Legal Regulation of Digital Money: A Model for Harmonisation with International Standards
Author : Nino Jolia 29/06/2026
The development of digital money is fundamentally transforming the legal architecture of contemporary financial relations. Traditional monetary systems were grounded in state monetary sovereignty and centralized issuance; the proliferation of digital money has, however, presented entirely new challenges for the law. This study employs normative, comparative, and systemic analysis. The objects of comparative inquiry are the international standards of the Financial Action Task Force (FATF), the European Union legal framework (MiCA, AMLD5/AMLD6, TFR, NIS2), and the current legislation of Georgia. The research demonstrates that Georgia's AML/CFT-oriented framework establishes a foundation for financial security yet reveals systemic deficiencies: an absence of asset classification, a lack of codified Travel Rule provisions, weak consumer protection mechanisms, fragmented cybersecurity regulation, and judicial-enforcement conflicts. The optimal path for Georgia is not the mechanical transposition of MiCA, but rather a functional, proportionate, and phased harmonization grounded in the principles of security, proportionality, and technological neutrality. The proposed harmonization model aims not only to increase legal certainty but also to balance financial stability, innovation, and market efficiency.
Keywords: Digital money, Harmonization, FATF, MiCA, Legal framework.
Article DOI: https://doi.org/10.55367/BCPT6571