The National Bank of Georgia clarified that SHPS SHELBIT, an entity sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control, has not applied for registration as a virtual asset service provider and is not regulated by the central bank. The company’s registration has also been canceled, according to the country’s entrepreneurial registry. Virtual asset service providers must register with the National Bank of Georgia to operate in the country. The bank said its framework imposes strict market entry and operating requirements and is aligned with Financial Action Task Force standards. Moneyval’s 2024 assessment rated Georgia largely compliant with Recommendation 15, which covers new technologies and virtual asset service provider regulation.
National Bank of Georgia2026-08-09
National Bank of Georgia clarifies OFAC-sanctioned Shelbit is not a registered virtual asset service provider
The National Bank of Georgia clarified that OFAC-sanctioned SHPS SHELBIT has not applied for registration as a virtual asset service provider and is not regulated by the bank. The company’s registration has also been canceled, while all virtual asset service providers operating in Georgia are subject to mandatory central bank registration.