Georgia has a live dedicated stablecoin issuance pathway under NBG Governor Order No. 52/04 (signed 6 Mar 2026; enters into force upon publication; NBG announced 10 Mar 2026), requiring NBG-registered VASPs, prior written consent, GEL 500,000 minimum regulatory capital segregated from reserves, 100% reserves, whitepaper consent, quarterly reserve audits, and redemption at par within 3 business days (5 if aggregate request exceeds GEL 300,000). The Rule builds on Organic Law amendments of 17 Dec 2025 (in force 2 Mar 2026) giving NBG full VASP prudential supervision, and on the 2023 VASP registration Rule (Order 94/04) as expanded in Sep 2026 with activity-based capital floors. Planned GELT (Tether) remains an application under review, not a confirmed licensed issuance. No blanket crypto ban.
Applicable Laws:
Order No. 94/04 of the Governor of the NBG (VASP registration and regulation) - https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps
Organic Law On the National Bank of Georgia amendment 1317-IVმს-XIმპ (VASP supervision) - https://matsne.gov.ge/en/document/view/6699044
Order No. 52/04 of the Governor of the NBG (Stablecoin ICO Rule) - https://nbg.gov.ge/fm/%E1%83%A1%E1%83%90%E1%83%92%E1%83%90%E1%83%93%E1%83%90%E1%83%AE%E1%83%93%E1%83%9D/vasps/initial-coin-offering-stablecoin-final-eng.pdf
