“The National Bank has made some changes to the law on prevention of money laundering to regulate the cryptosphere. We are now waiting for the rules for the registration of virtual asset service providers that will decide the future of the cryptosphere,” David Kikvidze, Chairman of the Supervisory Board at FinTech Association, says.
According to Kikvidze, their goal is to bring together bona fide companies to jointly create a healthy environment in the cryptocurrency field.
“Amid some changes to the anti-money laundering law to regulate the cryptosphere, the term “virtual asset service provider” was introduced. Now we are waiting for the rules for the registration of a virtual asset service provider, which will specify the way for how of companies operating in the cryptocurrency business will function,” he notes.
Kikvidze adds that the National Bank didn’t held any consultations on the issue. The Fintech Association and financial companies believe that a body to communicate with the National Bank on all issues related to cryptocurrencies should be established.
“Our goal is to bring cryptosphere closer to payment services. We want the cryptocurrency to be regulated so that virtual currencies not to be associated with risks for the National Bank, contribute to financial stability, be a flexible and new tool for the consumer beneficial to everyone,” David Kikvidze points out.
