Georgia Seizes $163K in Cash, Crypto From Unregistered VASP Manager

The probe is expanding to identify additional suspects, and authorities are also examining potential tax evasion and money laundering charges, the service said. Back in August 2025, three managers of a different unregistered VASP were detained in a similar operation.

This latest crackdown arrives after a wave of Western sanctions rolled out between July and August 2026 by the EU, UK, and U.S. Treasury, all targeting Georgia-based crypto platforms allegedly involved in sanctions evasion linked to Russia and Iran. Whether this specific VASP was involved in sanctions evasion remains under investigation.

The expanding investigation into tax evasion and money laundering adds another layer of concern for anyone operating in gray areas. Georgian authorities appear to be using these VASP cases as entry points for broader financial crime investigations, meaning an initial arrest for operating without registration can quickly escalate into more serious charges.

The 3-to-5-year sentencing range under Article 192-2-a is not the harshest penalty in global crypto enforcement, but it is meaningful enough to serve as a deterrent. If money laundering charges are added, the potential consequences escalate significantly.