Analysis Crypto by Thebittimes.Com

The National Bank of Georgia will launch mandatory supervision of virtual asset service providers starting from Sept. 1, 2023. Georgia, a major crypto currency-friendly country among Post-Soviet states, is preparing to start monitoring crypto firms to prevent money laundering and comply with sanctions. The National Bank of Georgia plans to launch mandatory supervision of virtual asset service providers (VASP) starting Sept. 1, 2023. NBG’s acting governor Archil Mestvirishvili said that the new regulatory measures will help the country combat money laundering, the local news agency InterPressNews reported on May 31. In line with Anti-Money Laundering considerations, the upcoming VASP probe is expected to increase the country’s compliance with Western sanctions against Russia and Belarus. Mestvirishvili noted that NBG is among the main authorities that supervise compliance with those sanctions. The supervision was especially active last year when global jurisdictions like the United ...

Several Chinese banks have been seeking to offer services to crypto firms in Hong Kong, despite a ban on crypto on the Chinese mainland. Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges in June have reportedly found some unexpected allies in the region — Chinese state-owned banks. According to a March 27 report from Bloomberg, Chinese banks including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. have either started offering banking services to crypto firms in Hong Kong or made inquiries with crypto firms, according to "people with knowledge of the matter." One source claims that a Chinese bank sales representative even visited a crypto firm's main office to pitch banking services. This is all despite an ongoing crypto ban in China. Cointelegraph reached out to Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd for further comment, but did not receive a...