Member of Parliament Vakhtang Turnava on the new law: "We are a country with the ambition to become the fintech hub of the region"

Law on Virtual Assets, Financial Supervision, and Payment Services

The Parliament of Georgia has passed a historic law that initiates a fundamental transformation of the country’s financial system and establishes an open, innovative, and consumer-oriented financial ecosystem.

Payment service providers (PSPs) are granted significant freedom—they will be able to open accounts directly with the National Bank, which will help reduce dependence on major banks, lower operational costs, and create a fair and competitive environment.

Key benefits of the law for the country and users:

•  Open banking - users decide where and how to use financial services, competition increases, and services become cheaper, faster, and more convenient.

•  Accounts for fintech companies at the National Bank - companies gain independence from commercial banks; operational costs decrease, and a fair competitive environment is established.

•  Regulation of crypto and virtual assets - clear and transparent rules increase user protection, reduce fraud risks, and open the market for global crypto players and investors.

•  Increase in investments - a regulated and safe environment strengthens international trust, attracts more capital, technology, and creates high-paying jobs.

•  Smart routing in payments - a single terminal automatically selects the cheapest and most efficient payment channel, making payments cheaper, faster, and more effective; costs for small businesses are reduced.

•  Strengthening user rights - the threshold for complaints to the National Bank’s dispute commission is raised to 100,000 GEL, procedures become more transparent, and users are better protected.

•  New impetus for economic growth - fintech development, innovation adoption, increased competition, and regulatory stability create a foundation for a sustainable and modern economy.

This reform is not just a technical change,  it is a systemic transformation that positions Georgia as one of the most progressive and secure fintech hubs in the region.