National Bank of Georgia expands VASP supervision with risk controls and GEL 150,000 to GEL 500,000 capital floors

The National Bank of Georgia has expanded its supervisory framework for virtual asset service providers (VASPs), adding risk based capital, risk management and stablecoin offering requirements. The amendments build on the VASP and stablecoin reforms outlined earlier in 2026 and will identify each provider’s authorized services in its registration act and the public register. Minimum supervisory capital is set at GEL 150,000 for convertible virtual asset exchange or transfer services, including self service kiosks, GEL 350,000 for trading platform administration and GEL 250,000 for other services except initial stable virtual asset offerings. Such offerings require at least GEL 500,000, with the requirement increasing alongside reserve assets. Providers offering multiple services must meet the highest applicable minimum. VASPs must also establish controls covering operational risk, cybersecurity, operational processes and business continuity. Providers planning initial stable virtual asset offerings face additional registration requirements for corporate governance, supervisory capital and offering documents. Existing registered providers have until July 1, 2027, to meet the risk management requirements and until Sept. 1, 2027, to comply with the capital requirements.