“With respect to the sanctions imposed by the United Kingdom on three companies associated with virtual assets, we clarify that the entities included on the sanctions list are not entities regulated by the National Bank of Georgia (NBG),” the National Bank of Georgia stated.

According to the statement, the companies included in the UK sanctions list are not registered with the National Bank and therefore do not fall under its supervisory or regulatory framework.

“Furthermore, within the mandate granted under the Organic Law, the NBG closely cooperates with law enforcement agencies whenever unauthorized activities are identified. In this case as well, immediately upon obtaining information regarding entities operating without registration, the NBG, in accordance with procedures established by law, provided the relevant information to law enforcement agencies in September 2025 and implemented appropriate supervisory measures. According to the information available to us, an investigation is currently underway, and in certain cases appropriate liability has already been imposed.

The regulatory framework of the National Bank of Georgia establishes strict requirements for market entry and operations and serves as an important filter against entities associated with illegal activities. We also note that the regulatory framework for virtual asset service providers developed by the NBG is aligned with FATF standards and international best practices. This is confirmed by the 2024 assessment conducted by the Council of Europe’s Committee of Experts (Moneyval), according to which Georgia’s rating with respect to Recommendation 15 is “largely compliant.” The United Kingdom and France, for example, hold the same assessment with respect to this recommendation,” the NBG stated.