According to Civil Georgia, the Investigation Service of the Ministry of Finance of Georgia has announced the arrest of the head of an unregistered virtual asset service provider. The investigation revealed that the suspect conducted virtual asset transactions worth tens of millions of dollars, including exchanges between virtual assets and cash, without completing mandatory registration with the National Bank of Georgia. They are also suspected of facilitating unregulated cross-border fund flows. Law enforcement seized approximately $83,900 in cash, €300, and around $79,600 worth of cryptocurrency, and stated that they are investigating other individuals involved, as well as potential tax evasion and money laundering of illegal proceeds. The suspect could face 3 to 5 years in prison. https://(wublock123.com)/news/georgia-arrests-unregistered-virtual-asset-provider-ceo-millions-66375