Georgia VASP Crypto License

Starting from July 1, 2023, Order No. 94/04 “The rule for the Virtual Asset Service Provider’s (VASP’s) registration at the National Bank of Georgia, registration cancellation, and regulation” is in force in Georgia. Thus, currently all companies that want to engage in business activities with virtual assets must obtain a VASP license. The National Bank of Georgia (NBG) is responsible for overseeing and regulating VASPs to ensure compliance with AML and CTF regulations.

Structured Requirements

As part of the VASP registration process in Georgia, applicants are required to submit detailed information on the company’s executives. This includes background information covering criminal record checks, professional reputation, financial standing, and overall integrity, as required by the regulator. In addition, a local physical presence is mandatory. Applicants must provide documented proof of their head office and any branch locations in Georgia, confirming that the business maintains an established operational presence within the country.

Tax Rate

Georgia applies a corporate income tax (CIT) rate of 15%, with a dividend tax rate set at 5%. These rates form the basis of the standard corporate tax framework applicable to licensed entities operating in the country. For limited liability companies (LLCs), there is no requirement to maintain a minimum share capital. In addition, value added tax (VAT) does not apply under the conditions outlined, contributing to a relatively straightforward tax environment.

Minimum Share Capital

The minimum capital requirement for VASP registration in Georgia is defined as minimum. There is no requirement to maintain a minimum share capital for companies structured as limited liability companies (LLCs). This allows applicants to focus on meeting operational and regulatory requirements without being subject to a fixed statutory share capital threshold at the incorporation stage.