The Regulator of Digital Payments
The primary task of the National Bank of Georgia (NBG) is price stability; it must also ensure the stability and transparency of the financial system. Among the functions of Article 3 of the organic law are supervision of the financial sector and facilitating the safe, stable and efficient functioning of the payment system. This mandate is the foundation of the regulatory architecture of digital payments: the NBG sets the rules and determines who may operate on the payments market.
Under Article 48, the NBG has full authority to supervise commercial banks, microfinance organizations, currency exchange points, payment system operators, payment service providers, loan-providing entities and virtual asset service providers. It may issue decrees, impose additional requirements and restrictions, and apply sanctions. The Bank may refuse registration, licensing or authorization where this could threaten the stability of the financial sector, breach an international organization’s requirement, or hinder supervision of a transparent ownership structure. Anti-money-laundering supervision follows a risk-based approach. A publicly disseminated official document is deemed delivered on the 15th working day.
Registration of Payment System Operators and Service Providers
Article 48-2 directly concerns digital payments: the NBG supervises payment system operators and payment service providers through registration, its cancellation, inspection, determination of initial and ongoing capital, restrictions and sanctions. The rules on registration and cancellation, including fines, are defined by NBG normative acts, and fine amounts go to the state budget. The Bank determines the granting and withdrawal of significant-system and significant-provider statuses and may assign a system the status of a systemically or exceptionally important payment system, with corresponding capital and asset requirements. Administrators’ suitability criteria are set by a legal act.
Clearing, Settlement and the Management of Payment Systems
Under Article 63, the NBG develops and issues legal acts regulating clearing, settlement, payment services and payment systems, organizes their creation and deployment in Georgia, manages and administers them, assists banks and supervises the operating systems. The technical infrastructure of digital payments is thus directly subject to the central bank’s standards.
Consumer Disputes and the National Payments Council
Article 64-2 creates a special dispute mechanism: disputes between a payment service consumer and a provider are examined by an independent commission at the NBG, free of charge and under the principles of adversarial process, fairness, transparency and equality of the parties. The commission may request additional information and evidence from any party and, where information is not submitted, fine the infringer — except the consumer. Article 66-1 entitles the NBG to create a National Payments Council, promoting dialogue between industry and consumers, coordinating market initiatives and fostering innovation.
Virtual Assets and Payments
Article 39-1 states directly that a virtual asset is not legal tender and that paying with virtual assets is prohibited, except in cases defined by an NBG legal act necessary for providing virtual asset services. Article 52-5 governs supervision of virtual asset service providers: they must register with the NBG and satisfy its requirements, and an unregistered person may not provide such services. A provider may not engage in any activity other than the service and exchanging its own virtual asset. The Bank sets the minimum supervisory capital, storage and risk-management standards — including operational and cybersecurity risks — issues consumer protection acts and imposes sanctions, including fines directed to the budget. Behavioral rules on payment deadlines and the return of unknown transactions are defined by the Georgian law on the payment system and payment services and by NBG instructions, outside this corpus.
Frequently Asked Questions
The architecture of the regulation is layered: the National Bank supervises payment-system operators and payment-service providers, its tasks and functions are described directly by the law, and the rules on clearing, settlement and other payment services are governed by separate articles. The National Payments Council ensures systemic coordination, while the virtual asset is a defined concept, and a special supervisory regime extends to providers of virtual-asset services. The law thus combines institutional supervision, operational rules and consumer protection in a single statutory frame.
Who is the regulator of digital payments?
The National Bank of Georgia, which supervises payment systems, issues legal acts and regulates both operators and payment service providers.
Is registration required in the payments field?
Yes — a payment system operator and a payment service provider must register with the NBG; the rules on registration and fines are defined by the Bank’s normative acts.
Can payment be made with a virtual asset?
No — a virtual asset is not legal tender and payment with it is prohibited, except in the cases defined by an NBG legal act.
Where is a consumer dispute with a provider examined?
By the independent dispute resolution commission at the NBG, free of charge and under the principle of equality of the parties.
How We Help on Legal.ge
On Legal.ge we help payment operators and providers understand registration and supervisory requirements, and consumers use the dispute resolution mechanism. Contact our team on any issue of digital payment regulation.