---
title: "Supervision of Financial-Sector Entities — from Securities to Virtual Assets"
url: "https://legal.ge/en/service/banking-and-finance-law-en/financial-sector-supervision-en"
field: "Banking & Finance Law"
description: "Supervision of financial-sector entities by the National Bank: registration, licensing, authorization, measures and fines explained. Legal.ge."
updated: "2026-10-14"
publisher: "legal.ge"
---

# Supervision of Financial-Sector Entities — from Securities to Virtual Assets

> Source: legal.ge, https://legal.ge/en/service/banking-and-finance-law-en/financial-sector-supervision-en

The National Bank's supervisory mandate does not end with the banking sector: the Organic Law on the National Bank shapes it as the single regulator of the entire financial market — from payment systems to the securities market and the pension fund, from loan-giving entities to virtual asset service providers. This page brings together which entity enters the supervisory system under which regime — registration, licensing, authorization or recognition — and what the essence of supervision is for each of them.

## The common model: registration, license, authorization, recognition

For different entities the law sets different points of entry. Payment system operators, payment service providers, the credit information bureau, loan-giving entities and virtual asset service providers are registered with the National Bank; regulated participants of the securities market and asset management companies are licensed; investment funds undergo authorization or registration, while foreign funds and management companies are recognized. The common supervisory toolkit, however, is uniform: the Bank conducts inspections, regulates, issues written instructions, imposes additional requirements and restrictions and, in case of violation, imposes sanctions including monetary fines. In these spheres the amount and the procedure of fines are determined by the Bank's normative acts, and the fine is credited to the state budget.

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### How does an entity enter the National Bank's supervisory system?

It depends on the type of entity: payment operators, payment service providers, the credit information bureau, loan-giving entities and virtual asset service providers are registered; regulated market participants and asset managers are licensed; investment funds undergo authorization or registration, and foreign ones recognition.

### May repayable funds be attracted from more than twenty natural persons without a license?

No. Without microfinance registration, a non-bank deposit-credit license or a banking license this is prohibited, as is advertising such attraction. Exceptions cover, for example, offerings of securities, insurance activity, voluntary pension schemes and loans between natural persons.

### Is registration mandatory for a virtual asset service provider?

Yes. A provider must register with the National Bank and satisfy its requirements. The provision of such services by an unregistered person is impermissible.

### Who may receive borrower information from a loan-giving entity?

Only the transaction parties and their representatives, the National Bank, the dispute resolution commission at the National Bank, the Financial Monitoring Service in cases defined by law, and the State Audit Service during an inspection. Others — only under a court decision or the borrower's written consent.

### What happens if the requirements are violated?

The National Bank issues written instructions, imposes additional requirements and restrictions, inspects the entity and imposes a sanction, including a monetary fine whose amount is determined by the Bank's normative acts.