Acting President of the National Bank of Georgia, Archil Mestvirishvili, explained that the bank not only oversees compliance with financial sanctions, but has also extended its oversight to virtual asset providers. He made this statement when presenting a report to Parliament.
Mestvirishvili stressed that over the past year the financial sector of Georgia has shown particular commitment to combating money laundering and terrorist financing. This became clear when they joined the sanctions imposed on Russia and Belarus by the European Union, the United States and the United Kingdom.
“We have set up our own sanctions monitoring department. Compliance with sanctions, especially in the financial sector, is of enormous importance. The National Bank is committed to compliance with these sanctions,” she said Mestvirishvili.
He stressed the importance of managing virtual assets, citing the Virtual Asset Providers Act passed last year. According to this law, the National Bank is authorized to monitor and supervise these service providers to prevent money laundering activities. The implementation of this supervision will be mandatory from September 1st of the current year.
Metsvirishvili’s comments underscore the Georgian financial sector’s commitment to maintaining financial integrity and underscore the growing importance of virtual asset regulation in today’s financial landscape.
