The entity sanctioned by the US Department of the Treasury's Office of Foreign Assets Control is not an entity regulated by the NBG, according to information released by the National Bank of Georgia.

The NBG notes that the operation of a Virtual Asset Service Provider (VASP) within the territory of the country is a strictly regulated field. In accordance with applicable legislation, any entity engaged in this type of activity must undergo mandatory registration with the National Bank of Georgia.

“We emphasize that the entity sanctioned by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) - LLC Shelbit (SHPS SHELBIT) - has not applied to the National Bank of Georgia for registration as a Virtual Asset Service Provider and, consequently, is not an entity regulated by the NBG. Furthermore, according to data from the Business Registry, the registration of the aforementioned company has been canceled. We reiterate that the regulatory framework of the National Bank of Georgia establishes strict requirements for market entry and operations, serving as a critical filter against entities associated with illicit activities. Additionally, the regulatory framework for Virtual Asset Service Providers developed by the National Bank of Georgia complies with the standards of the Financial Action Task Force (FATF) and international best practices, as evidenced by the 2024 assessment by the Council of Europe's Committee of Experts (MONEYVAL). According to the assessment, regarding Recommendation 15 (which addresses compliance with requirements for the implementation of new technologies and the regulation of VASP activities), Georgia holds a "largely compliant" rating. A comparable rating for this recommendation is held by countries such as the United Kingdom and France”, reads the statement.

For information, the US sanctioned a Georgia-based crypto company. As part of the new sanctions package, the US Treasury Department has targeted crypto companies that fund Iran’s Islamic Revolutionary Guard Corps and facilitate illicit finance. Among the individuals sanctioned is Siavash Kayvanpour (Kayvanpour), who was born in Iran, has additional citizenship from Dominica and Afghanistan, and has resided in the United Arab Emirates, operates a multi-nation network of companies that support illicit digital currency activity. Kayvanpour, through his Republic of Georgia-based company, SHPS Shelbit (Shelbit), operates the Shelbit Exchange (Shelbit Exchange). Digital currency addresses belonging to the IRGC have sent the equivalent of over $1 million in digital assets to Shelbit Exchange digital currency addresses. More than the equivalent of $2 million has also been transferred from Shelbit Exchange addresses to IRGC digital currency addresses.