Legislative News
Starting January 1, 2027, new mandatory requirements for managing consumer complaints will enter into force for Virtual Asset Service Providers (VASPs).
📌 What does the new regulation require?
Establishing Procedures: Development of internal written/electronic complaint management rules
Intake Channels: Ensuring the reception and confirmation of verbal, written, and electronic complaints
Review Timelines: Reviewing complaints and providing a reasoned response — within 1 month at the latest
Internal Record-Keeping: Maintaining a permanent registry of complaints, with full documentation of measures taken and outcomes
NBG Reporting: Submitting monthly Excel reporting to the National Bank of Georgia by the 10th of each month
⚠️ Please Note:
For the purposes of this regulation, a "Consumer" includes not only existing clients, but also any person who intends to receive VASP services.
🎯 How does LC HUB support your business?
We ensure full alignment with the regulator's new Consumer Protection Compliance standards:
✅ Gap analysis & compliance assessment of existing processes
✅ Drafting internal policies & procedures for complaint management
✅ Structuring the internal registry architecture and record-keeping framework
✅ Preparing & implementing reporting forms compliant with NBG standards
✅ Staff training & end-to-end regulatory alignment
🔗 Prepare for these changes in advance. Contact us for a consultation!