Georgian Prime Minister Irakli Garibashvili, along with Vice Prime Minister Levan Davitashvili, met with the CEO of Ripple, Brad Garlinghouse, during his visit to Davos.
The Prime Minister offered the CEO of Ripple to open a corporate service centre in Georgia and noted that Georgia has a favourable investment environment and the country has a stable location.
It was noted that Georgian citizens are given new opportunities by the EU-Georgia Association Agreement (AA), and recently the government has applied for EU membership and is waiting for the relevant decision of the European Commission.
According to the Prime Minister, the Georgian market is favourable in terms of the development of digital assets and is developing rapidly. It was noted that with young, experienced and competitive human capital, Georgia is becoming a global and regional multifunctional hub for financial services and technical and innovative industries. 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.
According to the head of government, Georgia has developed a preliminary draft of the legislative base for the regulation of virtual assets, at this stage the bill is being discussed with various stakeholders, after which it will be submitted to parliament, and the drafting process should be completed by the end of the year.
It was noted that the country successfully uses blockchain technology, and Georgia is the first country in the world to introduce blockchain technology in public services, in particular in the land registry process, which has made it possible to reduce operating costs by about 30%.
The conversation also touched on the visit of FTX Crypto Derivatives and Digital Markets Association representatives in Georgia. The Prime Minister noted that it is planned to establish a regional office of FTX in Georgia, which is being negotiated with the company. Opening a regional office will create a conducive environment for the market for digital financial assets of the future.
Ripple is the largest American blockchain company, with more than $ 20 billion in market capitalisation. The company operates in leading European and American countries, including the US, Mexico, the UK, France, Ireland and Italy.