Crypto License in Georgia
Last Update: 18.03.2026
A Georgian crypto license guarantees compliance with local laws by blockchain startups, strengthens trust among partners working in the digital environment, and supports business development by the state. Georgia creates the most favorable conditions for technology businesses and the development of innovative ideas. Gofazen & Sherle experts will explain in detail the legal aspects of the licensing process, the advantages and opportunities of working in this jurisdiction.
The process of licensing crypto businesses in Georgia has been overseen by the National Bank of Georgia (NBG) since January 1, 2023, under the Law on the Registration of Virtual Asset Service Providers (VASP). The Regulator has broad powers to supervise the activities of VASP providers, and in the event of violations, fines may be imposed, activities suspended, or licenses revoked.
Licensed activities include:
- Exchange of virtual assets for national/f
- Fiat currencies or other cryptocurrencies.
- Services for the storage/administration of digital assets.
- Transfer services, global transactions.
- Organization of ICOs and STOs.
- Launch of trading platforms and management of crypto portfolios.
It is important to note that miners and individual traders are exempt from the requirement to obtain a VASP license.
Advantages of having a crypto license in Georgia
More and more fintech and crypto companies are choosing to develop their business in Georgia due to its favorable conditions and modern regulatory framework.
A crypto license in Georgia offers the following advantages:
A business ecosystem that encourages innovation.
Georgia is one of the countries that supports token mining, with over 200,000 miners already registered and 96 BTC ATMs installed. Twenty-four fintech companies, including ByBit and Bitget, have been approved by the National Bank. Forty applications are currently under review by the regulator, including those from Coinet, Coinmania, and BitExchange.
Low government fees when starting a business.
When applying for a digital currency license in Georgia, you must pay a government fee of 5,000 lari (about $1,850), which is affordable even for startups with a small budget.
Optimal application review period.
The National Bank reviews the submitted documents within 1-2 months, with additional requests from the Regulator extending the period to 4 months.
Loyal attitude and support from the state.
The Innovation and Technology Agency (GITA) provides grants of 150,000 lari for the development of blockchain companies. When operating in Free Industrial Zones (FIZ), mining companies are exempt from many taxes, including income tax. A memorandum of understanding has been signed with Tether to establish a startup fund.
Requirements for applicants for a crypto license in Georgia
A Georgian license for the exchange and storage of cryptocurrencies is approved upon fulfillment of several requirements, such as:
- Registration of a legal entity. The VASP application must be submitted by a company incorporated as either a Limited Liability Company (LLC) or a Joint Stock Company (JSC).The certificate of state registration is issued by the National Agency for Public Registry.
- Confirmation of payment of minimum capital. For LLCs, no minimum capital requirement is established; for JSCs, the minimum capital is 100,000 lari, with at least 25% payable at the time of registration.
- Implementation of AML/KYC procedures. Georgia’s cryptocurrency compliance regulations require applicants to implement all necessary procedures to combat illicit enrichment and terrorist financing, maintain appropriate records, and report suspicious transactions to the Regulator.
- Physical presence. Proof of a physical office (lease agreement, receipts) is required, and one of the directors must be a resident.
- Proof of professional competence of staff. Directors and compliance managers must provide reliable information about their specialization, work experience, and absence of criminal records.
- Ensuring technical requirements. A crypto license application in Georgia is submitted together with detailed customer data protection policies, information processing protocols used in transfers and anomaly detection, as well as procedures for ensuring the reliable storage of all information (GDPR).
- Corporate bank account. A mandatory requirement is to open a bank account in Georgia (more than 20 banks). Liberty Bank, Bank of Georgia, and TBC Bank work with blockchain companies and crypto payments.
Packages of services for crypto license in Georgia
*National Bank of Georgia (NBG) will charge a Crypto 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.
Full set up of VASP business with all the necessary infrastructure, connection to KYC providers, local substance, and accounting services
- All services from Advanced package
- Local Director search and employment
- Local Office search
- Accounting for 1 year (including annual report)
- KYC/KYT integration and provider principle adaptation
Assistance with obtaining a Crypto License and opening a corporate account for operating activity
- All services from Basic package
- Customized AML/KYC Policy
- Corporate account opening assistance
Registration under the minimum regulatory requirements
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation
- Set of corporate documents
- Crypto License application assistance
How to get a crypto license in Georgia
A crypto startup license in Georgia usually takes 2-4 months, including document preparation and company registration. Main stages:
Step 1: Register the company with the state registry
Before submitting an online application to the National Agency for Public Registry, you must decide on:
- Name.
- Legal form – LLC or joint stock company (JSC).
- Office space must be secured, and a lease agreement provided (co-working spaces are not accepted).
- Hire a resident manager.
Step 2: Сollection documents
The main package of documents includes:
- Articles of association, Memorandum of Incorporation, and minutes of shareholders’ meetings.
- Certificate of registration.
- Identification details of directors and shareholders with confirmation of their primary place of residence, CVs, confirmation of qualifications, and business reputation.
- Detailed description of business activities with an indication of development prospects and financial forecasts.
- AML/KYC procedures
- Technical documentation indicating data encryption protocols, payment processing systems, and information storage.
Step 3: Application to NBG
Before applying, you must pay a state fee of 5,000 lari. NBG will decide whether to issue a license or refuse it within 2-4 months.
Step 4: Post-licensing requirements
Regulatory requirements mandate the submission of:
- Annual financial reports.
- Reports on customer verification and suspicious transactions.
- Reports on measures taken to combat fraud.
- Reports on transaction volumes.
Crypto regulation in Georgia
The main cryptocurrency laws in Georgia are the Law on the Registration of Virtual Asset Service Providers (VASP), which came into force on July 1, 2023. The main regulator and licensor is the National Bank (NBG), which has full authority to supervise the digital asset market and VASP providers.
While cryptocurrencies are not recognized as legal tender in Georgia, they may be legally exchanged and transferred.
Georgia’s blockchain regulations also include:
- Decree No. 94/04 of June 13, 2023, which specifies the criteria for the further activities of VASP providers, fit&proper requirements for managers, compliance with AML/KYC procedures, and a ban on working with anonymous coins.
- The Regulation on Fines of June 13, 2024, establishes the amount of fines for non-compliance with AML/KYC procedures and violations of licensed activities.
- The Georgian Parliament’s resolution of May 16, 2023, designated VASPs as accountable entities and set a threshold for CDD/EDD (≥ 1,000 USD/EUR or 3,000 GEL).
As a result of these efforts, the Council of Europe’s MONEYVAL body confirmed in February 2024 that Georgia is in compliance with FATF standards.
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.
Overview of Crypto Regulation in Georgia
| Project time frames | 2 to 4 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 |
Comparison of tax rates for crypto companies in Georgia & Estonia
| Criterion | Georgia | Estonia |
|---|---|---|
| Income tax | 15% on distributed profits | 20% on distributed profits |
| VAT | 0% on cryptocurrency transactions | 0% on cryptocurrency transactions |
| Dividend tax | 5% | 7-20% |
| AML/KYC | Mandatory | Mandatory |
| Regulatory oversight | Central bank, tax authority | Central bank, tax authority, FIU |
Conclusion
With the adoption of a regulatory framework for VASPs in 2023, Georgia has begun to emerge as a promising jurisdiction for blockchain projects. An effective taxation model based on the Estonian principle, low entry barriers, support for mining, and the creation of a transparent environment that complies with FATF standards have been decisive factors for many international players, crypto exchanges, mining centers, and cryptocurrency investors. The optimal combination of accessibility and transparency, as well as the creation of free industrial zones (FIZ), has led to the launch and development of many new projects and services in the fintech sector.
FAQ about the Crypto License in Georgia
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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