Georgia: crypto and stablecoin regulation (as of 6 November 2026)

As of 2026-11-06

In Georgia, virtual asset service providers (VASPs) must register with the National Bank of Georgia (NBG). The NBG's FAQ deals with commercial banks, microbanks, microfinance organisations and brokerage companies separately, as "other financial institutions" authorised to provide some virtual asset services; it does not say whether they register as VASPs. On 8 September 2026 the NBG announced amendments to its VASP Registration Rule that set minimum supervisory capital by type of activity; VASPs registered before the amendments have until 1 September 2027 to meet the capital requirement (NBG news). Under NBG Order No. 52/04 of 6 March 2026 (published on 9 March 2026; it enters into force upon publication), a stablecoin initial coin offering needs the NBG's prior written consent.

Status: The NBG says the legislative changes on virtual assets came into force on 1 January 2023 and that the framework establishes mandatory VASP registration at the NBG, fit-and-proper criteria for VASP administrators and AML/CFT supervision. The Registration Rule was approved by Order No. 94/04 of the NBG Governor on 13 June 2023. Since 1 January 2026, a VASP must display the NBG act confirming its registration. On 8 September 2026 the NBG announced amendments setting minimum supervisory capital by activity and a risk-management framework; VASPs already registered must meet the risk-management requirements by 1 July 2027 and the capital requirements by 1 September 2027. Order No. 52/04 of 6 March 2026 approved the rule for the initial coin offering of a stablecoin; Order No. 214/04 amended it, in force from 10 September 2026.

This page states what the official sources say. It is not legal advice. The quotes are from the NBG's English pages; the stablecoin rule is quoted from the NBG's English text.

Georgia virtual asset rules: status as of 6 November 2026 (some rows read 10 November 2026)

Key dates

Dates printed in the official texts cited on this page, earliest first.

A dash means this site has no dated row for that role. It is not a statement that no rule applies.

Georgia virtual asset key rules

Georgia VASP registration, scope and the NBG register

• Who must register. "A Virtual Asset Service Provider (VASP) is obliged to register with the National Bank and to ensure the compliance with the requirements set by the National Bank of Georgia." (NBG)
• What a virtual asset is. "A virtual asset is a digital representation of value that is interchangeable and non-unique, can be digitally traded or transferred, and can be used for investments and/or payment purposes. A virtual asset does not include digital representation of fiat currencies, securities, or other financial instruments." (NBG)
• Which services. The NBG lists exchange (including via kiosks) between convertible virtual assets and fiat currencies, other virtual assets or financial instruments; transfer; safekeeping and/or administration; portfolio management "(excluding collective portfolio management)"; administration of a trading platform; lending; and the initial coin offering of a convertible virtual asset. (NBG)
• Banks and brokers. "The financial institutions authorised to provide virtual asset service are commercial bank, micro - bank (from July 1, 2023), microfinance organization and brokerage company." "These institutions are entitled to provide only the following virtual asset services:" exchange (including via kiosks), transfer, and safekeeping and/or administration of convertible virtual assets, plus auxiliary activities. A VASP itself "is not authorised to undertake activities other than virtual asset service, auxiliary activities necessary to provide virtual asset service and to exchange their own virtual assets." (NBG)
• Trading as a client. According to the NBG's FAQ (undated), a person who exchanges virtual assets solely with its own funds and/or virtual assets, as a client of a VASP (including a trading platform), with another client of the same VASP, without any form of arrangement with a third party and without providing virtual asset service for that third party, "is not subject to the registration as a Virtual Asset Service Provider at the National Bank of Georgia." (NBG)
• The register. Under the amended rule, the NBG's registration act "will clearly indicate the specific type of virtual asset service the entity is authorized to provide." The NBG register file dated 10 November 2026 lists 45 registered providers (rows with a registration number on the Registered sheet; our count, checked 10 November 2026) and 1 on its "Canceled" sheet; each registered row lists the services the provider is allowed to provide ("Virtual Asset Services that Provider is allowed"). (NBG, NBG register)

Georgia capital, risk-management and AML/CFT rules

• Capital by type of activity. The NBG's 8 September 2026 announcement sets minimum supervisory capital for exchange "(including via self-service kiosks) and/or transfer services of convertible virtual assets - no less than 150,000 GEL"; for "trading platform administration services - no less than 350,000 GEL"; and "In the case of all other services (excluding the initial coin offering of stablecoin ) - no less than 250,000 GEL". For a stablecoin offering, "the supervisory capital is set at a minimum of 500,000 GEL and increases alongside with the growth in the value of reserve assets." (NBG)
• Several services. "if the provider offers more than one virtual asset service, they are obliged to maintain the highest minimum supervisory capital required among those respective services." (NBG)
• Risk management. The amendments add requirements "which include the assessment and control of operational risks, cybersecurity, operational process management, and business continuity planning." VASPs already registered must comply with them by 1 July 2027 and with the capital rules by 1 September 2027. (NBG)
• AML/CFT. Under the AML/CFT law, "a Virtual Asset Service Provider (VASP) is an obliged person and is obliged for complying with its requirements." The NBG's oversight includes "defining requirements for information accompanying the virtual asset transfers." (NBG)
• Payments in virtual assets prohibited, with exceptions. Organic Law on the NBG, Article 39¹(2), as quoted by the NBG: "Payments with virtual assets are prohibited, except for cases determined by a legal act of the National Bank of Georgia, which are necessary for the provision of virtual asset services." The NBG's FAQ (undated): "A virtual asset is not a legal tender. Accordingly, it is prohibited to make payments with a virtual asset, except for the exceptional cases defined by the legal act of the National Bank of Georgia, which are essential for providing virtual asset service." (NBG)

Georgia stablecoin offering rule (NBG Order No. 52/04, as amended by Order No. 214/04)

The rule was amended by Order No. 214/04 of 9 September 2026, in force from 10 September 2026 ("ეს ბრძანება ამოქმედდეს 2026 წლის 10 სექტემბრიდან."). The definition, reserve-asset and reserve-placement bullets below give the amended Georgian text (our translation of the Georgian text). The English quotes in the other bullets are from the rule as first adopted; the provisions quoted are not among those changed by Order No. 214/04 (Art. 1 read in full).

• Prior consent. "The provision of a stablecoin initial coin offering on the territory of Georgia is prohibited without obtaining prior written consent from the National Bank." (NBG English text)
• What a stablecoin is. Art. 2(1)(a), as amended: "სტაბილური ვირტუალური აქტივი – კონვერტირებადი ვირტუალური აქტივი, რომელიც გამოხატული ან დენომინირებულია ერთეულებში, ხოლო მისი ღირებულება მიბმულია ფიატური ლარის ან სხვა რომელიმე ფიატური უცხოური ვალუტის (აშშ დოლარი, ევრო ან სხვა) ღირებულებაზე და მისი ღირებულების შენარჩუნება შესაძლებელია ლიკვიდური აქტივებით, …" Since Order No. 214/04 (in force from 10 September 2026), a stablecoin is a convertible virtual asset whose value is pegged to the fiat lari or another fiat foreign currency (US dollar, euro or other), and whose value can be maintained by liquid assets (our translation). The earlier wording (NBG English text, as first adopted) also allowed a peg "to another asset"; Art. 2(1)(d) is deleted ("„დ“ ქვეპუნქტი ამოღებულ იქნეს"). (Legislative Herald)
• Reserve asset. Art. 2(1)(t), as amended: "სტაბილური ვირტუალური აქტივის სარეზერვო აქტივი – ლიკვიდური აქტივი, რომელიც წარმოადგენს მიმოქცევაში არსებული სტაბილური ვირტუალური აქტივის უზრუნველყოფას და რომლის ჯამური ღირებულება ნებისმიერ დროს სტაბილური ვირტუალური აქტივის ღირებულების 100%-ზე ნაკლები არ უნდა იყოს;" Reserve assets are liquid assets backing the stablecoins in circulation, worth at no time less than 100 % of the stablecoins' value (our translation). (Legislative Herald)
• Where reserves are placed. New Art. 8¹(2): "თუ ემიტენტის ფიატური ვალუტის სახით არსებული სარეზერვო აქტივების ჯამური ღირებულება არ აღემატება 5 000 000 (ხუთი მილიონი) ლარს, აღნიშნული სარეზერვო აქტივების (ფიატური ვალუტის) 100 პროცენტი შეიძლება განთავსდეს ეროვნული ბანკის მიერ ლიცენზირებულ ერთ კომერციულ ბანკში ან მიკრობანკში. ამასთან, ემიტენტის ფიატური ვალუტის სახით არსებული სარეზერვო აქტივების ჯამური ღირებულება არ უნდა აღემატებოდეს შესაბამისი კომერციული ბანკის ან მიკრობანკის სააქციო კაპიტალის 10 პროცენტს." Art. 8¹(3): "თუ ემიტენტის ფიატური ვალუტის სახით არსებული სარეზერვო აქტივების ჯამური ღირებულება აღემატება 5 000 000 (ხუთი მილიონი) ლარს, ეროვნული ბანკის მიერ ლიცენზირებულ ერთ კომერციულ ბანკში ან მიკრობანკში განთავსებული ფიატური ვალუტის ჯამური ღირებულება არ უნდა აღემატებოდეს შესაბამისი კომერციული ბანკის ან მიკრობანკის სააქციო კაპიტალის 10 პროცენტს და ემიტენტის ფიატური ვალუტის სახით არსებული სარეზერვო აქტივების ჯამური ღირებულების 50 პროცენტს." Fiat reserves of up to GEL 5,000,000 may all be held in one NBG-licensed bank or microbank, but not above 10 % of that bank's share capital; above GEL 5,000,000, the amount in any one bank may not exceed 10 % of its share capital and 50 % of the issuer's fiat reserves (our translation). (Legislative Herald)
• Issuer capital. "The Issuer is required to have minimum regulatory capital of not less than GEL 500,000 (five hundred thousand)." Article 7(1): "If the total value of the Issuer’s reserve assets is greater than or equal to GEL 1,000,000 (one million), its regulatory capital shall be equal to the minimum regulatory capital requirement specified in paragraph 1 of Article 5 of this Rule, plus no less than 2% of the average daily value of the Issuer’s reserve assets over the preceding six (6) months, but not exceeding GEL 50,000,000 (fifty million)." The English text does not say whether the GEL 50,000,000 limit applies to the 2% add-on or to the total. (NBG English text)
• Reserves. "The Issuer must, at all times, hold and maintain reserve assets in an amount that represents at least full (100%) collateralization/backing of the nominal value of the issued stablecoins." The reserves "shall be denominated only in the currency to which the issued stablecoin is pegged" and "must be segregated from the Issuer’s own assets through effective internal control mechanisms". The amended definition of reserve assets refers to the value of the stablecoins ("სტაბილური ვირტუალური აქტივის ღირებულების 100%-ზე"); the reserves rule quoted above, which Order No. 214/04 did not change, refers to their nominal value (the Georgian text of the reserves rule was not read), which 214/04 defines as their fixed or otherwise set value ("ნომინალური ღირებულება – სტაბილური ვირტუალური აქტივის ფიქსირებული ან სხვაგვარად დადგენილი ღირებულება, …") (our translation). (NBG English text, Legislative Herald)
• No sharing of reserve income. The issuer may not enter "into any agreement that directly or indirectly implies the sharing of any portion of income generated from reserve assets with stablecoin holders or any third party." (NBG English text)
• Redemption and audit. Redemption at nominal value comes "no later than three (3) business days from receipt of the request", or five business days where a single client's request exceeds GEL 300,000. "The Issuer shall ensure the regular quarterly verification of reserve assets by an independent, qualified external auditor." (NBG English text)

Georgia virtual asset timeline

Not covered here

Only the original versions of the NBG orders on the Legislative Herald (matsne.gov.ge) were read; the consolidated texts are not public there. The articles of Order No. 207/04 that set the new requirements were not read, so the capital figures are cited from the NBG's announcement of 8 September 2026, and the stablecoin rule is quoted from its English text as first adopted except where the amended Georgian text is given. The laws behind them (the Organic Law on the National Bank of Georgia and the AML/CFT law) were not read in full. The appendices of the stablecoin rule (reserve asset composition) were not read, and no NBG consent for a stablecoin offering was found. The register count is from the file dated 10 November 2026, not a live count. Tax treatment of virtual assets in Georgia is not covered.

See all jurisdictions: regulation tracker.

Compare all jurisdictions in one table

Sources

• https://nbg.gov.ge/en/faq/125
• https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps
• https://nbg.gov.ge/fm/%E1%83%A1%E1%83%90%E1%83%92%E1%83%90%E1%83%93%E1%83%90%E1%83%AE%E1%83%93%E1%83%9D/vasps/initial-coin-offering-stablecoin-final-eng.pdf
• https://nbg.gov.ge/en/media/news/the-national-bank-of-georgia-expands-the-supervisory-framework-for-virtual-asset-service-p
• https://nbg.gov.ge/en/media/news/amendment-to-the-regulation-on-registration-and-regulation-of-virtual-asset-service-provid
• https://nbg.gov.ge/fm/%E1%83%A1%E1%83%90%E1%83%92%E1%83%90%E1%83%93%E1%83%90%E1%83%AE%E1%83%93%E1%83%9D/vasps/%E1%83%A0%E1%83%94%E1%83%94%E1%83%A1%E1%83%A2%E1%83%A0%E1%83%98/vasps-eng-10-11-2026.xlsx
• https://matsne.gov.ge/en/document/view/6807568
• https://matsne.gov.ge/ka/document/view/5829496
• https://matsne.gov.ge/ka/document/view/6985790
• https://matsne.gov.ge/ka/document/view/6997713

Updated: 2026-11-13 · Markdown version

Cite as: Georgia: crypto and stablecoin regulation, achivx.org, https://achivx.org/regulation/georgia/, as of 2026-11-06, CC BY 4.0