Georgia to take control of all virtual asset providers

Georgia Materials 1 June 2023 10:44 (UTC +04:00)

BAKU, Azerbaijan, June 1. All providers of virtual assets in Georgia will be subject to the supervision of the National Bank in the context of combating money laundering from September 1, Acting President of the National Bank of Georgia Archil Mestvirishvili said in Parliament, Trend reports.

Virtual asset providers are companies engaged in the exchange, storage and management of virtual assets, as well as providing e-wallet services.

"The adoption of the law on the maintenance of virtual asset providers last year was a very important step to ensure the monitoring of compliance with sanctions. According to this law, the National Bank will be able to exercise control over providers of virtual assets from the point of view of combating money laundering, which will become mandatory from September 1," Mestvirishvili said.