Georgia’s central bank: UK-sanctioned crypto firms not regulated entities

The National Bank of Georgia on Wednesday said three companies sanctioned by the United Kingdom over activities linked to virtual assets were not regulated by the Georgian central bank.

In a statement, the National Bank said the entities listed under British sanctions had operated without registration and therefore did not fall under its supervision.

The regulator said it cooperated closely with law enforcement agencies in cases involving suspected unauthorised financial activity.

According to the statement, the National Bank provided information on the unregistered entities to law enforcement authorities in September 2025 after identifying their activities and also carried out relevant supervisory measures.

The central bank added that investigations were under way and that, in some cases, legal responsibility had already been established.

The National Bank said Georgia’s regulatory framework for virtual asset service providers imposed strict market entry and operating requirements aimed at filtering out entities linked to illegal activities.

It also noted that the country’s regulatory standards were aligned with recommendations of the Financial Action Task Force and international best practice.

Referring to a 2024 assessment by Moneyval, the bank said Georgia received a “largely compliant” rating regarding FATF Recommendation 15, the same assessment given to countries including the United Kingdom and France.