Georgia is one of the jurisdictions that have enormous potential and opportunities for the development of the crypto industry. Its advantageous geographical location, the presence of free economic zones, as well as the active development of the legal framework in the field of cryptocurrency regulation make Georgia a promising market for businesses in the digital assets sphere and for launching startups.

VASP License in Georgia

The National Bank of Georgia is responsible for licensing cryptocurrency activities in the country. Companies that provide services for exchanging cryptocurrencies, storing assets, or conducting initial coin offerings (ICOs) need to obtain a Virtual Asset Service Provider (VASP) license.

Companies that have obtained VASP status can carry out the following types of activities:

• exchanging cryptocurrency for fiat currency or other virtual assets;
• storing and administering cryptocurrencies;
• managing a portfolio consisting of digital assets;
• administering a digital asset trading platform;
• conducting initial offerings of virtual assets (ICOs) and other related services.

What is required to obtain a crypto license

The first step in obtaining a VASP license in Georgia is to register a legal entity in the form of a limited liability company or a joint-stock company. Attractive conditions for establishing crypto companies are provided by the free economic zones in the jurisdiction - Tbilisi, Poti, and Kutaisi.

Next, the company that seeks to obtain VASP status submits an application to the National Bank of Georgia. The following documents must be attached to the application:

• a business plan with a budget forecast for 3 years;
• confirmation of the implementation of AML/TF procedures;
• a list of proposed cryptocurrency services;
• information about the company's administrators, including their identification documents, confirmation of qualifications and experience;
• information about owners and beneficiaries;
• information about websites and applications used for the implementation of virtual asset services;
• documents confirming the right to use or own the premises in the jurisdiction where the head office is located.

The regulator reserves the right to request additional documentation from the applicant. The decision to issue a VASP license is usually made by the National Bank within 2 months from the date of application submission.

The process of obtaining a cryptocurrency license in Georgia requires taking into account the current requirements of the National Bank. Contact IT-OFFSHORE specialists for assistance in obtaining a VASP crypto license.