Georgia’s National Bank: OFAC-sanctioned entity not under NBG regulation

The National Bank of Georgia on Sunday issued a statement clarifying that operating as a Virtual Asset Service Provider (VASP) within the country is a strictly regulated activity requiring mandatory registration with the central bank.

The statement comes in response to recent actions by the US Department of the Treasury, emphasising that the sanctioned firm LLC Shelbit is not a regulated entity under the NBG’s oversight.

According to the NBG, the US Office of Foreign Assets Control (OFAC) sanctioned entity, LLC Shelbit, never applied for registration as a virtual asset service provider in Georgia.

Furthermore, data from the national business registry indicates that the company's registration has already been revoked.

The central bank reiterated that its regulatory framework establishes stringent market entry and operational requirements, serving as a key safeguard against illicit activities.

The NBG highlighted that its VASP regulatory model fully aligns with the standards of the Financial Action Task Force (FATF) and best international practices.

This compliance was reaffirmed in a 2024 assessment by the Council of Europe’s Moneyval committee, which awarded Georgia a "largely compliant" rating for Recommendation 15 - the standard governing new technologies and VASP operations. The NBG noted that this rating places Georgia on par with major European jurisdictions, including the United Kingdom and France.