How to get a cryptocurrency license in Georgia 2022

 How to get a cryptocurrency license in Georgia 2022

The success of cryptocurrency business depends on the right choice of jurisdiction. Georgia is worth special attention. Cryptocurrency is legal here, bitcoins can be withdrawn from a crypto machine, and the country itself is a leader in mining. Today we will talk about how to get a cryptocurrency license in Georgia 2022.

What gives a cryptocurrency license in Georgia

A Georgian PSP license allows its holder to act as a provider of payment services, including cryptocurrencies. The company may do the following:

  • place electronic money on customer accounts;
  • transfer virtual money between different payment systems;
  • issue payment cards, its own e-currency;
  • make transactions from one cryptocurrency to another and fiat money.

How to get a license

To engage in crypto business in Georgia, you have to:

  • register a company;
  • get a cryptocurrency license (only valid in the country).

In order to benefit from tax advantages, a company must be registered in the territory of free industrial zones (Tbilisi, Poti, and Kutaisi). To obtain a cryptolicense it is important to collect and properly prepare papers.


All the documents that were issued outside Georgia must be translated into Georgian, notarized and apostilled. The following documents must be submitted to the National Bank of Georgia:

  • Extract from the state register on the registration of the company on the territory of the country;
  • Application form with all project-related data and business plan;
  • Copies of passports, resumes of all owners of the cryptocompany;
  • Certificate of criminal record of the company's owners, which should be taken no later than 60 days before the application;
  • Proof of legal office of the cryptocompany on the territory of the country;
  • Other documents may be required to obtain a cryptolicense in Georgia 2022. If the National Bank finds errors in the documents, it gives the company 30 calendar days to correct them. If the organization does not do so, the regulator may refuse to issue a license.

What the business plan should contain

  • Organizational structure of the cryptocompany with clearly painted responsibilities;
  • Distribution of responsibilities among employees and adequate internal control mechanisms;
  • A plan for the prevention of money laundering and terrorist financing;
  • A system of client authenticatin;
  • A description of the hardware, software, and technical means that will guarantee reliable operation;
  • Description of methods that will reliably protect client data;
  • Financial statements and audit data;
  • Incident reporting system;
  • Services to pay for procedures to identify, manage, and monitor expected risks;
  • List of people who serve on the supervisory board.

Term of application review

Kutaisi Free Industrial Zone considers the application in 15 calendar days. If everything is in order, it issues a license. If not, it notifies the applicant and gives the reason of rejection.

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