Why Georgia is a serious choice for crypto licensing
You definitely need a license
The National Bank of Georgia introduced new regulations – effective July 1, 2023 – as part of the fight against money laundering.
While previously any organization could buy, sell, exchange, or store cryptocurrency on behalf of third parties, doing so is now illegal without registering as a Virtual Asset Service Provider (VASP). Failure to comply with licensing requirements can result in a fine of up to 20,000 GEL (and with the 2026 updates, the penalty list has been expanded, including strict sanctions for violating new capital requirements).
Cryptocurrency is still a great business opportunity
That has not stopped Georgia’s cryptocurrency market from being a great business opportunity.
It is easy to open a company in the country, lenient tax legislation is suited to rapid growth, and demand for VASP services is virtually guaranteed: Tbilisi ranks first worldwide in terms of the number of crypto-mats for every USD 10 billion of GDP. And that with only 2.39% of the population owning virtual assets – a fraction of a percent less than Hong Kong, Italy, and Australia, and twice as much as in neighboring Armenia and Azerbaijan
Why Georgia?
Georgia purposefully aims to become the financial and fintech hub of the region, and the NBG is the primary driver of this strategy.
The National Bank is one of the most professional and accessible financial regulators in the Caucasus. The bank’s specialists are highly knowledgeable in technology, engage seriously with applicants, and actively attract legitimate financial companies to the country. Special attention should be given to the Financial Technologies Laboratory—a sandbox environment where companies with innovative ideas can test concepts under controlled conditions and collaborate directly with the regulator to shape the legal framework. This is regulation built on a practical understanding of how crypto works.
Since the introduction of the VASP framework, numerous licenses have been issued, including to major international exchanges such as Bybit and WhiteBIT, which obtained a Georgian license as part of their global compliance strategy. The licensees include both local Georgian companies and new market players. The demand is real. The mechanism is functional, and the National Bank intends to develop it further.
If you also see the prospects in the growing cryptocurrency industry, we are ready to provide a free 30-minute consultation and assist you in obtaining a VASP license in Georgia. Important: client confidentiality is our top priority, so we guarantee that our experience working with GeCrypto will in no way compromise your commercial secrets.
highlights
Who can obtain VASP status
Experience and/or Education
The director should have a degree in economics or a related field or experience in financial services or virtual assets
Physical presence
At least one of the company’s authorized representatives must be in Georgia for at least 14 days in a calendar month
Legal Standing
The company and its management must have a clean criminal record and be in good legal standing
Legal Form of the Company
The entity must be incorporated as a Limited Liability Company (LLC) or a Joint Stock Company (JSC)
Significant Shareholders
The ownership threshold for regulatory scrutiny has been lowered. While previously a significant shareholder was defined as someone owning more than 10% of the company, this status now applies to anyone holding exactly 10% of the shares or stock. Such individuals automatically fall under the enhanced scrutiny of the National Bank
Benefits
What Services You Can Provide with a Crypto License
Note: Under the new rules, any change to the existing service scheme or the introduction of a new scheme requires mandatory prior consent from the National Bank of Georgia.
Virtual asset exchange
Cryptocurrency transfer
Custody and management of cryptocurrency assets or portfolios
Crypto lending
Initial Coin Offering (ICO) and Stablecoins
Step by step requirements
How to get a crypto license in Georgia
To obtain a VASP license in Georgia, your application needs to address four distinct areas.
Think of these as four separate blocks, each requiring careful preparation. Weakness in any one of them can delay or derail your application.
Legal documents
Business plan and financial projections
AML and CFT policy
Source of funds and source of wealth
Minimum Supervisory Capital
The minimum thresholds depend on the specific services provided:
– Exchange/transfer (including kiosks) — 150,000 GEL.
– Trading platform administration — 350,000 GEL.
– Other services — 250,000 GEL. (If multiple services are offered, the highest threshold applies). This capital must be maintained continuously throughout the company’s entire operation, and in the event of a breach, the National Bank has the right to impose a monetary fine on the VASP.
Risk Management and Complaint Handling
Additionally, the company is obligated to accept oral, written, or electronic customer complaints with no time limit. A complaint must be reviewed within a maximum of 1 month, and the customer must be notified of the final outcome. Statistical data regarding complaints must be submitted electronically to the National Bank by the 10th of each month.
How long does the VASP licensing process take?
Preparation
Gathering legal documents, writing the business plan and financial projections, and building yourAML/CFT policy from the ground up takes approximately one to one and a half months if you approach it seriously and have the right team. This is not a phase to rush — the strength of your preparation determines how smoothly the rest of the process goes.
NBG initial review
Once submitted, the bank has 60 days to respond. This response will almost certainly come in the form of a list of remarks and questions. This is standard procedure.
Your response window
After receiving the list of remarks, you have exactly one month to make corrections and resubmit. Work methodically.
Extended review
Upon resubmission, the NBG has the right to extend the review period for another 60 days. Expect the bank to utilize this full timeframe.
Total realistic timeline
The state filing fee is 5,000 GEL. This fee is paid with every submission, including resubmissions. The National Bank cannot reject an application without providing a specific reason—meaning you can always address the issues and immediately reapply.
Get in touch
How we helped GeCrypto become a registered VASP in Tbilisi
registration framework, PB Services handled the full process: from company structure
review and AML/CFT policy preparation to NBG submission and follow-up. The exchange
received its registration and began operating within the regulated framework.
