What is the difference between registration and authorization here?
Registration is the act of entry in the National Bank, whose rules are set by a normative act of the Bank; authorization is the systematic satisfaction of its requirements, which continues after registration as well.
Can other activity be carried on in parallel?
A registered provider is prohibited from carrying on activity other than the provision of the services, the ancillary activity connected with them and the exchange of its own virtual asset.
What happens when requirements are violated?
The National Bank may issue written instructions, impose restrictions, suspend particular operations and impose a sanction, including a monetary fine.
Where do the rules change?
The rules are determined by the National Bank and its council — the council issues legal acts and sets the main directions of supervision and regulation of the financial sector. Changes are reflected in the normative acts.
Do I need a license for a crypto business in Georgia?
If the business will provide virtual asset services, yes in substance: the provider must register with the National Bank of Georgia and satisfy its requirements under Article 52-5, and providing such services without registration is impermissible apart from financial-sector representatives authorized by their own sector legislation. What exactly counts as a virtual asset service is defined by other provisions of the legislation. Note also that a registered provider may not carry on any other activity besides the service itself, the auxiliary activity necessary for it, and the exchange of its own virtual asset.
