Ioseb Bolkvadze, the founder of Cryptal.com, said that after the adoption of these regulations, investments in the country will increase and the market will become more competitive.
"The National Bank of Georgia plans to regulate cryptocurrencies, which is a good step, because Georgia will become one of the first countries, where the crypto will be recognized, will not be hung in the air and local legislation will regulate crypto transactions,” - Ioseb Bolkvadze said. 
According to the National Bank of Georgia, the draft bill regulating the crypto market is being developed in Georgia and the new regulations are expected to enter into force this year. The draft bill will regulate several areas, including consumer rights protection and cryptocurrency trading.
Based on the recent study published by the Cambridge Centre for Alternative Finance (CCAF), Georgia ranks 2nd worldwide in the amount of electricity consumed on cryptocurrency mining. The country used 60 megawatts of electricity to generate virtual currency. The country consumed 60 megawatts of electricity to make virtual currency.