• English
  • Русский
  • العربية

Telegram_logo
Get in touch

Obtaining a crypto license in Georgia

We can register your company as a VASP in the unified register of the National Bank.

Contact

Our experts answer all your questions.

Tbilisi River

Why you need a license

New regulations

The National Bank of Georgia introduced new regulations – effective July 1, 2023 – as part of the fight against money laundering.

Previously, any organization could buy, sell, exchange, or store cryptocurrency for the benefit of a third party. It is now illegal for anyone not registered as a virtual asset service provider (VASP). Fail to comply with licensing requirements, and you may find yourself staring down the barrel of cool GEL 20,000 fine.

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

highlights

Who can obtain VASP status

Company director

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

management

The company and its management must be squeaky clean

LLCs and JSCs

Benefits

Services you can provide with a crypto license

Virtual asset exchange

A must for crypto exchanges, trading platforms, self-service kiosks, and offline exchanges. Exchange cryptocurrency for fiat money (Georgian lari and foreign currencies), convertible tokens, or financial instruments for the benefit of third parties.

Cryptocurrency transfer

An important option for fintech applications that conduct transactions and payment services (especially internationally) involving virtual assets.

Custody and management of cryptocurrency assets or portfolios

Hello, wallet operators, investment platforms, and management companies dealing with virtual assets.

Crypto lending

A booming field that involves lending in fiat funds against digital assets. A possible source of competitive advantage for microfinance organizations.

Initial Coin Offering (ICO)

ICOs are analogous to an IPO on the stock exchange. If you plan to act as an ICO platform operator or provide custodian services for a new cryptocurrency in Georgia – you’ll need a license.

Get in touch

Free first consultation
Local & remote support
We answer within one hour
4.9
218+ ratings on Google

Step by step

How to get a crypto license in Georgia

1

Study the legal framework

ITo get VASP status, your management has to meet a large list of requirements, and so does your office, video surveillance, and electronic systems. They’re not so easy to understand without the help of a lawyer, and most of the regulations are in Georgian.
2

Collect the documents

In addition to the completed registration form, you must provide a list of company services, ownership information, AML/CTF policy, and more. There are more than 10 documents that must be notarized and/or apostilled.

Registration

The National Bank of Georgia spends up to 60 days verifying the documents. If everything is done well, you receive a certificate of registration in the unified register of VASPs and can start working with cryptocurrency.

Support

Why you should contact us

Extensive licensing experience

We’ve been helping private companies and entrepreneurs obtain permits for a variety of activities for nearly a decade. We know the drill inside and out.

Understanding cryptocurrencies

The local legislation is based on European MiCA norms, which also came into force in 2023. We follow Georgian practice that also happens to be international practice.

A whole range of corporate services

We make doing business as easy as possible: we can register your company in Georgia, open a bank account, help you get tax exemptions, if applicable, and outsource HR and accounting. We can also arrange residency for top management or key employees.

Established contacts in government agencies

Our contacts move the registration process along more quickly than if you were to make the request yourself and allow us to clarify details with the competent authorities promptly.

Pre- and post-licensing support

We provide a free 30-minute consultation before signing a contract, and after VASP registration we are happy to answer additional questions that may arise – something we don’t usually charge for.

Assistance with regular reporting

A license is not enough to operate virtual assets in Georgia. A company with VASP status has compliance obligations, particularly KYC and tracking the origin of funds. We can tell you how to submit these reports.

Meet your service partners

We are ready to answer all your questions and assist you during your journey in Georgia.
Get in touch
  • Sopho Chaduneli

    Sopho Chaduneli

    Head of Consulting Team

    Education: 

    Bachelor’s degree in journalism and mass communication – Caucasus University 

    Master’s degree in marketing and communications – GIPA (Georgian Institute of Public Affairs)

    Professional specialization: 

    • Tax consultation 
    • Assistance in business registration and choosing the right legal and tax status 
    • Tax and legal residency 
    • General consultation and tax planning 

    Languages:

    • Georgian,
    • English,
    • Russian.

    Cases: 

    • Planning tax residency process and providing the best possible advices for different country citizens 
    • Business registration planning, choosing the best form of business for individuals and legal entities 
    • Assistance in getting special statuses for legal entities for tax optimization reasons 
    • Visa and residence permit planning 
    • Providing general consultations according to client’s needs
    • Finding the best possible solutions for company clients in terms of tax planning 
  • Rati Abashmadze - CEO

    Rati (Iese) Abashmadze

    Managing partner

    Consultant with 10+ years of experience in Foreign Direct Investment attraction in Georgia. Expertise: Tax planning and optimisation for individuals and for companies.

FAQ

Frequently asked questions

Get in touch
Ready for your next journey in Georgia?
Local & remote support
Free first consultation
We answer within one hour