National Bank of Georgia: three companies sanctioned by UK not entities regulated by NBG

The National Bank of Georgia on Tuesday said that the three companies linked to virtual assets and sanctioned by the United Kingdom were not entities regulated by the Bank.

The Bank noted that the sanctioned companies had been operating without registration and therefore were not subject to its supervision.

It also highlighted that upon obtaining information about the unregistered entities, the NBG provided the information to law enforcement agencies in accordance with the legislation and carried out relevant supervisory measures.

“The entities listed under the sanctions do not represent subjects regulated by the National Bank of Georgia. The sanctioned companies operate without registration, therefore none of them falls under the supervision of the National Bank”, the Bank said.

“At the same time, within the mandate granted under the Organic Law, the National Bank of Georgia closely cooperates with law enforcement agencies in cases involving the identification of unauthorised activities. In this case as well, immediately after obtaining information regarding entities operating without registration, the NBG provided the information to law enforcement agencies in accordance with the legislation and implemented relevant supervisory measures. According to the information available to us, investigations are underway and in some cases relevant liability has already been imposed”, the statement continued.

The Bank added that Georgia’s regulatory framework imposed strict market entry and operational requirements and served as an important filter against entities involved in illegal activities.

It further noted that the regulatory framework for virtual asset service providers developed by the National Bank was aligned with the standards of the Financial Action Task Force and international best practices, as reflected in the 2024 assessment by Moneyval, which rated Georgia as “largely compliant” with Recommendation 15.

The Bank said that the United Kingdom and France had received the same assessment regarding the recommendation.