Georgia’s cryptocurrency market is a great business opportunity

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 mechanism is functional, and the National Bank of Georgia is the primary driver of this strategy.

Benefits

What VASP registration allows

Registering a crypto company as a virtual asset service provider (VASP) in Georgia
gives the right to provide:

Virtual asset exchange

Exchange, including through self-service terminals: for national or foreign currency, other virtual assets or financial instruments

Cryptocurrency transfer

Transfer, custody and administration of virtual assets

Custody and management of cryptocurrency assets or portfolios

Portfolio management, except collective portfolio management

Crypto lending

Lending in virtual assets

Initial Coin Offering (ICO) and Stablecoins

Operations for the initial issuance of tokens — the crypto equivalent of a stock market IPO.

Tax overview

How a crypto company is taxed

A crypto company is taxed like any other Georgian company. The only difference is VAT.

0%

profit tax until profits are istributed

15%

profit tax on distributed profit

5%

dividend tax

0%

VAT

20%

income tax on salaries

2%

pension contribution on salaries of Georgian residents

Application

What you need to apply

A Georgian company (LLC or joint-stock company) with minimum regulatory capital that depends on its services.
(If the company provides several services, the highest threshold applies)

150,000 GEL

≈ USD 58,000
exchange and transfer

250,000 GEL

≈ USD 96,000
other services

350,000 GEL

≈ USD 135,000
crypto trading platform

Company

Founders and directors of any nationality
One director in Georgia 14 days every month
A compliance (AML) officer on staff

Bank account

Opened before the licence application is submitted

Office

A separate office, not a coworking space
Used only for the licensed
activity
Lease registered in the Public Registry
CCTV in line with Georgian law

Step by step requirements

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

The most straightforward section. The National Bank requires a standard package of legal and identification documents: notarized passports, police clearance certificates, credit histories, corporate structure documents, and proof of company registration. If you are located outside of Georgia, many of these documents must be obtained in your country of residence, and each has its own validity period. Create a checklist in advance and assemble the package systematically.

Business plan and financial projections

The National Bank expects a serious, highly detailed business plan, including financial projections for at least three years: revenue forecasts, expense models, and growth assumptions. Generic templates will be rejected. Furthermore, your business plan must demonstrate a genuine intention to operate in Georgia, and your system must be capable of identifying related and/or suspicious transactions from the outset.

AML and CFT policy

Without exception, this is the most critical block. Every licensed financial entity must have a comprehensive internal policy covering Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). A policy imported from another jurisdiction will not suffice: Georgian legislation contains specific requirements that often must be reproduced verbatim. This document must be developed from scratch.

Source of funds and source of wealth

The National Bank of Georgia needs to understand where your business’s money comes from and how its owners have built their wealth. As part of the VASP registration process, you must provide documents showing the origin of the funds used to establish and operate your business.
The purpose is to demonstrate that your business is funded by legitimate sources and that its owners can clearly explain and document their financial background.

Minimum Supervisory Capital

This is an additional, separate capital requirement that applies on top of the company’s ordinary investment or working capital. The application must be accompanied by a bank statement or certificate confirming that this capital has already actually been funded.

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

A VASP is required to have a robust risk management framework covering operational, cybersecurity, technological resilience, and fraud risks. Within 12 months of registration, the company must obtain an independent auditor’s opinion on this framework. Every version of the framework must be retained for at least 8 years from the date the service ends.

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.

Compliance

Compliance obligations

A crypto licence comes with anti-money laundering (AML/CFT) obligations:

Risk assessment

Assessing and managing risks by client, country and jurisdiction, product and transaction, and sales channel.

Internal compliance system

Assessing and managing risks by client, country and jurisdiction, product and transaction, and sales channel. Risk models, data storage, and checks for politically exposed persons, sanctions, high-risk countries and new technologies.

Reporting rules

Internal rules for preparing and submitting reports to the regulator.

Compliance manager

A compliance manager is appointed, with clearly defined responsibilities.

Case study

How we helped GeCrypto become a registered VASP in Tbilisi

When GeCrypto — a Tbilisi-based crypto exchange — needed to navigate the new VASP
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.

Read the full case studyView case study

Timeline

How long does the VASP licensing process take?

Plan for a minimum of six months from start to finish. Here is what that looks like in practice.

4–6 weeks

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.

up to 60 days

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.

1 month

Your response window

After receiving the list of remarks, you have exactly one month to make corrections and resubmit. Work methodically.

up to a further 60 days

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.

6-8 months

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.

Obtaining a crypto license in Georgia

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