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License to work with cryptoassets in Georgia 2021

How to get a license to work with cryptoassets in Georgia

2021-01-06
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There are some peculiarities of getting a cryptocurrency license in Georgia. There is no regulation in the field of cryptocurrency in the country. However, according to the law on FIZ, it is possible to obtain cryptolicenses. They are required for the operational start of a cryptocurrency exchanger or exchange.

The document can be used by financial institutions to operate. If a cryptolicense in Georgia in 2021 is issued for a company in NIH, it is not required to pay taxes, provided there is no interaction with citizens of Georgia. To clarify the nuances of the permit in more detail, contact our specialists at IT-OFFSHORE.

Peculiarities of registration and types

It is actual to obtain a cryptocurrency license in Georgia in 2021 in FIZ Kutaisi. In recent years, the country's economy has developed significantly and the state has become popular for opening a cryptocurrency business and getting a license.

The FIZ in Kutaisi has a favorable legal regime for such activities. There are rules in place that are favorable to this activity, taxation is relatively low. The banks of the country support the users and offer to register an account on favorable conditions. It is possible to open a cryptocurrency or multi-currency account. Company registration ensures confidentiality.

What licenses can be obtained:

  • For trust management of funds of third parties for the purpose of investing in crypto;
  • To issue their own tokens for further sale.

The advantages of opening a business in Georgia are that the registration process is relatively uncomplicated, taxation is simple and low, there are no conditions regarding the minimum authorized capital. When opening a firm in PPE you can get exemption from income tax, VAT, and property tax. To obtain a license, you must register a company and pay the state fees in advance.

Why it's worth opening a company in Georgia

Some countries have not made a decision on the use of digital currency at this time. In Georgia, there is no official ban on the calculation of such currency, but the Central Bank has warned of the possible risks in the application.

The demand for mining bitcoins is growing because of the low cost of electricity, the availability of FIZ, where this resource is even cheaper. Another advantage is the absence of a direct ban on payments using virtual money. The popularity of cryptocurrency in the country is constantly growing, and about 200,000 people are employed in mining. An electronic cryptocurrency exchange has been operating in Georgia since 2017, where anyone can buy or sell digital currency.

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