Tbilisi (GBC) - Two more providers have been added to digital currency trading platforms (VASP). The NBG has registered BitExchange and Cryptomat.

Cryptomat is presented on the market with the largest network of devices. As they told us in VASP, there are 107 crypto machines across the country. Currently only Bitcoin, Bitcoin Cash, Litecoin and USDT (Tezer) are available.

Unlike an ATM, cashing out in a crypto machine is possible only in national currency. By specifying the crypto address, the user cashes coins from the digital wallet into GEL, or buys the desired crypto currency with GEL.

In addition to the new registrations, there are already 5 VASPs in the NBG’s database, including Bitanica, Cryptal and Mycoins, eMoney's affiliate, with the longest experience of 16 years of digital money trading.

The NBG licensed VASPs do not yet include Whitebit, a crypto exchange, the same as a digital wallet, whose card is provided by Saforth (technical support) by its own partner PSP (payment service provider) PayUnicard.

Electronic wallet Feunicard has been on the market for many years. It also has an accumulation card. WhiteBIT already holds VASP licenses in various EU countries. including in Spain and Lithuania.(Source: NBG)

WhiteBIT Card, it is possible to withdraw money through an ATM. The trader will transfer the merchandise on the crypto exchange to the card and cash it in three currencies, Lari, USD and Euro.

The digital wallet registration fee is 5,000 GEL. Bringing crypto asset trading platforms under the supervision of the NBG serves to legalize this segment and protect consumers. VASP requires appropriate software mechanisms for continuous monitoring of customer base and transactions.

There are 40 more companies applying for registration as VASP in the National Bank. 32 PSPs have been registered.