🎉 Georgia🇬🇪: National Bank grants Bybit a license, making it an official VASPt a license, making it an official VASP

🎉 Georgia🇬🇪: National Bank grants Bybit a license, making it an official VASPt a license, making it an official VASP

With this news, it's a good time to highlight some key features of Georgia's crypto landscape:

▶️ The country's legislation is friendly to the crypto industry. In 2021, Georgia passed the "Cryptocurrency and Blockchain Law," legalizing cryptocurrencies as an investment medium.

▶️ ...but with one exception❗️ Cryptocurrencies cannot be used as legal tender.

▶️ Georgia is not a member of the OECD or the EU, so regulations like MiCA do not apply. The country has its own rules for issuers, allowing for some regulatory flexibility.

▶️ Both global cryptocurrency platforms (like Binance, OKX) and local Georgian platforms (Cryptal and Coinmania.ge) operate in the country.

▶️ Georgia has Free Industrial Zones (FIZs), areas with favorable tax regimes. Companies registered in these zones can obtain licenses to provide services related to the storage, exchange, and transfer of cryptocurrencies.

#news #CentralAsia #crypto

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