Georgia’s Investigation Service arrests manager of unregistered VASP, seizes crypto and cash

Georgia’s Investigation Service, operating under the Ministry of Finance, arrested a manager running an unregistered virtual asset service provider on August 12, 2026. The individual allegedly facilitated crypto transactions worth tens of millions of dollars without ever bothering to register with the National Bank of Georgia. Authorities say the operation converted virtual assets and cash in ways that enabled uncontrolled international transfers, effectively creating a financial pipeline outside regulatory oversight. What authorities found Investigators confiscated computer equipment, dozens of bank cards, documents, $83,903 in US dollars, EUR 300 in cash, and crypto assets valued at approximately $79,600. The case is being prosecuted under Article 192-2-a of Georgia’s Criminal Code, which covers illegal entrepreneurial activities conducted by multiple persons. The statute carries a prison sentence of 3 to 5 years. Investigators aren’t stopping with one arrest. The probe is expanding to identify additional suspects, and authorities are also examining potential tax evasion and money laundering charges. A pattern, not an isolated incident Back in August 2025, three managers of a dif...