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Introduction

Georgia has emerged as a top destination for cryptocurrency businesses due to its progressive regulations, business-friendly tax policies, and strategic location at the crossroads of Europe and Asia. The country offers a straightforward process for obtaining a crypto license in Georgia, making it an attractive jurisdiction for startups and established enterprises looking to expand their crypto operations. In this guide, we will cover everything you need to know about obtaining a Virtual Asset Service Provider (VASP) license in Georgia, including its benefits, requirements, application process, and taxation policies.

Benefits of Obtaining a Crypto License in Georgia

  • Business-Friendly Regulations: Georgia has a liberal regulatory approach towards cryptocurrencies, making it easier for businesses to operate legally.
  • Fast and Simple Licensing Process: Unlike many jurisdictions with complex crypto regulations, Georgia offers a streamlined application process, allowing businesses to obtain a license in a matter of months.
  • Low Tax Rates: One of the biggest advantages is the attractive tax regime. Georgia offers no VAT on cryptocurrency transactions and a 15% corporate tax rate only on distributed profits.
  • No Minimum Capital Requirement: Unlike other European countries, Georgia does not impose a minimum capital requirement for crypto businesses, reducing the barriers to entry.
  • International Market Access: Businesses licensed in Georgia can operate globally and gain legitimacy in international markets.

Types of Crypto Licenses Available in Georgia

Georgia provides a variety of crypto licenses, catering to different business models:

  • Crypto Exchange License: Allows businesses to operate a platform for exchanging digital assets and fiat currencies.
  • Crypto Broker License: Enables companies to facilitate cryptocurrency transactions on behalf of clients.
  • Crypto Trading License: Permits businesses to engage in proprietary crypto trading.
  • Crypto Wallet & Custodial Services License: Grants permission to store and manage digital assets for clients.
  • ICO & STO License: Required for companies conducting Initial Coin Offerings (ICO) or Security Token Offerings (STO).

Requirements for a Crypto License in Georgia

To obtain a Virtual Asset Service Provider (VASP) license in Georgia, companies must fulfill the following criteria:

  • Company Registration: Establish a Limited Liability Company (LLC) or Joint Stock Company (JSC) in Georgia.
  • Proof of Identity: Provide passport copies of all shareholders, directors, and Ultimate Beneficial Owners (UBOs).
  • Registered Office: Maintain a physical office in Georgia.
  • AML/KYC Compliance: Implement Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
  • Local Director: At least one local director is required for compliance purposes.
  • Criminal Background Check: Submit proof of no criminal record for directors and UBOs.
  • Business Plan: Provide a comprehensive plan outlining the crypto-related activities, expected revenue, and risk management strategies.
  • Regulatory Fees: Pay the state licensing fee (Types of Crypto Licenses Available in Georgia: 5,000 GEL or $2,000 USD).

Steps to Obtain a Crypto License In Georgia

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Steps to Obtain a Crypto License In Georgia

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Steps to Obtain a Crypto License In Georgia

Talk with our founder Mardo Soo
Get a free consultation
Company Registration
  • Register a legal entity with the National Agency of Public Registry (NAPR). This step requires submitting foundational documents such as the company’s Articles of Association, shareholder agreements, and proof of identity for all involved parties. Georgia allows 100% foreign ownership, making it an accessible jurisdiction for international entrepreneurs.
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Open a Bank Account
  • Once the company is registered, a corporate bank account must be opened with a Georgian financial institution. This is a crucial step as all transactions, including licensing fees and operational expenses, must be conducted through a local bank. Some banks may require additional documentation, such as a detailed business plan or proof of operations.
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Prepare Documents
  • Gather and submit all required documentation, including a comprehensive business plan, AML/KYC policies, risk management strategies, and shareholder information. The business plan should outline how the company intends to comply with regulatory requirements, its operational model, and security measures for safeguarding crypto transactions.
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Office Lease Agreement
  • A physical office space in Georgia is required for obtaining a crypto license. The lease agreement must be submitted as part of the application. This demonstrates the company’s presence in the country and facilitates regulatory inspections if required.
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Submit License Application
  • File the application with the National Bank of Georgia (NBG) along with all supporting documentation. This step also involves paying the applicable government fees. The NBG will review the submitted documents and verify compliance with Georgian laws and financial regulations.
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Approval & Compliance Audit
  • The National Bank of Georgia (NBG) will conduct an extensive review of the application, ensuring that all AML/KYC policies and financial reporting structures are in place. During this stage, regulators may request additional information or clarifications. A compliance audit may also be performed to verify adherence to risk management frameworks.
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License Issuance
  • If all requirements are met, the crypto license will be issued, granting the company legal authority to operate in Georgia. Once licensed, the company must maintain compliance by submitting periodic reports, undergoing regular audits, and ensuring continued adherence to AML/KYC regulations.
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Taxation for Crypto Companies

Corporate Income Tax

  • 15% only on distributed profits (reinvested profits are tax-free).
  • No withholding tax on undistributed earnings.

Personal Income Tax

  • 20% flat tax for individuals on crypto-related earnings.
  • No capital gains tax on crypto profits for individuals.

Value Added Tax (VAT)

  • 0% VAT on crypto transactions and trading activities.

Regulatory Authorities and Compliance for Crypto License in Georgia

  • National Bank of Georgia (NBG) – Regulates the issuance of crypto licenses and ensures AML/KYC compliance.
  • Financial Monitoring Service of Georgia (FMS) – Oversees financial transactions to prevent money laundering and fraud.
  • Revenue Service of Georgia – Manages the taxation and financial reporting obligations of crypto businesses.

Frequently Asked Questions (FAQs)

Yes, cryptocurrency is legal in Georgia. However, while digital assets can be used for trading and investment, they are not recognized as legal tender.

No, you do not need to be a Georgian resident. Foreigners can establish a company in Georgia and apply for a crypto license without residency requirements.

The process usually takes between 2 to 3 months, depending on the completeness of the documentation and responsiveness to regulatory inquiries.

Licensed companies must adhere to AML/KYC regulations, submit periodic financial reports, and comply with audits by the National Bank of Georgia.

No, Georgia does not impose a minimum capital requirement for obtaining a crypto license, making it an attractive destination for startups.

Yes, a crypto exchange license in Georgia allows you to operate a trading platform for digital assets, provided you meet regulatory and security standards.

  • Corporate tax: 15% (only on distributed profits)
  • Personal income tax: 20% (for individual earnings from crypto trading)
  • VAT: 0% (cryptocurrency transactions are VAT-exempt)

Yes, a company applying for a crypto license must have a physical office in Georgia as part of the licensing requirements.

Yes, a crypto license in Georgia allows businesses to operate internationally, making it a preferred jurisdiction for global crypto entrepreneurs.

While crypto mining is legal and widely practiced in Georgia, specific regulations apply to large-scale mining operations, particularly regarding electricity consumption and environmental impact.

Companies that operate crypto-related businesses without proper licensing may face heavy fines, business restrictions, or shutdown orders by Georgian regulators.

Yes, several Georgian banks and financial institutions support crypto-related businesses, but approval depends on meeting AML and risk assessment policies.

Conclusion

Obtaining a crypto license in Georgia is an excellent opportunity for businesses looking to establish a legal and tax-efficient presence in the cryptocurrency sector. With low taxes, a straightforward regulatory framework, and fast licensing procedures, Georgia provides an ideal environment for crypto entrepreneurs.

If you’re looking to start your cryptocurrency business in Georgia or other key jurisdictions, YourCryptoCompany.com can help. Our team of experts will guide you through the entire licensing process, ensuring full compliance with regulations and helping you set up a successful crypto venture. Contact us today to get started on securing your crypto license in Georgia!

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