National Bank of Georgia to introduce anti-money laundering regulations

Georgia, a country in the post-Soviet states, supporting crypto expects to start monitoring crypto firms for protection against money laundering and incorporate sanctions, stated Cointelegraph. 

Sources revealed that the National Bank of Georgia (NBG) plans to launch compulsory guarding of virtual asset service providers (VASPs) which is expected to be valid from September 1, 2023, Cointelegraph added.

With insights from InterPressNews, a local news platform, on May 31, 2023, Archil Mestvirishvili, Governor, National Bank of Georgia,  mentioned that the new safety rules will help the country fight against money laundering, Cointelegraph highlighted.

As reported by Cointelegraph, apart from the virtual asset service providers supervision, the NBG will also create regulations for foreign bank account holders. Furthermore, from September 1, 2023, Russian citizens cannot withdraw more than 20% from their savings accounts instantly, Cointelegraph concluded. 

(With insights from Cointelegraph)

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