The National Bank of Georgia has authorized resident companies to issue stablecoins pegged to both the local currency, lari, and foreign currencies. To this end, the regulator has approved a regulation on the initial placement of stable virtual assets, which will govern their issuance and circulation in the market.
According to the new rules, the launch of stablecoins is only possible after obtaining written permission from the National Bank. Companies must also register as virtual asset service providers. A minimum capital of 500,000 lari (approximately $182,000) is set for issuers, and the results of independent audits must be published quarterly.
The document also requires that stablecoins in circulation be backed by 100% reserve assets. Owners will be able to sell such assets at face value within three business days of submitting a request. The National Bank notes that stablecoins differ from ordinary cryptocurrencies in that their price is pegged to a specific asset and should remain stable.