To obtain a Georgia crypto license, you need to establish a company. The best option for registration is the Free Industrial Zone (FIZ), as it provides reduced taxes and favorable conditions. No minimum capital is required, but you need to take care of a well-developed business plan. Georgia stands out as a country that legally accepts international crypto transactions and has a favorable environment due to its lenient laws, favorable taxes, and open government position. In early 2023, Georgia introduced appropriate regulation after a period of unregulated cryptocurrency activity. On July 1, 2023, it culminated in adopting the Law on the Procedure for Registration of Virtual Asset Service Providers (VASP). Thus, companies intending to work with virtual assets are required to obtain a Georgia crypto exchange license. With such a license, it becomes possible to legally buy and sell cryptocurrency, store wallets, and provide transaction services. To ensure a simple licensing process, you need to fill out several documents and then wait about two months.

Advantages of Obtaining a Crypto License in Georgia

  1. Encouraging a regulated yet flexible business environment, thanks to the support of the Georgian government along with clear rules and legal structures.
  2. A simplified process for obtaining a crypto license Georgia, where the National Bank in turn provides timely solutions, ensuring a smooth and transparent path to market entry.
  3. An ideal country for entering diverse markets and establishing business ties with two continents, as Georgia is located between Eastern Europe and Western Asia.
  4. Supporting a skilled workforce and focusing on digital progress. With an evolving tech ecosystem, Georgia is ready for cryptocurrency and blockchain innovation.
  5. Promote innovation and attract investment in the cryptocurrency sector through a suitable environment for startups in the country, stimulated by pro-business policies.
  6. Increasing profitability and financial efficiency, with low corporate taxes in Georgia, creating financial incentives for crypto businesses.
  7. Strengthening of business operations, which has a very positive impact on the dynamic needs of companies in the field of virtual assets due to investments in modern infrastructure.
  8. The basis for long-term growth, which is due to the unique opportunities for launching and expanding business operations offered by the Georgian crypto market at the stage of formation.
  9. International networking and collaboration, with a rich culture and openness to global partnerships that enrich the business landscape.

Georgia’s Crypto Regulation

Not long ago, Georgia’s position on cryptocurrency regulation was updated, as the sector was practically unregulated until early 2023. Georgia has introduced a more controlled environment for cryptocurrency activities by adopting new laws. On July 1, the Law on the Procedure for the Registration of Virtual Asset Service Providers (VASPs) came into force. The purpose of this important step is to limit the misuse of cryptocurrencies for illegal activities, such as money laundering, due to their anonymity. Consequently, receiving cryptocurrencies requires compliance with strict anti-money laundering and counter-terrorist financing (AML/KYC) standards.

Key Highlights

Cryptocurrencies are not recognized as legal tender in Georgia; the Georgian lari remains the sole currency.

The new law specifies a virtual asset as a digital value unit, transferable and exchangeable electronically, yet distinct from cash, securities, or other financial instruments. NFTs and collectibles are excluded from these regulations.

Cryptocurrency entities must register and get licensed by the National Bank of Georgia to operate legally.

Licensed VASPs in Georgia are permitted to offer:

  • Virtual asset transfer, storage, and management services.
  • Operation of trading platforms.
  • Exchange services for currencies, digital assets, and financial products.
  • Initial offering services.
  • Virtual asset loan provision.

Cryptocurrency Exchange License in Georgia and Kazakhstan

When considering the approach to obtaining a crypto exchange license Georgia, it is worth focusing on establishing a company with international capital, taking care of information disclosure and financial stability. The requirements also include at least one local director, compliance with anti-money laundering and counter-terrorist financing policies, physical presence in the office, and payment of the Georgian crypto license fee. Regular inspections, compliance, financial crime prevention, and transparency are the things to look for.

On the other hand, Kazakhstan has special requirements, including six months of operating expenses, a senior executive director, a financial director, and the hiring of local employees for compliance-related positions. The licensing process emphasizes customer identification, legitimacy of funds, and ongoing reporting to ensure compliance. Kazakhstan’s system extends to cybersecurity, with internal policies that comply with International Financial Commission standards.


  1. Form either an LLC or JSC, open to international ownership.
  2. Supply detailed data on all owners, including non-residents, to the regulatory authority.
  3. Ensure no criminal records for directors and beneficiaries.
  4. Demonstrate the company’s ability to provide exchange services and secure crypto assets.
  5. Appoint a minimum of one local director.
  6. Secure a lease for a local office.
  7. Pay a 5,000 GEL (around 2,000 USD) state license application fee.
  8. Present AML/KYC policies to the regulator.
  9. Confirm systems are in place for financial crime risk management.
  10. Offer a viable business plan, services list, and cybersecurity measures.
  11. Post-license, conduct regular audits and keep precise financial records.

Guide to Acquiring a Georgia Crypto License

Initial Documentation

  • Choose a company name.
  • Collect passport copies and utility bills of all shareholders and directors.
  • Prepare Power of Attorney and CVs.
  • Draft a business plan and confirm the source of funds.

Company Formation

  • Register the company.
  • Create corporate documents.
  • Establish accounting services.

Licensing Process

  • Gather and prepare Georgian cryptolicense application documents.
  • Apply to the National Bank of Georgia and pay the state fee.
  • Engage in ongoing communication until the license is granted.

Bank Account Setup (concurrent with Licensing)

  • Evaluate suitable banks/EMIs and match their risk appetite with the clients’ based on AML policies.
  • Compile required documents for account opening (fund flow, source of wealth, account purpose, key partners, company website, etc.).
  • Assist in the bank account opening process.

Starting a Crypto Company in Georgia

  1. Determine what activities your company will be engaged in.
  2. Choose the structure that best suits your needs (LLC or JSC).
  3. Decide on a unique name in the National Register.
  4. Collect and notarize a package of constituent documents
  5. Register in the Register of Entrepreneurs.
  6. Obtain a tax identification number and official documentation of tax status.
  7. Open a corporate bank account in Georgia.

Main documents for company registration

  1. The company’s charter a document that establishes a legal entity and outlines the main areas of activity in Georgia.
  2. Documentation of the founders’ contributions.
  3. The application must contain detailed information about the company name, legal structure, capital, and board of directors.
  4. The address, business plan, date of commencement of activities, and information about the director of the LLC must be provided.

Registration of a free industrial zone (FIZ)

By registering in a free industrial zone (Tbilisi, Kutaisi, or Poti), both local and foreign investors can be exempt from income and dividend taxes.

  • Tbilisi is the capital of Georgia.
  • Poti is a pioneering free zone in the Caucasus region.
  • Kutaisi is a vital connection to the Black Sea ports.

Georgia Crypto License Taxation

Georgia‘s approach to cryptocurrency taxation is outlined in Decision N201 by the Ministry of Finance.

Individual Tax Benefits

  • Income from crypto asset transactions by individuals is not subject to income tax.
  • Individual crypto asset exchanges (crypto-to-currency) are exempt from VAT.

Corporate Taxation

Cryptocurrency businesses must pay a 15% corporate tax on profits, including international earnings. This applies per profitable transaction.

Estonian Model Adoption (since January 1, 2017)

This model taxes only distributed profits, allowing companies to reinvest earnings tax-free.

Free Industrial Zone (FIZ) Benefits

Companies in Georgia‘s FIZ enjoy property tax exemption, no VAT or import taxes on goods, and no VAT on intra-FIZ transactions. Profits can be tax-exempt under specific conditions, with no capital repatriation restrictions.

Upcoming Tax Reporting Changes

Georgia plans to implement the Common Reporting Standard (CRS) in 2023, joining over 113 countries in automatic income exchange to bolster tax compliance and revenue.


What is the price of obtaining a crypto license in Georgia?

When obtaining a Georgia cryptocurrency exchange license, there is a state fee of about 1500 GEL.

Why is mining in Georgia a good idea?

Due to the relatively low electricity costs, the absence of income tax on mining profits, and the availability of affordable computing equipment, it can be profitable.

How to obtain a crypto license in Georgia?

To obtain crypto exchange license in Georgia, you must fulfill the following conditions: establish a company, ensure compliance with AML/KYC requirements, appoint a local director, and submit a detailed business plan. Ongoing audits and regulatory approvals are also part of the licensing process.

What are the tax implications for crypto businesses in Georgia?

While companies pay 15% corporate income tax, the Cryptocurrency income of individuals is exempt from taxation. Notably, companies in the free industrial zone enjoy various tax benefits.

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