The National Bank of Georgia (NBG) continuously strives to improve the business environment in the country and create an ecosystem conducive to the development of innovative financial products. Through effective regulation and supervision, the NBG ensures both the introduction and advancement of new technologies and services, as well as the protection of consumer interests—thereby fostering trust in the financial sector and enhancing consumer engagement.

Recently, the NBG has been regularly identifying individuals who, within the territory of Georgia—including Free Industrial Zones—are providing virtual asset services without the necessary authorization or registration.

As is known, the supervisory authority of the NBG includes the mandatory registration and deregistration of Virtual Asset Service Providers (VASPs) in the NBG, the establishment of fit and proper criteria for administrators, supervision aimed at preventing money laundering and terrorist financing, issuance of written instructions, and the imposition of additional requirements, restrictions, and sanctions. In accordance with the law, the right to provide virtual asset services—subject to specific restrictions—is granted to commercial banks, microbanks, microfinance organizations, and brokerage companies.

According to the Organic Law of Georgia on the National Bank of Georgia, it is strictly prohibited for any person who is not registered as a Virtual Asset Service Provider by the NBG, or who is not a financial sector entity authorized under the relevant regulatory legislation, to provide virtual asset services.

Furthermore, under the Law of Georgia on Free Industrial Zones, a Free Industrial Zone (FIZ) is defined as a part of Georgia’s territory with specified boundaries and a special legal status granted by law. Consequently, any person intending to provide virtual asset services within the territory of Georgia—including Free Industrial Zones—must ensure proper registration with the National Bank of Georgia.

The National Bank of Georgia cautions citizens that receiving virtual asset services from an entity lacking the aforementioned registration may result in deception and financial loss. The NBG urges the public to exercise particular caution and, above all, to verify the reliability and activity status of such entities. Additionally, the National Bank of Georgia requests that individuals provide any information they may have regarding persons who are providing or may be providing virtual asset services without registration with the NBG. In cases where indications of possible criminal activity are identified, the NBG will forward such information to law enforcement authorities.

Comprehensive information regarding Virtual Asset Service Providers—including the register of registered providers and relevant legal acts—is available on the official website of the National Bank of Georgia.