Arrest of unregistered virtual asset service providers by the Ministry of Finance of Georgia People

According to Civil Georgia, the Investigation Department of the Ministry of Finance of Georgia announced the arrest of the head of an unregistered virtual asset service provider. According to the investigation, the suspect, without completing his compulsory registration with the State Bank of Georgia, carried out a virtual asset transaction worth tens of millions of dollars, including a virtual asset-to-cash exchange, which was suspected to facilitate unregulated cross-border financial flows. Law enforcement authorities seized approximately $839 million in cash, 300 euros and some $796 million in encrypted currency and indicated that investigations were being conducted into other persons involved, as well as potential tax evasion and the laundering of illicit proceeds. Suspects may face imprisonment for three to five years。