The authorities of Georgia have been refusing to recognize cryptocurrencies as a payment instrument over the past few years.
However, this week it has become known about that the Central Bank of Georgia plans to introduce a regulatory framework for the crypto sphere.
The head of the Central Bank of the country, Koba Gvenetadze, has said that the legalization is necessary, since the monthly volume of trading in such assets in the country now exceeds 5 million lari ($1.6 million).
Gvenetadze has said that all crypto companies will have to register in a special registry as a service provider 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 (IMF).