According to the government administration, the Prime Minister offered the CEO of Ripple to open a company service center in Georgia, noting that Georgia has a favorable investment environment and a strategic location.

It was noted that the Association Agreement with the European Union gives the new opportunities to the citizens of Georgia, and recently the government had applied for the EU membership and was pending the relevant decision of the European Commission.

According to the Prime Minister, the Georgian market is also favorable in terms of digital assets development. It was noted that Georgia is becoming a global and regional multifunctional hub for financial services, technical and innovative industries with its young, experienced and competitive human capital.

“Thanks to its reputation and friendly business environment, Georgia has become a global leader in terms of ease of doing business. The country in the developed markets is in the same league as the United States, Singapore, Denmark, Norway and the United Kingdom. Georgia has developed a preliminary draft legal framework for the regulation of virtual assets. At this stage, the draft bill is being considered along with various stakeholders, after which it will be submitted to the parliament, and the process of the bill drafting should complete by the end of the year. The country successfully uses blockchain technology and Georgia is the first country worldwide to introduce such kind of technology to the public services, particularly, to the land registry process, which has made it possible to reduce operating costs by about 30%,” - Irakli Gharibashvili stressed. 

The conversation also touched upon the visit of the representatives of the FTX Crypto Derivatives and the Digital Marketing Association to Georgia. The Prime Minister noted that it is planned to set up a regional office of the FTX in Georgia, the issue of which was being negotiated with the company. Opening a regional office will create a further conducive environment for the digital financial assets’ market.

Ripple is the largest American blockchain company with a market capitalization of more than $ 20 billion. The company operates in the leading