Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
Obtaining a Crypto License in Georgia
Georgia has long won the hearts of crypto optimists with its loyalty, but the era of absolute digital freedom has predictably transformed into an era of civilized regulation. Since July 2023, the National Bank of Georgia (NBG) has taken all virtual asset service providers (VASP) under its strict but fair supervision.
Today, entrepreneurs who plan to legalize their blockchain project in this jurisdiction face a completely classic dilemma. What is better: to obtain the full status of a regulated VASP or to deploy an international crypto hub in a Free Industrial Zone (TFZ)?
Who is a virtual asset service provider under Georgian law?
VASP status in Georgia is not just a beautiful abbreviation for your startup’s marketing booklet, but official recognition of the company as a subject of primary financial monitoring.
Today, a wide range of financial and operational actions falls under the close supervision of the National Bank of Georgia:
- Official exchange of cryptocurrency for classic fiat money (USD, EUR, GEL) and reverse operations.
- Direct exchange of one digital coin for another.
- Provision of custodial wallet services, as well as direct management or storage of virtual assets on behalf of third parties.
- Administration of token issuance, organization and conduct of ICO, as well as any commercial operations with stablecoins.
- Carrying out regular transfers of virtual assets between different blockchain addresses on users’ orders.
What conditions must be met for successful registration of a crypto company?
The National Bank of Georgia does not issue regulatory statuses for merely a promising Whitepaper. Obtaining official recognition requires creating a real, not nominal, business inside the country. The process traditionally begins with the registration of a standard Georgian limited liability company (LLC).
To successfully pass the check and receive the green light from the regulator, the company must ensure fulfillment of several critical conditions:
- Presence of a real, verified physical office in Georgia, where management will be physically present and primary documentation will be stored.
- Mandatory employment of a local director with an impeccable business and personal reputation.
- Appointment of a local AML officer.
- Implementation of strict internal KYC policies, sanctions control systems, ongoing transaction monitoring and automated Travel Rule procedures.
Information security, cyber protection and algorithms for storing client data are checked with special passion.
The total term for creating and launching a fully functioning legal business is about 12 months. This long period includes several consecutive stages: official registration of a legal entity (1–2 weeks), development of detailed AML/KYC documentation (up to 4 weeks), rental of a real physical office and hiring of local staff (up to 6 weeks), as well as direct review of the application and comprehensive audit of the security system by the National Bank of Georgia. Therefore, patience will be required in any case.
What to choose for a crypto business: official VASP status or registration in a TFZ free zone?
For many international companies that do not plan to limit themselves to the local market, registration in Free Industrial Zones (the most popular of them are located in Tbilisi, Poti and Kutaisi) is an excellent alternative to the classic VASP. The main magnet here, of course, is tax-related: corporate tax on international activity in the TFZ zone is an attractive 0% instead of the standard 15%. However, it is worth soberly assessing the regulatory difference between these two business models.
| Criterion | VASP Georgia | Crypto Hub TFZ |
|---|---|---|
| Regulator | NBG | No special crypto license |
| AML/KYC | Mandatory | Depends on the model |
| Work with clients | Yes | Mainly international operations |
| Banking infrastructure | Yes | Yes |
| Crypto exchange | Yes | Yes |
| Custodial services | Yes | Possible through partners |
| Stablecoins | Yes | Yes |
| Reputation before banks | Higher | Medium |
| Taxes | Standard regime | Very favorable regime |
| Regulatory value of the asset | High | Low |
| Possibility of sale as a ready-made asset | High | Medium |
What are the risks and practical nuances of working with cryptocurrency in Georgia?
The main risk lies in banking and payment support.
In practice, modern crypto business cannot effectively exist in a vacuum. For full-fledged work, companies are forced to integrate an entire ecosystem of technological and analytical services into their platform:
- Developed payment infrastructure (external BaaS platforms, crypto-friendly EMI, multi-currency accounts, virtual IBAN providers).
- Automated user verification systems (KYC/KYB solution providers such as Sumsub, Veriff, Shufti Pro or the well-known Onfido).
- Specialized blockchain analytics for instant tracking of risky money (Chainalysis, Crystal Blockchain, Elliptic, TRM Labs).
It is the competent combination of official legal status and modern BaaS solutions that makes it possible to offer clients legal fiat ↔ crypto conversion. In 2025–2026, the most demanded scenario on the market became a hybrid approach: registration of a licensed VASP to form an impeccable reputation before large counterparties and parallel creation of a structure in TFZ to optimize the tax burden.
Why should lawyers be involved to launch a crypto project in Georgia?
Registration of crypto business abroad is definitely not the case when you can download random document templates from the Internet and sincerely hope for success. Any small mistake in the AML policy or unclear wording in the business model description will guaranteedly lead to refusal of registration and loss of several months of work.
The Prikhodko & Partners team has deep practical expertise in supporting blockchain projects and structuring international transactions in the fintech sector. We help entrepreneurs go through this entire complex regulatory path without unnecessary stress and bureaucratic traps: from the initial detailed analysis of the business model to successful obtaining of official status.
The lawyers of Prikhodko & Partners take full responsibility for preparing a voluminous package of documents, adapting internal compliance procedures to the strict requirements of the NBG, and fully ensuring interaction with local authorities. Professional legal support minimizes potential risks and turns a complex bureaucratic quest into a clear business process with a predictable and legal result.
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Can cryptocurrency operations be carried out in Georgia without VASP registration?
If a company provides commercial services to third parties (for example, operates as a public exchanger, custodial wallet, broker or conducts an ICO), registration with the National Bank of Georgia is strictly mandatory. At the same time, ordinary ownership of digital assets or individual mining for personal needs does not require obtaining this status.
What tax benefits apply to companies in the Free Industrial Zones of Georgia?
Companies registered in free zones (TFZ) are fully exempt from paying corporate income tax if their commercial activity is carried out exclusively with international counterparties outside the territory of Georgia. Such enterprises are also provided with a zero VAT rate on export services and a simplified foreign economic activity regime.
Can foreigners (non-residents) be one hundred percent founders of a VASP in Georgia?
Yes, Georgian legislation is maximally open to foreign capital. However, it is worth remembering an important operational nuance: although the owner of the business may be a foreigner, the National Bank of Georgia requires key officers (director or certified AML officer) to be physically present in the country to ensure proper compliance control and communication with the regulator.
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