Georgia to Monitor Crypto Firms for Money Laundering and Sanctions Compliance

06/01 14:00

Georgia, a country known for its cryptocurrency-friendly policies, is set to introduce mandatory supervision of virtual asset service providers (VASPs) from September 2023. The move is aimed at preventing money laundering and ensuring compliance with Western sanctions against Russia and Belarus. The National Bank of Georgia will oversee the VASPs and enforce a set of restrictions for foreign bank account holders, including a limit on withdrawals for Russian citizens. The country is also preparing to approve cryptocurrency-related legislation in the autumn session to coordinate local laws with major European Union directives and prevent the use of crypto for illicit activities.

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