Recent Changes Affecting the Industry
Recent Changes Affecting the Industry
From July 1, 2023, the activities of virtual asset service providers in Georgia became regulated (see the Organic Law of Georgia "About the National Bank of Georgia" and the "Regulation, cancellation of registration, and regulations of a virtual asset service provider in the National Bank of Georgia" approved by the order of the President of the National Bank of Georgia on June 13, 2023"). Regulations serve two main purposes:
To ensure the prevention of money laundering and financing of terrorism using virtual assets.
To receive the service, users of the virtual asset service provider have to undergo an identification/verification procedure, and their agreements (transactions) will be subject to AML (Anti-Money Laundering) inspection procedures.
To separate virtual asset service activities from similar financial operations and activities.
The activity of the virtual asset service provider is thoroughly separated from other business activities of a similar nature, such as payment provider services, brokerage activities, etc. In addition, the virtual asset service provider will not have the ability to store or carry out the operations in fiat currency.
"Coinmania" LLC continues to operate as usual. A number of activities are planned, the purpose of which, on the one hand, is to ensure maximum compliance with the requirements of the legislation governing the company's activities and, on the other hand, to implement the mentioned changes in the most user-friendly manner possible without compromising the quality of service and conditions.
We continue to serve our clients around the clock. During this transition, our customer support team is available to assist you with any questions or concerns you may have. Consequently, our consumers will not experience any delays or drawbacks in receiving services.
Authorization as a Service Provider for Virtual Assets
According to the law, companies that were already operating as virtual asset service providers as of July 1, 2023, were given three months to complete the registration process (Regulation of the Parliament of Georgia dated September 9, 2022, N1790-IXმს-Xმპ. Registration number 220010000.04.001.018034). The company will continue to serve customers as usual until a decision is made and the provider is officially authorized.
Coinmania has begun the process of registering as a virtual asset service provider. One of the main goals for this, in addition to obtaining the license, is to improve our users' security and safety while keeping the service as flexible and easy as possible.
During this transitional time, our goal is to use the changes in the industry to improve our services and make them safer. In the face of new challenges, Coinmania services stay up and running, convenient, and reliable, while doing everything to protect our customers' interests.