Georgia is considered one of the promising jurisdictions for the development of the cryptocurrency industry due to the presence of free economic zones, preferential taxation, and active development of legislation in the field of digital asset regulation.

What is a VASP license

A Virtual Asset Service Providers (VASP) license is a permissive document for the right to carry out activities in the field of cryptocurrencies, which the state regulator provides to companies. The National Bank of Georgia is responsible for licensing such activities.

The VASP license regulates the activities of crypto exchanges, custodial services, crypto exchangers, and other companies working with virtual assets. It allows providing services for cryptocurrency exchange and asset storage. Companies with VASP status can manage portfolios consisting of digital assets; administer trading platforms; offer virtual assets (ICO) and other related services.

How to obtain a crypto license?

To obtain a VASP crypto license in 2024, it is necessary to register a legal entity in the form of a limited liability company or a joint-stock company in Georgia.

Attractive tax conditions for creating crypto companies are provided by free economic zones in Georgia – Tbilisi, Poti, and Kutaisi.

The registered company submits an application for a cryptocurrency license to the National Bank of Georgia and attaches the following documents:

• business plan with projected budget;
• confirmation of AML/TF procedures;
• list of proposed cryptocurrency services;
• information about company administrators (identification documents, qualifications, and experience);
• information about owners and beneficiaries;
• information about websites, applications used to implement virtual asset services;
• documents confirming the right to own or use the premises in the jurisdiction where the head office is located.

The National Bank makes a decision on issuing a VASP license within 90 days.

The process of obtaining a cryptocurrency license in Georgia requires consideration of the current requirements of the regulator. Contact IT-OFFSHORE specialists for successful registration of a crypto license.