Germany’s BaFin visits National Bank of Georgia to discuss Crypto Regulations
Germany’s Financial Supervisory Authority (BaFin), one of the largest financial supervisors in Europe met with the National Bank of Georgia (NBG) and other members of the finance sector to discuss crypto regulation. A post was published on the NBG’s site May 18 regarding this.
The post reveals that a representative from Germany’s Federal Financial Supervisory Authority (BaFin) met with members of the NBG, the international financial institutions (IFI), the private sector, commercial banks, brokers, audit, and legal companies to increase awareness of cryptocurrency in the country. The leading financial supervisory authority of Europe provided the members of the meeting with detailed information about the crypto industry.
In 2017 December, NBG warned its citizens that cryptocurrencies are not the legal form of payment and any crypto related activity is non-regulatory. “National Bank of Georgia would like to warn citizens on this matter. Cryptocurrencies do not represent means of legal payment in Georgia. Any sort of activity conducted within this sector is not regulated by the legislature and therefore is not a sphere of influence of NBG.”
According to Global Cryptocurrency Benchmarking Study issued by Cambridge Centre for Alternative Finance in 2017, in the number of known crypto mining facilities, Georgia stands second after China.
Image source: BaFin