The National Bank of Georgia has opened a Regulatory Sandbox project on tokenized deposits and certificates of deposit recorded through distributed ledger technology (DLT), inviting supervised entities to participate and contribute to the development of a future regulatory framework. It notes that Georgia’s financial ecosystem currently does not regulate the use and offering of DLT-recorded deposits and certificates of deposit. Financial institutions can electronically submit schemes for issuing tokenized deposits that comply with applicable law, which the National Bank will review under its established procedure. The project is intended to support new product development, diversify the financial ecosystem, enable a secondary market for certificates of deposit, increase financial awareness, provide more flexible deposit offerings, and reduce product-related costs through new technology; participation is not a promise of any licence, registration, recognition or authorisation for any specific entity. The National Bank is set to start receiving applications from 15 February 2025.
National Bank of Georgia 2025-02-04
National Bank of Georgia invites supervised entities to join its Regulatory Sandbox project on tokenized deposits and certificates of deposit
The National Bank of Georgia launched a Regulatory Sandbox project on tokenized deposits and certificates of deposit using distributed ledger technology (DLT), inviting participation from supervised entities. The initiative aims to develop a regulatory framework, diversify the financial ecosystem, and enhance product offerings without guaranteeing specific licensing or authorisation. Applications will be accepted starting 15 February 2025.