Georgia now allows companies to issue stablecoins backed by reserve assets

PANews, March 12 — According to Cryptopolitan, the central bank of Georgia has enacted new regulations allowing companies registered and licensed in Georgia to issue stablecoins pegged to fiat currencies, provided they are fully backed by reserve assets. Users can redeem stablecoins at face value at any time, and issuers must meet capital requirements and undergo strict audits.

According to the regulations, issuing institutions must register with the central bank and obtain written approval. The minimum regulatory capital is 500,000 lari (approximately $183,000), and if reserve assets exceed 15 million lari (about $550,000), quarterly audits must be conducted by one of the "Big Four" accounting firms. Redemption requests up to 300,000 lari must be completed within three working days, while larger amounts must be completed within five working days. The new regulations cover stablecoins pegged to the Georgian lari, foreign currencies, or other assets. Reserve coverage must reach 100%, and assets must be clearly separated from the issuer's own assets.