Georgia is one of the promising and rapidly growing markets in the digital asset sphere. Thanks to its convenient geographical location, the presence of free economic zones, and the active development of the legal framework for cryptocurrency regulation, the country has enormous potential and opportunities for the development of the crypto industry. The Georgian government intends to become one of the top three crypto-friendly countries in the world by 2025. All this makes Georgia an attractive choice for launching a crypto startup.

Types of Crypto Licenses in Georgia

Licensing of cryptocurrency activities in Georgia is handled by the National Bank. The country offers two main types of crypto licenses:

Virtual Asset Service Provider (VASP) License. The VASP license is required for organizations that provide cryptocurrency exchange services, asset storage, or conduct initial coin offerings (ICOs).

Private Unitary Virtual Asset (PUVA) License. This PUVA license is required for individuals and legal entities engaged in investing and managing virtual assets.

To obtain a crypto license in the country, it is necessary to register a legal entity in the form of a joint-stock company or a limited liability company. To register a crypto business, one can take advantage of the attractive conditions of free economic zones in Georgia - in Tbilisi, Poti, or Kutaisi.

Requirements for Obtaining a Crypto License

To obtain a cryptocurrency license in Georgia, the applicant must submit an application and provide the following documents:

• a business plan with a 3-year budget forecast, confirmation of the implementation of
• AML/TF;
• a list of proposed cryptocurrency services;
• information about each company administrator, 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 (if available);
• documentation for the right to use or own the premises where the head office is located.

The process of obtaining a cryptocurrency license in Georgia is relatively simple; however, it requires taking into account the current requirements of the National Bank. Contact IT-OFFSHORE specialists for assistance in obtaining a crypto license.