Approval of the Procedure for Filling and Submission of Reports on Stable Virtual Assets by Virtual Asset Service Providers

Order of the President of the National Bank of Georgia No. 201/04 August 21, 2026 Tbilisi

Approval of the Procedure for Filling and Submission of Reports on Stable Virtual Assets by Virtual Asset Service Providers

On the basis of subparagraph 'z' of paragraph 1 of Article 15, paragraphs 1 and 3 of Article 48, and paragraph 1 of Article 525 of the Organic Law of Georgia "On the National Bank of Georgia," I ORDER:

Article 1
The Procedure for Filling and Submission of Reports on Stable Virtual Assets by Virtual Asset Service Providers, attached hereto, is approved.

Article 2
Relevant Virtual Asset Service Providers shall ensure the submission of the first report defined by this Order to the National Bank of Georgia no later than October 15, 2026.

Article 3
This Order enters into force upon its publication.

President of the National Bank of Georgia
Natela Turnava

Procedure for Filling and Submission of Reports on Stable Virtual Assets by Virtual Asset Service Providers

Article 1. Purpose and Scope of the Procedure

1. The Procedure for Filling and Submission of Reports on Stable Virtual Assets by Virtual Asset Service Providers (hereinafter – the Procedure) defines the principles for filling out reports on stable virtual assets (hereinafter – the Report) as specified in Annex No. 1 to this Procedure by the issuer of stable virtual assets (hereinafter – the Issuer), as well as the procedure for submitting the Report to the National Bank of Georgia (hereinafter – the National Bank).
2. The purpose of the Report is to assess, according to the procedure established by the National Bank, the type of stable virtual assets issued by the Issuer, the composition of reserves and the proportion of liquid assets included therein, and the volume of stable virtual assets issued and in circulation, based on the data as of the end of the reporting period.
3. The Issuer is obligated to submit information defined by this Procedure to the National Bank in the prescribed form and within the prescribed timeframe.

Article 2. Definitions of Terms
The terms used in this Procedure have the meanings defined by the Organic Law of Georgia "On the National Bank of Georgia," the Order No. 52/04 of the President of the National Bank of Georgia dated March 6, 2026, approving the "Procedure for Initial Offering of Stable Virtual Assets by Virtual Asset Service Providers," and other normative acts of Georgia.

Article 3. Procedure for Filling Out the Report

1. The Report is prepared in MS Excel format. Violation of the report format and formulas is not permitted.
2. The main fields of the report forms are filled out by the Issuer, while some of them are protected and filled out automatically based on the information entered by the Issuer.
3. The Report must unambiguously and completely reflect the required information according to the reporting period defined by paragraph 1 of Article 5 of this Procedure.

Article 4. Monthly Report to be Submitted to the National Bank

1. The monthly report (SVA_Report) consists of the following forms:
   a) General information about the Virtual Asset Service Provider (Info); b) Information about stable virtual assets issued by the Virtual Asset Service Provider (SCR); c) Information about reserve assets (DRI).
2. The following information is filled out in the form defined by subparagraph 'a' of paragraph 1 of this Article:
   full name of the organization, identification number of the Virtual Asset Service Provider, date of registration as a Virtual Asset Service Provider with the National Bank and assigned registration number, date of the report, Chairman of the Supervisory Board (if such exists), organization administrator, administrator's telephone number and email address, organization's address, telephone number and email address, organization's website, number of branches and employees, person responsible for this report, telephone number and email address of the person responsible for the report.
3. The following information is filled out in the form defined by subparagraph 'b' of paragraph 1 of this Article:
   a) Name of the issued stable virtual asset – name of the stable virtual asset issued by the Issuer; b) Volume agreed by the offering document – volume of stable virtual assets to be issued as determined by the current offering document published by the Issuer; c) Volume of stable virtual assets in circulation – volume of stable virtual assets transferred to clients by the Issuer within the framework of the initial offering as of the date of the report, according to the currencies to which the stable virtual asset is pegged; d) Volume of stable virtual assets in circulation in national currency – volume of virtual assets transferred to clients by the Issuer within the framework of the initial offering, presented in national currency as of the date of the report at the official exchange rate determined by the National Bank; e) Unique identifier – unique identifier of the reserve asset, through which the total volume of various types of reserve assets used to back stable virtual assets in circulation can be determined. E.g., for a GEL stable virtual asset, reserve assets may include GEL fiat, demand and/or 3-month term deposits (immediately withdrawable), as well as securities issued by the Government of Georgia with a remaining maturity of up to 1 year, the total value of which must not be less than 100% of the value of the issued stable virtual asset. If the total value of GEL stable virtual assets in circulation amounts to 1000 GEL, and backing is provided by GEL fiat placed in Bank "A" (20% of value), demand deposits placed in Bank "B" (30% of value), and securities issued by the Government of Georgia (50% of value), then the issued stable virtual asset with a value of 1000 GEL is backed by 3 types of assets, the total value of which amounts to 100% of the total value. In the case of the above example, an identical (common) unique code is filled out for the GEL stable virtual asset due to the differentiation of reserve types. This code is assigned by the Issuer; f) Type of reserve asset – a liquid asset that backs stable virtual assets in circulation, and whose total value must not be less than 100% of the value of the stable virtual asset at any time. The Issuer's reserve assets must meet the requirements specified in Annex No. 1 and paragraph 6 of Article 8 of the "Procedure for Initial Offering of Stable Virtual Assets by Virtual Asset Service Providers" approved by Order No. 52/04 of the President of the National Bank of Georgia dated March 6, 2026. From the listed reserve types, the asset used for backing must be selected, e.g., for a GEL stable virtual asset, GEL fiat, demand deposits, 3-month term deposits (immediately withdrawable), or securities issued by the Government of Georgia with a remaining maturity of up to 1 year may be selected. Each type of reserve asset must be filled out separately. Selection of the reserve asset type is possible only from the existing list; g) Name of the reserve asset – name of the specific asset used for
   backing, e.g., fiat currency, demand deposits, securities issued by the Government of Georgia, etc.; h) Issuer of the reserve asset (excluding fiat currency) – filled only in the case of securities; the issuer of the securities must be indicated; i) Currency of the reserve asset – the Issuer's reserve assets must be denominated only in the corresponding currency pegged to the stable virtual asset issued by the Issuer. In the table, the currency must be selected, the value of which the issued stable virtual asset is pegged to, e.g., GEL, US Dollar, Euro, or others; j) Volume of the reserve asset in the corresponding currency – the volume of the Issuer's reserve asset in the currency in which the corresponding reserve asset is denominated; k) Volume of the reserve asset in national currency (GEL) – volume of reserves placed/accounted for in foreign currency, presented in national currency as of the date of the report at the official exchange rate determined by the National Bank; l) Place of placement of the reserve asset (name of financial institution) – name of the financial institution where the reserve asset is placed.
4. The form defined by subparagraph 'c' of paragraph 1 of this Article contains information for each type of reserve asset and currency of the stable virtual asset (GEL, US Dollar, Euro, and others), presented in national currency as of the date of the report at the official exchange rate determined by the National Bank. This form presents the daily volume of issued and redeemed stable virtual assets according to types of reserve assets. The following columns are filled out by the Issuer in the form: 4, 5, 6, 7, 9, and 10. Columns 3 and 8 are filled out automatically based on the entered information. Column 2 represents the ratio of columns 3 and 8, presented in percentages. This must always be equal to or greater than 100%.

Article 5. Procedure and Deadlines for Submission of the Report

1. The Issuer is obligated to submit the Report to the National Bank in the prescribed form by the 10th of each month, based on the status of the previous calendar month.
2. The electronically signed Report defined by paragraph 1 of this Article must be submitted to the National Bank in electronic form at the following address: VASP@nbg.gov.ge.