ChainArgos’s Patrick Tan: Georgia has a strong and resilient banking sector, a stable currency and a progressive, forward-looking central bank

“Georgia is fortunate to sit at the crossroads of East and West, which gives it a remarkable geographical advantage in tapping into the opportunities of the global banking sector. It also has a strong, resilient banking sector, a stable currency and a progressive, forward-looking National Bank that supports entrepreneurs and innovators,” said Patrick Tan, General Counsel of ChainArgos, a Singapore-based blockchain analytics company. He was speaking at the Tbilisi Finance Summit.

Tan stated that Georgia is part of the strategic corridor linking Europe and Asia, enabling it to attract capital, talent and investment while developing its financial and digital infrastructure.

“Georgia’s strategic location, resilient banking sector and well-considered approach to digital asset regulation allow it to seize significant opportunities in the international financial arena,” Tan said.

He also highlighted Georgia’s approach to establishing a legal framework for regulating virtual asset service providers. In his view, the country has successfully drawn on the experiences of other nations to adopt a consistent, well-considered approach to digital asset regulation.

“We often see countries rushing to regulate digital assets, virtual assets and stablecoins without always making the right decisions along the way. In Georgia’s case, we have seen a firm and well-thought-out initiative to get the process right from the outset before rolling it out at scale,” Tan said.

Tan said this approach also puts Georgia in a strong position for the development of artificial intelligence and autonomous payments. As payments across global networks become increasingly digital and autonomous, he said, Georgia can become an active participant in these processes.

According to NBG, ChainArgos is a privately held company, based in Singapore. Its platform allows users to trace and monitor the movement of crypto assets across blockchain networks, analyse transactions and detect suspicious financial flows.