georgia to issue stablecoins pegged to the Georgian lari, foreign currencies, or other assets. Issuers must register with the NBG as virtual asset service providers, maintain 1:1 full reserves, and strictly segregate reserve assets from the company’s own assets.
Regulatory requirements mandate that issuers maintain at least 500,000 Georgian lari (approximately $183,000) in regulatory capital, with the requirement scaling up to a maximum of 50 million lari as reserve levels increase. Additionally, if reserves exceed 15 million lari, issuers must establish a supervisory board and engage top-tier accounting firms, including the “Big Four,” for quarterly audits. The new regulations also safeguard users’ redemption rights, requiring issuers to honor redemptions at par value within 3 to 5 business days. Georgia’s move draws on international regulatory models such as the U.S. GENIUS Act and the EU’s MiCA, aiming to enhance its compliance standards as a regional crypto hub. (Cryptopolitan)