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A VASP license in Georgia.

A VASP license in Georgia

20. 09. 2023

Georgia stands out as one of the countries actively developing regulatory measures to promote the growth of innovative financial technologies. In recent years, Georgia has become one of the countries offering Virtual Asset Service Provider (VASP) licenses.

What is a VASP?

A VASP (Virtual Asset Service Provider) license is issued by regulators in various jurisdictions to companies and organizations that provide services related to virtual assets.

The VASP license in Georgia, issued by the National Bank of Georgia, grants companies the legal right to provide services in the field of cryptocurrencies and virtual assets. The purpose of this license is to establish strict security and control standards.

The license can be used to conduct the following activities and operations not only within Georgia but also worldwide:

  • Exchange between convertible virtual assets and national or foreign fiat currencies.
  • Transfer of convertible virtual assets.
  • Storage and/or administration of convertible virtual assets or tools that control virtual assets.
  • Portfolio management of convertible virtual assets (excluding collective portfolio management).
  • Lending convertible virtual assets.
  • Initial Coin Offering (ICO) of convertible virtual assets and/or provision of services related to ICO.

The main advantage of this license is the ability to legally provide cryptocurrency-related services while having a confirmed status as a regulated company. This enhances trust among users and partners. The license is valid for one year, after which it must be renewed.

Obtaining a VASP license can be a good solution for both local Georgian projects and international companies interested in entering the global crypto market. If you wish to obtain a VASP license, please contact IT-OFFSHORE specialists.

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