The National Bank of Georgia is strengthening requirements for virtual asset service providers (VASPs), raising the bar for financial stability and simultaneously tightening risk management rules. The minimum supervisory capital now depends on the specific type of activity. For companies engaged in the exchange and transfer of convertible virtual assets, including operations through crypto ATMs, a minimum of 150,000 GEL is set. For trading platforms, the figure is 350,000 GEL, and for other types of services, it is 250,000 GEL.

If a company combines several activities, it will have to comply with the highest applicable standard. The initial offering of stablecoins is regulated separately: the minimum capital for such operations starts from 500,000 GEL and must increase as the volume of reserve assets grows. Thus, dividing the business into several areas will not allow for a formal reduction in capital requirements.

The new rules affect not only financial indicators. VASPs must implement comprehensive operational risk management systems, ensure cybersecurity, the reliability of internal processes, and the continuity of infrastructure operations. Existing companies are given a transitional period: risk management requirements must be met by July 1, 2027, and minimum capital standards by September 1, 2027. For small market participants, this means a significant increase in costs and a higher barrier to operating in the crypto sector.