Four of the 14 entities related to virtual assets that were sanctioned under the European Union's 21st package of sanctions against Russia (LLC "Aifori", LLC "Abcex", LLC "Rapira Group", Exnode, Exnode Pay (Arvix), LLC "Arvix") are incorporated in Georgia. However, none of these entities are regulated by the National Bank of Georgia.

According to the information available to us, the investigation conducted by the relevant investigative authority found that none of the sanctioned companies carried out their operations in Georgia. Furthermore, additional investigative measures have been initiated with respect to these companies.

We would also like to emphasize that the National Bank of Georgia's regulatory framework establishes stringent market entry and operational requirements, serving as an effective filter against entities associated with illicit activities.

Furthermore, the regulatory framework for Virtual Asset Service Providers (VASPs) developed by the National Bank of Georgia is aligned with the standards of the Financial Action Task Force (FATF) and international best practices. This is confirmed by the 2024 assessment conducted by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). According to the assessment, Georgia is rated "largely compliant" with Recommendation 15, which relates to the regulation of Virtual Asset Service Providers (VASPs) and the implementation of measures concerning new technologies. Countries such as the United Kingdom and France have received the same rating under this recommendation.