Tbilisi (GBC) – Three of the 14 entities sanctioned by the European Union under the 21st package of sanctions against Russia related to virtual assets (Eafor LLC, Abcex LLC and Rapira Group LLC) are based in Georgia, although none of them are regulated by the National Bank of Georgia. This was stated in a statement issued by the Natinal Bank of Georgia (NBG) on Friday.

“According to the information available to us, as a result of the investigation conducted by the relevant investigative service against the aforementioned companies, none of the sanctioned companies had their area of ​​activity in Georgia. In addition, additional investigative actions have been initiated against them.

We note here that the regulatory framework of the National Bank of Georgia imposes strict requirements for market entry and operation and represents an important filter for entities involved in illegal activities.

In addition, the regulatory framework for virtual asset service providers developed by the National Bank is in line with the standards of the International Task Force on Combating Money Laundering (FATF) and best international practices, as confirmed by the 2024 assessment of the Committee of Experts of the Council of Europe (Moneyval). According to the assessment, in relation to Recommendation 15 (which provides for compliance with the requirements for the introduction of new technologies and the regulation of the activities of virtual asset service providers (VASPs)), Georgia’s rating is "Largely compliant." Similar assessments have been made regarding this recommendation by, for example, the United Kingdom and France," the regulator's statement reads.