Georgian Authorities Crack Down on Unregistered Crypto Service
The Georgian Investigation Service has arrested a manager of an unregistered Virtual Asset Service Provider (VASP) on August 12, 2026. The individual allegedly facilitated crypto transactions worth tens of millions of dollars without registering with the National Bank of Georgia.
Authorities claim that the operation converted virtual assets and cash to enable uncontrolled international transfers, creating a financial pipeline outside regulatory oversight.
The investigation seized computer equipment, dozens of bank cards, documents, $83,903 in US dollars, EUR 300 in cash, and crypto assets valued at approximately $79,600.
The case is being prosecuted under Article 192-2-a of Georgia's Criminal Code, which carries a prison sentence of 3 to 5 years. The investigation has expanded to identify additional suspects and examine potential tax evasion and money laundering charges.