Georgia Arrests Crypto Service Provider Manager Over Unregistered Transactions

The Investigation Service of Georgia's Finance Ministry announced the arrest of a manager from an unregistered cryptocurrency service provider. The suspect allegedly conducted virtual asset transactions worth tens of millions of USD, including converting virtual assets and cash, without mandatory registration with the National Bank of Georgia.

According to the agency, the individual facilitated uncontrolled international transactions in the country through this activity. The Investigation Service seized computer equipment, dozens of bank cards, various types of documents, $83,903 in cash, €300, and cryptocurrency worth $79,600 during an operative search measure.

The offense falls under Article 192-2-a of Georgia's Criminal Code, which covers illegal entrepreneurial activities committed by more than one person. The prison sentence for this crime is three to five years.

Relevant measures are underway to identify and expose other individuals involved in the criminal activity, as well as to uncover cases of tax evasion and possible legalization of illegal income.