On 18 March, at the initiative of the Financial Innovative Technologies Promotion Association, a large-scale meeting was held, bringing together leading industry stakeholders in one space.

The main objective of the discussion was the development of the virtual assets ecosystem in Georgia and the identification of existing barriers.

Key issues discussed in expert panels:

• Market competitiveness: emphasis was placed on existing unequal conditions between local and international VASPs, as well as the lack of product diversity.

• Regulation and security: discussions focused on the harmonization of AML regulations, risks associated with P2P transactions, and fraud prevention mechanisms.

• Financial innovations: the panel discussed the prospects of tokenization of financial instruments and its impact on the country’s economic transformation.

The meeting once again demonstrated that open dialogue and coordination between the traditional financial system and the blockchain industry are essential prerequisites for the secure development of the digital economy in Georgia.

The meeting was attended by representatives of regulatory public authorities, commercial banks, microbanks, payment service provider companies, virtual asset service providers (VASPs), microfinance organizations, consulting firms, startups, the academic sector, business and banking associations, as well as brokerage companies and investment funds.