MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“Our financial sector stands out not only in the region but globally for its stability and high-tech solutions. The government, together with the National Bank and especially over the last five years, has been actively working to further strengthen the financial sector, including the capital market and banking sector, and to enhance global competitiveness. To achieve this, the development of financial technologies is one of our priorities,” – Mariam Kvrivishvili, Minister of Economy and Sustainable Development, stated in her speech at the opening ceremony of the Georgian representative office of Bybit, an international financial services platform.

The Minister highlighted the implemented legislative initiatives that has significantly contributed to the development of the country’s financial sector. According to Kvrivishvili, these innovations will foster further growth, increase competition and ensure the safe implementation of new technologies.

In her address, the Minister positively assessed the official entry of Bybit, the world’s second-largest crypto-asset exchange, into Georgia and expressed hope that its activities would increase competition in this segment of the financial sector, provide customers with financial products of even safer and higher quality.

“Today, three digital banks are already operating in Georgia. Since 2023, the volume of the capital market has doubled, and the total size of investment funds is growing. Our fintech companies and traditional financial institutions hold leading positions in the region. Furthermore, the legislative and regulatory framework is characterized by modern approaches, ensuring investor protection and improved business access to finance,” – the Minister noted.

At the event, Bybit Georgia, in collaboration with Mastercard, presented the Bybit Card for the first time in the Georgian market. Bybit began operations in Georgia based on registrations as a Virtual Asset Service Provider (VASP) and a Payment Service Provider (PSP) issued by the National Bank of Georgia.

Bybit’s global daily turnover amounts to tens of billions of dollars. The company operates with an authorized platform in the EU and offers a variety of products and services in the digital asset market. The event was also attended by Natia Turnava, President of the National Bank of Georgia, as well as representatives from the business sector and international partners, including Mastercard, Pave Bank and Tether.