Virtual Asset Service Provider (VASP) License in Georgia
With global crypto regulation tightening, Georgia’s Virtual Asset Service Provider (VASP) license has become a standout option for businesses seeking a flexible, cost-efficient base. Issued by the National Bank of Georgia (NBG), this registration legally authorizes companies to run crypto exchanges, manage wallets, provide custodial services, and act as intermediaries in virtual asset transactions.
The Georgian VASP framework, active since July 2023, aligns with FATF recommendations but avoids the heavy capital and bureaucratic demands seen under EU’s MiCA. Companies benefit from no minimum capital requirements, 15% corporate tax on distributed profits, and 0% tax on retained earnings – but must comply with strict AML rules, appoint a local compliance officer, and maintain 30-day certified video surveillance.
This setup appeals to operators who need legal clarity without the overhead of EU licensing. The Georgian VASP regime enables both B2B and B2C crypto services, including exchange operations, wallet management, and token-related infrastructure, all under a regulator that supports innovation without compromising compliance.
Legasset helps clients either buy a ready-made VASP company for immediate entry or apply for new registration through our end-to-end support, covering compliance, filings, and local representation.
Now, let’s break down what this license includes, the regulatory requirements, and what you need to launch successfully in Georgia.
Table of Contents
Subtype
VASP
Jurisdiction
Georgia
Category
Cryptocurrency
Type
Business Licenses
Key Takeaways for VASP License in Georgia
- No minimum capital required – firms can register a Georgian VASP with upfront costs of ≈ USD 1,850-3,700 plus setup fees, avoiding MiCA’s €125,000+ capital burdens.
- Tax-efficient crypto operations – Georgia applies 0% tax on retained profits and 15% corporate tax only on distributed profits, maximizing reinvestment potential.
- Mandatory Georgian presence and compliance – licensees must maintain a local office with 30-day certified surveillance, appoint a resident director and AML officer, and submit quarterly reports to the National Bank of Georgia (NBG).
- Hidden operational costs – annual AML maintenance, audits, and compliance systems typically add ≈ USD 10,000-20,000/year, on top of licensing and renewal fees.
- Banking and geographic limitations – Georgian banks rarely onboard crypto firms; most operators rely on EU EMI or offshore accounts, adding ≈ USD 3,000-7,000/year and cross-border complexity.
- Approval timeline: 3-7 months – ready-made VASP purchases are faster but still require NBG ownership approval; new applications follow the full process under Order No. 94/04.
- Legasset delivers full-scope support – we guide clients through ready-made acquisitions or new applications, handle banking strategy, manage AML structuring, and support MiCA transitions for EU market expansion.
Offer Information
Ready-Made VASP Licensed by the National Bank of Georgia for Sale
- Incorporated in 2022.
- Licensed in 2024.
- Actively running and revenue-generating.
- Clean legal and financial standing — no liabilities or disputes.
What’s included in the sale:
- Valid VASP License: full authorization from the National Bank of Georgia to engage in virtual asset services within a regulated framework.
- Turnkey IT Platform: fully implemented tech stack suitable for launching or expanding a crypto exchange and related fintech offerings.
- Qualified Operational Team: skilled professionals with hands-on experience in digital asset operations, ready to support business continuity.
- Established Transaction Flow: active user base with ongoing transactions and streamlined internal procedures.
- Compliant Corporate Structure: transparent legal setup, tax compliant, and ready for immediate ownership transfer.
What You Need to Know About the VASP License in Georgia
The Virtual Asset Service Provider (VASP) license in Georgia, introduced in July 2023 and governed by the National Bank of Georgia (NBG), legally authorizes companies to offer crypto exchange, wallet, and custodial services. This registration is mandatory for any business facilitating crypto-to-crypto or fiat-to-crypto transactions, including OTC desks, token platforms, and payment intermediaries.
Operators can serve both retail and institutional clients and run platforms under their own brand or as white-label providers. Services may include:
- Fiat and crypto exchange (B2B or B2C)
- Custody and wallet management
- Peer-to-peer crypto payments
- Platform-as-a-service (PaaS) infrastructure for third parties
However, the license comes with clear conditions:
- No passporting to the EU or other jurisdictions
- Mandatory local office with certified video surveillance (30-day archive)
- Resident AML compliance officer
- Detailed KYC/UBO onboarding and internal risk assessments
There is no minimum capital, but real compliance obligations apply. Businesses must file reports to the NBG and may be inspected by the Financial Monitoring Service.
Georgia is not bound by MiCA, but its framework follows FATF-compliant standards, offering a credible, lower-friction alternative to high-cost EU licensing.
Regulator, Tax Profile, and Key Obligations Under Georgian Crypto Law
The VASP regime is regulated by the National Bank of Georgia (NBG). It was introduced under Order No. 94/04, which outlines registration, supervision, and reporting requirements. While not a “license” in the EU sense, it is legally binding and enforced, with fines for non-compliance reaching GEL 20,000 (≈ USD 7,400).
Ongoing AML obligations include:
- Appointing a qualified local AML officer
- Maintaining a physical presence
- Submitting periodic AML/CFT reports
- Implementing and updating risk-based compliance programs
Tax advantages are notable:
- 0% tax on retained earnings
- 15% corporate tax on distributed profits
- 5% dividend tax
- No capital gains tax for individual crypto holders
Georgia uses IFRS for corporate reporting and offers fully digital administration, making compliance easier to manage than in most MiCA jurisdictions.
At Legasset, we support both routes:
Buyers can either acquire a ready-made VASP company in Georgia with full structure in place or apply for new registration from scratch. In both cases, we handle filings, compliance onboarding, and communication with the regulator.
Eligibility Requirements for Obtaining a VASP License in Georgia
To qualify for a VASP license in Georgia, applicants must set up a local Limited Liability Company (LLC) or Joint Stock Company (JSC). Unlike many EU jurisdictions, there are no nationality restrictions: foreign individuals or corporate shareholders can fully own the entity. However, the company must appoint at least one resident Georgian director, who serves as the point of contact for the National Bank of Georgia (NBG).
This resident director is not just a paper role. Georgian authorities will verify that the director is actively involved in governance, especially on matters of compliance. Firms without this local leadership risk delays or outright rejection. The company must also secure a physical office address in Georgia, which cannot be a virtual mailbox. The office must be equipped with a certified surveillance system that records and archives footage for 30 days — a requirement unique to Georgian crypto law.
Financial Requirements and Ongoing Obligations
A standout advantage of the VASP license in Georgia is that there is no minimum capital requirement, unlike MiCA-regulated EU markets where crypto firms face thresholds of €125,000 or more. But no minimum capital doesn’t mean no costs. Applicants must budget for:
- Initial registration and licensing fees ranging from GEL 5,000-10,000 (≈ USD 1,850-3,700), depending on legal structuring and application complexity.
- Corporate tax of 15% on distributed profits, though retained earnings are exempt.
- Dividend tax of 5% on shareholder distributions.
- Ongoing AML compliance expenses, including audits, system maintenance, and reporting.
Firms need a clear financial plan to cover these recurring obligations — underestimating operational costs is a common failure point for crypto startups entering Georgia.
Compliance, Documentation, and Approval Process
The NBG requires a comprehensive compliance framework before approving any VASP registration. Applicants must submit:
- Official LLC or JSC formation papers.
- Transparent Ultimate Beneficial Owner (UBO) declarations.
- A fully developed AML/CFT policy, tailored to the specific services offered, not just a generic template.
- Proof of physical office setup, including equipment invoices and rental contracts.
- Organizational charts naming the resident director and local AML officer, whose qualifications must meet NBG standards.
Foreign documents must be notarized and apostilled, then translated into Georgian by certified professionals. Processing times are realistic but firm: even well-prepared applications can take 60 to 180 days, depending on regulator workload and application quality.
Challenges Competitors Don’t Warn You About
While the Georgian framework is business-friendly, most competitors gloss over the real hurdles. First, crypto-friendly banking remains tight — holding a VASP license doesn’t guarantee account approval. Georgian banks scrutinize applicant histories, AML practices, and shareholder backgrounds.
Second, sourcing a qualified local AML officer is not plug-and-play. The NBG requires candidates with documented expertise, and failing to meet this standard leads to delays or rejection.
Legasset addresses these pain points head-on by providing access to vetted compliance professionals, preparing bespoke AML documentation, and offering strategic banking introductions to help clients avoid costly setbacks.
Pros & Cons of Acquiring a VASP License in Georgia
+ Cost-efficient regulatory entry. Georgia’s VASP framework requires no minimum capital, lowering upfront costs to GEL 5,000-10,000 (≈ USD 1,850-3,700) — a fraction of the €125,000 demanded under MiCA. This allows startups to launch without tying up large reserves.
+ Tax advantages increase retained earnings. Companies pay 0% corporate tax on reinvested profits and 15% only when distributing dividends, improving internal cash flow compared to higher-tax EU regimes.
+ Full foreign ownership with no local shareholding. Foreign founders can own 100% of the Georgian entity, avoiding the local partner constraints seen in some CIS or Middle Eastern jurisdictions.
+ Mid-range approval timeline. With a 60-180 day processing window, the National Bank of Georgia offers faster paths to market than MiCA (6-12 months), but with more regulatory oversight than low-compliance offshore locations.
+ Flexible geographic positioning. Situated between Europe and Asia, Georgia enables businesses to access the EU, CIS, and Middle Eastern markets — though separate licensing is required for regulated EU services.
– No EU passporting rights. The Georgian VASP license is legally valid only in Georgia; firms seeking EU-wide service rights must separately apply for MiCA’s CASP registration, adding time and cost.
– Limited local banking support. Despite regulatory approval, many Georgian banks remain wary of crypto clients, forcing firms to open international EMI accounts — adding ≈ USD 3,000-7,000 in annual external banking costs.
– Local physical presence is mandatory. Applicants must rent a Georgian office, install certified video surveillance (retaining footage for 30 days), and appoint a resident AML officer, raising ongoing compliance costs often hidden in competitor sales materials.
– Stringent AML reporting obligations. The National Bank of Georgia requires robust KYC, UBO checks, and risk-based AML controls; non-compliance risks penalties of up to GEL 20,000 (≈ USD 7,400), plus possible license suspension.
– High documentation standards. Foreign corporate documents need apostille, notarization, and certified Georgian translation, extending onboarding timelines by 2-4 weeks and adding legal fees of ≈ USD 1,000-2,000.
– Ownership transfers require regulator approval. While Legasset offers ready-made Georgian VASP companies, ownership changes are subject to NBG review — buyers cannot bypass compliance checks or execute instant takeovers.
How to Get a VASP License in Georgia
Businesses can approach a VASP license in Georgia either by buying a ready-made VASP entity or by applying for a new license from scratch. Legasset supports both, providing full-service assistance: company setup, compliance structuring, local director and AML officer appointments, document preparation, banking strategy, and post-license maintenance.
While ready-made entities save setup time, they still require regulatory notifications and ownership vetting by the National Bank of Georgia (NBG). A new license offers flexibility but follows a more intensive process.
Step-by-Step VASP Licensing Process in Georgia
- Step 1: Choose Between Ready-Made or New Setup 1-2 weeks for decision-making and planning
Summary: Evaluate whether purchasing a ready-made VASP company or applying anew fits your goals, timeline, and operational scope. Legasset assesses your case, identifies potential red flags, and advises on the fastest and most sustainable path.
Key Documents: Ownership details, service scope, proof of funds.
Estimated Cost: Advisory and structuring fees ≈ USD 1,850-2,600 (GEL 5,000-7,000). - Step 2: Legal Entity Formation and Office Setup 2-4 weeks
Summary: For new applications, we establish a Georgian LLC or JSC. For ready-made purchases, we update governance, shareholders, and legal records. All entities must secure a physical Georgian office (no virtual setups) with certified 30-day video surveillance — a non-optional NBG requirement.
Key Documents: Company incorporation or transfer documents, office lease, surveillance certification.
Estimated Cost: Incorporation or transfer ≈ USD 1,100-1,850 (GEL 3,000-5,000); office setup ≈ USD 2,500-4,000. - Step 3: AML Compliance Setup and Officer Appointment 2-3 weeks
Summary: Georgian VASPs must have a qualified local AML compliance officer — not a figurehead, but someone with certified expertise. Legasset helps source, vet, and onboard these officers, plus drafts bespoke AML/CFT policies reflecting your risk profile and services.
Key Documents: AML officer resume and contract, detailed AML policy, internal risk matrix.
Estimated Cost: Compliance and personnel setup ≈ USD 3,000-6,000. - Step 4: Application Filing with the NBG 60-180 days
Summary: We compile and submit the full application package under Order No. 94/04. Foreign documents require apostille, notarization, and certified Georgian translation — a step often underestimated and a common cause of application delays.
Key Documents: Full application, notarized and translated foreign documents, AML documentation, ownership disclosures.
Estimated Cost: Filing and translation ≈ USD 1,500-3,000; NBG government fees ≈ USD 1,850 (GEL 5,000). - Step 5: Post-License Activation and Banking 4-6 weeks post-license
Summary: After approval, businesses face real-world hurdles: onboarding banking (Georgian banks remain cautious with crypto), activating operational systems, and preparing for NBG compliance inspections. Legasset helps navigate these with EMI introductions and post-approval support.
Key Documents: NBG approval certificate, compliance audit records, banking application documents.
Estimated Cost: Operational and banking setup ≈ USD 4,000-8,000 annually.
General Timeline Overview
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Overall, acquiring a ready-made Georgian VASP takes 3-6 months, while applying anew realistically spans 4-7 months— accounting for document preparation, regulatory reviews, and post-approval setup.
Buyers should budget an all-in cost of ≈ USD 15,000-25,000, including advisory, local compliance, office setup, licensing, and early operational expenses — not just the “license price” competitors often advertise.
Post-Licensing Compliance Obligations for VASP License in Georgia
Obtaining a VASP license in Georgia under Order No. 94/04 is only the starting line. Businesses must meet strict, ongoing obligations set by the National Bank of Georgia (NBG) and the Financial Monitoring Service (FMS). Neglecting these is not a small risk: penalties reach up to GEL 20,000 (≈ USD 7,400), and repeated failures can result in license suspension or permanent revocation.
Key Ongoing Compliance Requirements
- AML/KYC Monitoring and Reporting
Under Georgian law, licensed VASPs must continuously monitor customer transactions, update risk assessments, and submit suspicious activity reports to the FMS. These are not light-touch obligations — the NBG expects firms to maintain tailored, Georgian-language AML policies, not just imported templates. Many competitors skip this detail, but in practice, firms must invest in local legal review and real-time transaction monitoring tools to pass inspections. - Audits, Quarterly Reports, and Filings
Annual financial statements under IFRS are mandatory, alongside quarterly regulatory reports detailing customer profiles, transaction volumes, and AML activity. Compliance audits may be triggered if reporting flags arise — meaning even small firms need structured internal controls from day one. - Tax, Renewals, and Structural Changes
Companies pay 15% tax on distributed profits and 5% dividend tax, and must track all crypto-related corporate activity. The NBG requires firms to formally renew their VASP registration and pre-approve major changes, such as adding new shareholders or expanding service lines. - How Legasset Helps Clients Stay Compliant
Legasset supports clients beyond licensing: we provide hands-on AML consulting, help navigate NBG audits, assist with quarterly filings, and manage renewal documentation. Our goal is long-term operational stability, not just regulatory signoff — ensuring clients avoid hidden pitfalls competitors often downplay.
Common Pitfalls and Challenges of Operating Under a VASP License in Georgia
Operating under Georgia’s VASP license, regulated by the National Bank of Georgia (NBG) under Order No. 94/04, offers flexibility — but comes with distinct challenges many competitors fail to explain.
✔ Banking Access Constraints
Even with a license, Georgian banks often decline crypto firms, citing risk concerns. Most licensed VASPs must secure EMI accounts in the EU or offshore, adding annual costs of ≈ USD 3,000-7,000 and introducing cross-border transaction complexity.
✔ Regulatory Shifts and FATF Alignment
Although Georgia is outside MiCA, its FATF alignment means firms must track global AML standard updates or risk falling behind. Firms that fail to upgrade systems or practices face penalties, inspections, or even license suspension.
✔ Compliance Maintenance Costs
Ongoing obligations include AML software, staff salaries, office leases, and certified video surveillance upkeep — costs that can easily total ≈ USD 10,000-20,000 annually, depending on scale. Many buyers underestimate these when focusing solely on upfront licensing fees.
✔ Local Staffing and Governance
Hiring a resident director and AML officer is mandatory, and they must meet strict NBG standards. Unqualified hires or high turnover can jeopardize compliance status, causing costly delays.
How Legasset Helps
Legasset proactively solves these pain points by connecting clients to crypto-friendly banks, recruiting vetted Georgian compliance personnel, managing AML upgrades, and delivering tailored cost planning. We position clients for long-term success — not just license issuance — by ensuring they’re fully operational, audit-ready, and adaptable to regulatory shifts.
Frequently Asked Questions About Purchasing a VASP License in Georgia
How long does it take to get a VASP license in Georgia?
The full licensing process typically takes 4-7 months for a new application, including company setup, document preparation, and National Bank of Georgia (NBG) approval. Ready-made VASP acquisitions can reduce this to 3-6 months, but ownership transfer still requires regulator vetting. Businesses should also plan for additional onboarding time to secure a compliant local office, install required surveillance, and hire a resident AML officer.
What banking options are available for licensed VASPs in Georgia?
Even with a VASP license in Georgia, many local banks remain hesitant to work with crypto companies. Most firms rely on EU-based EMI accounts or offshore banking to handle fiat flows. This adds operational complexity and ≈ USD 3,000-7,000 in annual banking costs. Legasset’s team helps clients secure crypto-friendly banking partners and design cross-border payment setups to keep operations running smoothly.
What are the ongoing compliance costs and obligations for Georgian VASP?
Operating a Georgian VASP comes with real recurring costs: AML system subscriptions, director and compliance officer salaries, certified office and surveillance upkeep, plus quarterly reporting to the NBG. On average, firms should budget ≈ USD 10,000-20,000 per year. License renewals require periodic filings and regulator fees. Legasset helps clients plan these costs upfront to avoid cash flow surprises.
Does the Georgian VASP license allow operations across the EU?
No, this license grants rights only under Georgian law and does not provide automatic EU or MiCA passporting. Firms wanting EU market access must apply separately for CASP licensing under MiCA. Legasset supports clients through full MiCA onboarding, helping transition governance, capital, and compliance structures to meet evolving EU standards.
How can Legasset help me with a Georgian VASP license?
Legasset offers full-service support: we help clients acquire ready-made Georgian VASP companies or apply for new licenses, covering company registration, AML officer recruitment, policy drafting, and NBG application management. Beyond licensing, we act as a long-term compliance partner, assisting with renewals, audits, and MiCA transitions, so clients can focus on growth while we handle the regulatory landscape.
Additional Links and Resources for VASP License in Georgia
The official National Bank of Georgia portal provides registration rules, supervisory guidelines, and compliance updates for VASP applicants. This is the primary resource for understanding Georgia’s crypto regulatory framework and licensing procedures.
II. Order No. 94/04 on VASP Registration (Official Law)
The legal foundation governing VASP operations in Georgia. This document outlines licensing criteria, AML obligations, and ongoing compliance requirements under Georgian law, making it essential for legal and compliance teams.
III. Financial Monitoring Service (FMS) of Georgia
Georgia’s dedicated AML/CFT supervisory body overseeing suspicious transaction reporting, risk-based monitoring, and regulatory enforcement for licensed crypto companies.
IV. Financial Action Task Force (FATF)
The global standard-setting body for AML/CFT rules, which strongly influences Georgia’s VASP regulations. This site offers international compliance guidance and updates relevant to crypto businesses.
