crypto license georgia

Crypto License in Georgia

Georgia is a favorable jurisdiction for cryptocurrency business. Gofaizen & Sherle provides professional support in obtaining a crypto license in Georgia

Before obtaining a license for cryptocurrency in Georgia, it is necessary to create a company. It is recommended to do this in the Free Industrial Zone (FIZ) territory, which provides preferential taxation and other favorable conditions. There is no mandatory authorized capital. However, it should be noted that the company must provide a realistic business plan.

Georgia is on the list of countries with a legal regime allowing international dealers to work with cryptocurrencies. This country is open to crypto, thanks to favorable tax conditions, soft laws, and liberal government.

Up until recently, the cryptocurrency sector in Georgia operated without any legislative regulation by the government. Nevertheless, in early 2023, the authorities introduced new regulations concerning cryptocurrency activities. Consequently, on July 1, 2023, the Law on Virtual Asset Service Provider (VASP) Registration Procedure came into force.

Each company that wants to engage in business activities in virtual currencies must obtain a crypto license in Georgia. It will allow you to legally carry out operations for the purchase and sale of cryptocurrency, with the possibility of providing services for storing it in wallets and conducting transactions.

With the correct execution of all necessary documents, obtaining a license for a crypto exchange in Georgia is easy and takes up to 2 months.

Request more information about the Georgia Crypto License

Advantages of a crypto license in Georgia

Favorable environment for the development of the crypto business

Georgia is one of the most supportive countries in the world regarding cryptocurrencies. Due to the low cost of electricity, mining is flourishing, and cryptomats are successfully functioning. Transactions worth up to 5 million lari (1.6 million USD) are conducted monthly in the country in the cryptocurrency markets. Taxes on operations with digital assets are low, the laws are flexible, and obtaining a license for a crypto exchange in Georgia in 2023 is easy if all the conditions of the regulator are met.

Fast terms for obtaining a crypto license in Georgia

You can quickly register a company and obtain the necessary license in Georgia. On average, this process takes about 2-3 months in total, which is significantly different from the processing time in other jurisdictions, which can take up to 6-9 months. This advantage substantially saves time for entrepreneurs and investors and allows you to start a business quickly.

No minimum authorized capital

In Georgia, there is no minimum authorized capital for company registration. Entrepreneurs can start their businesses with any amount per their industry’s requirements. Such a flexible approach allows small and medium-sized companies to start their work without restrictions, contributing to developing the country’s economy and attracting investment.

Economic benefit

The cost of license registration is only 5000 GEL (2000 USD), which is an extremely low fee compared to other countries. In addition, there is no annual license renewal fee in Georgia. This not only reduces regular expenses but also makes the license management process easier. You won’t need to plan for annual fees and budget to cover them.

Favorable Tax Regime

From 01.01.2017, the “Estonian model” of taxation was introduced in Georgia, which is based on the principle of taxation exclusively from distributed profits. This means that in a situation where enterprises do not pay dividends and instead direct funds to corporate development, they are exempt from paying income tax.

Find more information about the Georgia Crypto License

Packages of services for crypto license in Georgia

* National Bank of Georgia (NBG) will charge a License Application Fee of 5000 GEL (US$2,000). This fee should be paid directly to the NBG and is not included in the above service packages.


Assistance with obtaining a Crypto License and opening a corporate account for operating activity

64 100 Lari (24 700 USD)
  • All services from Basic package
  • Customized AML/KYC Policy
  • Corporate account opening assistance

Registration under the minimum regulatory requirements

40 100 Lari (15 500 USD)
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation
  • Set of corporate documents
  • Crypto License application assistance
Maksim Gasanbekov
Associate Partner, Head of Sales (Crypto and Blockchain)
Fedor Cid
Senior Associate, Consultant

Process and timeline for obtaining a crypto license in Georgia


5-10 working days

Stage 1

Documents required:

  • Preferred company name
  • Passport copies from all shareholders and directors
  • Utility bills from all shareholders and directors
  • Power of Attorney
  • CVs of shareholders and directors
  • Business plan
  • Source of Funds confirmation


14 working days

Stage 2

  • Company registration
  • Preparation of corporate documents
  • Set up of accounting services


2-4 months

Stage 3

  • Collection/preparation of all related documents for the license application
  • Submission of the license application to the National Bank of Georgia
  • State fee payment
  • Communication with the National Bank of Georgia until the license is granted


4-6 weeks

Stage 4

*done simultaneously with Stage 3

  • Analysis of the most suitable Banks/EMIs, comparison of the risk appetite of the Bank in relation to the risk appetite of the Client based on previously prepared AML policies
  • Collection of necessary documents from the Client side to initiate the process (flow of funds, source of wealth, description of the purpose of opening an account, key partners, company website, utility bill, etc.)
  • Guiding the Client’s company through the entire process of opening an account

Requirements for obtaining a crypto license in Georgia

To obtain a crypto license in Georgia, you must perform the following steps:

  • Register a limited liability company (LLC) or a joint stock company (JSC) whose owners can be citizens of any country;
  • Provide the regulator with information about each company owner, including non-residents;
  • Confirm the absence of criminal records of directors and beneficiaries.
  • Confirm a sufficient level of solvency of the enterprise in providing exchange services and storing crypto assets;
  • Hire at least 1 local director;
  • Sign the local private office lease agreement;
  • Pay the license application state fee in amount of 5 000 GEL (about 2 000 USD);
  • Provide the regulator with AML/KYC Policies;
  • Confirm the presence of the systems in place to prevent, detect and disclose risks of financial crime, including money laundering and terrorist financing, as part of AML/KYC compliance;
  • If a company plans to exchange and store e-money, it must notify the regulator of all significant changes, such as liquidation or temporary suspension of activities;
  • The company’s founders must provide the regulators with a realistic business plan, a list of services offered, and a detailed description of the protection methods against hacker attacks;
  • After obtaining a license, compliance with regular audits and maintaining accounting records is necessary.

Overview of Crypto Regulation in Georgia

Project time frames 2 to 3 months
State fee for application 1500€
Required share capital 0$
Corporate income tax 0% on reinvested profits. 15% on withdrawn profits
Annual supervision fee 0$
Local staff member Local Director
Physical office Local Office
Accounting audit Required
Sustainability Sustainable
Bank account options Some European EMIs, Midshore EMIs

Crypto Laws in Georgia

Until recently, the Georgian government did not regulate the cryptocurrency sector on a legislative basis. However, in early 2023, new regulations regarding cryptocurrency activities were prescribed, and on July 1, 2023, the Law on Virtual Asset Service Provider (VASP) Registration Procedure came into force.

The purpose of this legislation is to prevent the use of virtual assets, including cryptocurrencies, for illicit purposes such as money laundering and terrorist financing. This is because these assets have a high level of anonymity, leading to difficulties in tracking transactions. Thus, the new law is designed to increase control and transparency in this sector. Consequently, every company holding a Georgian crypto license is obliged to comply with AML/KYC regulations.

The law does not grant cryptocurrency the status of a means of payment, and the only legal currency is the Georgian lari. At the same time, the new regulations prohibit the use of a virtual asset on a par with legal tender.

A virtual asset is defined as a digital unit of value. It has interchangeability but is not unique. It can be transferred or sold electronically, serving as a means of payment or investment. Interestingly, a virtual asset does not denote a digital form of cash, securities, or other financial instruments. Objects like NFTs and collectibles do not fall under the new rules. At the same time, cryptocurrency is an object of regulation.

According to the new legislation, each cryptocurrency company must register with the National Bank and obtain a license for its activities.

A licensed VASP is authorized to provide the following services:

  • Activities related to the transfer, storage, or management of virtual assets;
  • Trade platform administration;
  • Exchange transactions, including an independent exchange office (domestic or foreign currency, other digital assets, financial products)
  • Services connected to initial offerings;
  • Asset management (excluding collective asset management)
  • Provision of loans for virtual assets.

Registration and opening of crypto companies in Georgia

To open a crypto company in Georgia, you need to follow the following steps:

  • Determine the direction of activity;
  • Choose the most suitable type of company, such as LLC or JSC;
  • Select and register a unique business name in the National Register;
  • Prepare a package of corporate documents and certify them with a notary;
  • Register with the Register of Entrepreneurs;
  • Obtain a tax number and an extract on the state of the enterprise and tax registration;
  • Open a corporate bank account in Georgia.

List of documents required to register a company in Georgia:

  • The company’s charter is an official document that creates a legal entity and determines the conditions for its activities in Georgia.
  • A document that determines the amount of contribution of each founder.
  • The application must contain information about the enterprise’s name, legal entities, authorized capital, and documents approving the composition of the board of directors.
  • If you are registering an LLC-type company, the application must also contain the address, business plan, date of commencement of work, and information about the company’s directors (name, place of registration and birth, professional activity).

Registering a company in a free industrial zone (FIZ) in Tbilisi, Kutaisi, or Poti to receive benefits is better. Companies registered in these zones are exempt from income tax and dividends tax. At the same time, even foreign investors can be owners of enterprises.

Currently, there are free zones in Georgia located in the following areas:

  • Tbilisi (capital of Georgia);
  • Kutaisi, located in the Oceania region, is an important transport hub between Tbilisi and the Black Sea ports;
  • Poti – the first free zone in the Caucasus region.

Cryptocurrency taxation in Georgia

Regarding the taxation of cryptocurrencies, one should again refer to the public Decision N201. The Ministry of Finance made the following decisions:

  • income received by an individual from the supply of crypto assets is exempt from income tax;
  • supply of a crypto asset by individuals (exchange of a crypto asset for national or foreign currency) is also exempt from VAT.

At the same time, cryptocurrency companies must pay corporate fees on profits, including those earned abroad. Companies should pay a tax of 15% on each transaction if they receive a profit from it.

Starting on January 1, 2017, Georgia adopted the “Estonian model” of taxation, which revolves around the concept of taxing only distributed profits. In this system, if businesses choose to reinvest their earnings into corporate development rather than paying out dividends, they are not obligated to pay income tax.

Recall that you should consider opening a company in the FIZ of Georgia if you want to receive tax benefits. Main advantages:

  • Exemption from property tax for registered companies in FIZ Georgia.
  • No VAT or import tax on goods imported into the FIZ.
  • No VAT on transactions between companies registered in the FIZ.
  • If the conditions established by the Tax Code of Georgia are met, the company’s profits may be exempt from corporate tax.
  • No restrictions on the repatriation of capital.

The Georgian government has pledged to launch the Common Reporting Standard (CRS) throughout 2023. The government believes that introducing CRS will increase the country’s budget, as it helps identify the income of taxpayers who have previously evaded the introduction and payment of taxes. Georgia will join 113 countries that have already implemented automatic exchange.

FAQ about the Georgia Crypto License

Is trading cryptocurrencies legal in Georgia?

Georgia does not recognize cryptocurrency as an official means of payment, but at the same time, it favors the development of this type of activity in the country. At the moment, the local cryptocurrency sector is supervised and regulated by the National Bank of Georgia. You need to obtain a cryptocurrency license in Georgia for legal cryptocurrency activities.

What is the Georgian Cryptocurrency Industry Law?

Prior to January 1, 2023, crypto activities in Georgia were unregulated, allowing anyone to engage in exchanges, storage, or initial offerings without a license. However, starting from January 1, 2023, new regulations were introduced, mandating crypto-related companies to register with the National Bank. On July 1, a legislative order was published, outlining the conditions and process for obtaining a Georgian crypto permit.

How much does a crypto license cost in Georgia?

The state fee for a Georgian crypto license is currently about 1500 GEL (2000 USD).

Do I need to apply for a crypto exchange license in Georgia?

You need to obtain a cryptocurrency license in Georgia for legal cryptocurrency activities. To obtain a crypto exchange license in Georgia, you must register a company, collect a package of corporate documents, fulfill the requirements, and apply for a license with the National Bank of Georgia.

Why should you mine cryptocurrency in Georgia?

Cryptocurrency mining in Georgia can be profitable due to relatively low electricity costs and the availability of affordable computing equipment. In addition, there is no tax on income from cryptocurrency mining in Georgia.

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