Cryptocurrency and digital asset securities in Georgia fall under the regulatory oversight of the National Bank of Georgia (NBG), which serves as the primary financial sector regulator, including for securities market activities Regulatory Framework.

The legal framework is built on the Law of Georgia on Securities Market, which governs securities offerings, licensing of market participants, and ongoing compliance obligations LAW OF GEORGIA ON SECURITIES MARKET.

Licensing is available for securities market participants such as brokerage companies, securities registrars, asset management companies, and investment funds through NBG-issued orders and decrees Regulatory Framework.

No specific cryptocurrency or digital asset securities licenses have been publicly confirmed as granted by NBG as of the latest available official documentation, meaning the practical reality is that digital asset firms face uncertainty regarding applicability of existing securities rules Supervision.

The National Bank of Georgia (NBG) is the primary financial sector regulator and has supervisory authority over commercial banks, banking groups, non-bank depository institutions, brokerages, independent securities registrars, asset management companies, central depositories, specialized depositories, founders of non-government pension schemes, stock exchanges, microfinance institutions, payment service providers, accountable enterprises, currency exchange bureaus, credit information bureaus, and lending entities Supervision.

The NBG's regulatory mandate is derived from the Organic Law of Georgia on the National Bank of Georgia, which tasks the NBG with promoting financial stability and transparency of the financial sector, protecting the rights of consumers and investors, and promoting the stable and efficient functioning of the financial system Supervision.

The central piece of legislation for securities regulation in Georgia is the Law of Georgia on Securities Market, which governs public offerings, securities issuance, registration requirements, and market conduct LAW OF GEORGIA ON SECURITIES MARKET.

The Law of Georgia on Investment Funds and the Law of Georgia on Mortgage Covered Bonds and the Law of Georgia on Securitization also form part of the securities regulatory architecture under NBG's supervision Regulatory Framework.

Additional legal acts governing securities-related matters include Order N178/04 of the President of the National Bank of Georgia approving the list of recognized stock exchanges of foreign countries and rules related to public offerings of securities in Georgia by international financial institutions Regulatory Framework.

The Law of Georgia on Commercial Bank Activities is a separate but relevant legal instrument for entities operating in the banking and financial sector in Georgia, including provisions on licensing and prudential requirements LAW OF GEORGIA ON COMMERCIAL BANK ACTIVITIES Chapter I General Provisions.

The NBG has issued Order N107/04 on additional regulation rules for brokerage companies involved in trading with high-risk financial instruments, which may have relevance to digital asset trading activities Regulatory Framework.

Order N180/04 of the Governor of the National Bank of Georgia addresses insider dealing, unlawful disclosure of inside information, and market manipulation, which would apply to digital asset securities if they fall within the definition of securities under Georgian law Regulatory Framework.

The NBG has approved the Corporate Governance Code for Issuers of Public Securities via Decree N172/04, which sets governance standards applicable to public securities issuers Regulatory Framework.

Order N197/04 establishes rules on granting, maintenance, and cancellation of Green, Social, Sustainability, and Sustainability-linked Bond Status, indicating the NBG's recognition of specialized securities categories Regulatory Framework.

The NBG conducts ongoing supervisory reforms and maintains compliance with international best practices, with its financial sector oversight assessed by the International Monetary Fund and the World Bank under the Financial Sector Assessment Program (FSAP) Supervision.

The NBG is also assessed by international organizations including the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), rating agencies (Moody's, Fitch Ratings), the World Bank, and the Asian Development Bank Supervision.

Capital market supervision is a distinct area within NBG's supervisory framework, covering securities market participants and activities Capital Market Supervision.

The NBG's regulatory framework for securities includes orders and decrees on licensing, reporting, transparency, sanctions, investment funds, funded pension schemes, and other areas Regulatory Framework.

Georgia's securities legislation includes the Law of Georgia on Securities Market, which has been subject to ongoing amendments and implementation through NBG orders LAW OF GEORGIA ON SECURITIES MARKET.

The NBG issues licenses for securities market participants, including "brokerage company" licenses, as governed by Order №145/04 of the President of the National Bank of Georgia on approval of the rule of licensing and regulating of a brokerage company Regulatory Framework.

Independent securities registrars require licensing under Order N33/01 of the President of the National Bank of Georgia, which sets rules for licensing the securities registrar, submitting financial statements, determining the minimum amount of capital, and terminating activities of the securities registrar Regulatory Framework.

Asset management companies are subject to licensing, registration, recognition, and regulation under Decree №167/04 of September 22, 2020 of the Governor of the National Bank of Georgia, "On the Approval of the Rule on Licensing, Registration, Recognition and Regulation of an Asset Management Company" Regulatory Framework.

Investment funds require authorization, registration, recognition, and regulation under Decree №170/04 of September 22, 2020 of the Governor of the National Bank of Georgia, "On the Approval of the Rule on Authorization, Registration, Recognition and Regulation of an Investment Fund" Regulatory Framework.

Specialized depositaries must be approved under Decree №168/04 of September 22, 2020 of the Governor of the National Bank of Georgia, "On the Approval of the Rule of Activities of the Specialized Depositary" Regulatory Framework.

The organized market recognition process is set out in Order N33/04 of the President of the National Bank of Georgia, dated February 20, 2018, "On the Approval of the Rules for Recognition of the Financial Instruments Trading System as an Organized Market" Regulatory Framework.

Investment fund unit owner registries must be maintained according to Order N169/04 of the President of the National Bank of Georgia, "On Approving the Rule for Keeping Registry of Investment Fund Unit Owners" Regulatory Framework.

Investment fund liquidation is governed by Order N198/04 of the President of the National Bank of Georgia, "On Approving the Liquidation Rule of the Investment Fund" Regulatory Framework.

For pension asset management, Order N257/04 of the President of the National Bank of Georgia, dated November 30, 2018, establishes additional requirements for pension asset management Regulatory Framework.

The NBG's supervisory remit explicitly includes stock exchanges, brokerage firms, independent securities registrars, asset management companies, central depositories, and specialized depositories, all of which require appropriate licensing or registration Supervision.

The securities registrar must comply with reporting requirements for anti-money laundering and terrorist financing risk supervision as set out in Order №47/04 of the President of the National Bank of Georgia Regulatory Framework.

Brokerage companies must comply with Order №48/04 of the President of the National Bank of Georgia on the approval of rules for completing reports and presenting information for the legalization of illicit income and terrorist financing risk supervision Regulatory Framework.

As of the latest available information from official NBG pages, no specific digital asset or cryptocurrency exchange has been publicly confirmed as having obtained a securities license from the NBG, and no dedicated virtual asset licensing regime has been published by the NBG Regulatory Framework.

Securities registrars in Georgia are required to complete reports and present information for the legalization of illicit income and terrorist financing risk supervision, as mandated by Order №47/04 of the President of the National Bank of Georgia Regulatory Framework.

Brokerage companies must complete reports and present information for the legalization of illicit income and terrorist financing risk supervision under Order №48/04 of the President of the National Bank of Georgia Regulatory Framework.

Brokerage companies involved in trading with high-risk financial instruments are subject to additional regulation under Order N107/04 of the National Bank of Georgia, which implies enhanced scrutiny and potentially more stringent due diligence obligations Regulatory Framework.

The NBG's sanction framework under Order N35/04 includes violations of the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism," which covers AML compliance obligations for securities market participants Regulatory Framework.

The NBG has the authority to determine, impose, and enforce monetary penalties against entities and members of their governing bodies for violations of securities legislation, the Law of Georgia "On Accounting, Reporting and Auditing," and the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism," as outlined in Order N35/04 Regulatory Framework.

The NBG's enforcement and penalty framework for securities legislation violations is established under Order N35/04 of the President of the National Bank, which outlines rules for determining, imposing, and enforcing monetary penalties against entities and members of their governing bodies for violations of securities legislation and related laws Regulatory Framework.

No publicly reported enforcement actions specifically involving digital asset securities or cryptocurrency firms in Georgia were identified in the provided source materials Regulatory Framework.

No tax guidance has been issued for virtual assets.

The provided source materials from the National Bank of Georgia do not contain any specific tax treatment provisions or guidance for cryptocurrency or digital asset securities Regulatory Framework.

The existing securities regulatory framework in Georgia does not explicitly address digital assets or cryptocurrency securities, creating uncertainty regarding whether and how these instruments fall under the Law of Georgia on Securities Market LAW OF GEORGIA ON SECURITIES MARKET.

No dedicated virtual asset service provider (VASP) licensing regime or specific digital asset regulatory framework has been published by the NBG, meaning businesses dealing in digital asset securities in Georgia face legal uncertainty Regulatory Framework.

The NBG's enforcement powers under Order N35/04 exclusively apply to violations under securities legislation, accounting rules, and AML/CFT law, but do not explicitly address digital asset-specific violations Regulatory Framework.

High-risk financial instruments regulation via Order N107/04 may potentially capture certain digital asset trading activities conducted by brokerage companies, but the scope of application remains unclear without explicit digital asset definitions Regulatory Framework.

The NBG's list of supervised entities does not explicitly include virtual asset exchanges or digital asset custodians, creating a supervisory gap for crypto-related businesses Supervision.

For a business seeking to operate a digital asset securities platform in Georgia, the lack of explicit regulatory clarity means that firms must make their own assessments as to whether their operations constitute "securities market" activity requiring a license under the Law of Georgia on Securities Market LAW OF GEORGIA ON SECURITIES MARKET.

The NBG has no documented track record of licensing or supervising digital asset-specific entities, which means that the practical reality of obtaining regulatory approval for a digital asset securities business in Georgia is untested and potentially subject to significant regulatory delays or refusals Regulatory Framework.

The regulatory framework for securities in Georgia does not mention "digital assets," "cryptoassets," "virtual currencies," "tokens," or "blockchain" in any of the publicly listed legal acts on the NBG's regulatory framework page, representing a significant gap in the legislative framework Regulatory Framework.

Because Georgia's securities laws have not yet clarified the treatment of digital assets, there is a risk that a digital asset classified as a security under Georgian law would be subject to the full securities regulatory framework designed for traditional instruments, including prospectus requirements, licensing of intermediaries, and ongoing disclosure obligations LAW OF GEORGIA ON SECURITIES MARKET.

LAW OF GEORGIA ON COMMERCIAL BANK ACTIVITIES Chapter I General Provisions

LAW OF GEORGIA ON SECURITIES MARKET