Regulatory Alerts2021-04-15
Law of Georgia on Payment Systems and Payment Services
The Parliament of Georgia enacted this law to establish the regulatory framework for the safe and effective functioning of payment systems and services within the country. The National Bank of Georgia is empowered to register system operators, define important payment systems, and enforce standards to ensure financial stability and participant protection. Key provisions mandate the irrevocability of transfer orders, the finality of settlements, and the protection of funds in settlement accounts from enforcement measures during insolvency proceedings.
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