Georgia's Investigation Service arrested the manager of an unregistered virtual asset service provider on August 12, 2026, alleging the business processed crypto transactions worth tens of millions of dollars without registering with the National Bank of Georgia. Authorities said the operation converted virtual assets and cash in a way that enabled uncontrolled international transfers outside regulatory oversight. Investigators seized computer equipment, dozens of bank cards, documents, $83,903, EUR 300 in cash and crypto assets valued at about $79,600. The case is being pursued under Article 192, Part 2, subparagraph "a" of Georgia's Criminal Code, which carries a prison term of three to five years. Investigators are also examining possible tax evasion and possible legalization of illegal income. The arrest comes as Georgia's VASP registration regime, in force since July 1, 2023, faces renewed attention after the National Bank said on August 9 that sanctioned firm SHPS Shelbit had never registered, while a separate U.S. case in June 2026 targeted Batumi-based operators accused of laundering more than $389 million in cryptocurrency.