What is electronic money under the law?
The nominal value of monetary funds received by the e-money provider from a consumer for payment operations, stored electronically, which third parties other than the issuer accept as a means of payment.
Who regulates the issuance of electronic money?
The National Bank of Georgia: it registers providers, publishes their list with the permitted services, and sets the rules on capital and the acquisition of a significant share.
How are consumer funds protected?
They are placed separately from the provider's own funds on a nominal possession account, are not a deposit, bear no interest and cannot be used for lending; at the consumer's request the e-money must be exchanged for monetary funds.
What requirements apply to a significant provider?
Maintaining the minimum capital at every stage, accounting under IFRS, and publication of the audited annual reporting on its own website by 15 May of the following year.
What limits apply to mobile operators?
Payments additional to the communications service are possible without licensing where an individual operation does not exceed 50 lari and the subscriber's monthly total does not exceed 300 lari.
