Is a crypto licence the same as VASP registration?
“Crypto licence” is common market language. The formal Georgian process is registration as a Virtual Asset Service Provider with the National Bank of Georgia, followed by ongoing supervision.
Which activities require registration?
Covered activities can include exchange, transfers, custody or administration, portfolio management, trading-platform administration, permitted lending, and initial offerings or related services. Classification depends on the real flow, not the marketing label.
Can a foreign company apply directly?
The applicant should be a Georgian limited liability company or joint-stock company. A foreign group can establish a Georgian subsidiary, with the full ownership and UBO chain evidenced.
Is a virtual office sufficient?
The head office is an operating and supervisory access point where required records and systems must be available. A mailing address alone does not demonstrate substance or operating readiness.
How long does registration take?
The legal NBG decision period is 60 calendar days after a complete required filing. Assessment, evidence collection, translations, staffing, systems, testing and responses make the total project longer and model-specific.
What is the official NBG fee?
The official registration fee is GEL 5,000. It does not include professional work, translations, office, staff, technology, providers, assurance or operating costs.
Can approval or a bank account be guaranteed?
No. Professional preparation can improve readiness and manage the process, but the NBG, banks and providers make their own decisions.
Can the business use a nominee director?
The website does not market name-only appointments. Governance, competence, physical presence, authority and accountability must work in practice and be evidenced.
Is FIZ status an alternative crypto licence?
No. Free Industrial Zone status or local authorisation is not a substitute for NBG registration when covered virtual-asset services are provided in Georgia.
Is crypto lending allowed?
Virtual-asset lending to natural persons is prohibited. Business lending requires a model-specific perimeter and control review.
What happens after registration?
The VASP remains supervised and must maintain its people, office, systems, records, AML controls, reporting and change process. Material changes may require approval or notification.
What is different for stablecoins?
Stablecoin activity is a separate track. A registered VASP requires prior written NBG consent and must address full reserve backing, segregation, redemption, disclosure, reporting, capital, operational resilience and cybersecurity.
When does the Travel Rule apply?
Georgia has adopted a Travel Rule framework with a VASP implementation deadline of 31 December 2027. New systems should be designed for required originator/beneficiary data and counterparty/self-hosted-wallet controls now.
Is a Georgian VASP tax-free?
No universal tax-free claim is responsible. Individual disposal and VAT principles do not decide corporate, service, payroll, source, mining or cross-border tax treatment. The model needs a separate analysis.
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