Georgian authorities have approved an updated regulatory framework for the financial sector that regulates cryptocurrency trading in the country. This was stated by Deputy Prime Minister Levan Davitashvili, Business Media Georgia reported.

The legislative package provides convergence with three EU directives on payment services, capital requirements and virtual asset service providers. Davitashvili described the latter as “especially important” for the formation of sustainable regulation of the cryptocurrency industry in the country.

According to him, the document was sent to the Assembly. The amendments are scheduled to be adopted at the autumn session.

In April, Koba Gvenetadze, head of the Central Bank of Georgia, announced the preparation of a legal framework focused on the digital asset industry. A month later, Papuna Lezhava, vice president of the regulatory agency, announced that the final version of the document will be published in the summer or fall of 2022.

Recall that in early July, the Council of the European Union and the European Parliament tentatively agreed on the provisions of the draft law on the regulation of cryptocurrencies. Mica. It explains the rules that apply to issuers of unsecured cryptoassets, stablecoins, trading and custody platforms.

Later, members of the European Green Party and Socialists proposed to propagate the standards. AML/CFT– procedures for decentralized organizations, DeFi platforms and NFT platforms.

EU officials have also decided to create a new regulatory body that will be tasked with direct oversight of the cryptocurrency business.

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