Georgia's Central Bank Issues New Stablecoin Regulations, Allowing Domestic Companies to Issue Reserve-Backed Stablecoins

Odaily News Georgia's National Bank (NBG) Governor Natela Turnava recently signed an order, formally establishing the legal framework for the issuance and circulation of fiat-pegged stablecoins in the country. The new regulations allow companies registered and licensed in Georgia to issue stablecoins, covering categories pegged to the Georgian Lari, foreign currencies, or other assets. Issuers must register with the NBG as virtual asset service providers, ensure a 1:1 full reserve ratio, and strictly segregate reserve assets from the company's own assets.

The regulatory requirements stipulate that issuers must have a minimum regulatory capital of at least 500,000 Lari (approximately $183,000), which can increase up to 50 million Lari as the reserve scale grows. Furthermore, 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 rules also safeguard users' redemption rights, stipulating that issuers must complete redemption at face value within 3 to 5 business days. Georgia's move draws on international regulatory experiences such as the U.S. GENIUS Act and the EU's MiCA, aiming to enhance its compliance as a regional crypto hub. (Cryptopolitan)