Can You Open a Bank Account as a Crypto Company in Georgia?
- Tinatin Tolordava
- Oct 3
- 4 min read
Table of contents
Banking and Crypto: A Global Struggle
Ask any founder in the crypto space what their biggest headache is, and banking usually makes the list. Traditional banks treat crypto with suspicion, often freezing transfers or outright refusing accounts.
Georgia stands out. Known as one of the most crypto-friendly countries, it combines low taxes, clear rules, and a willingness to work with foreign companies. So let’s answer the big question: Can you open a bank account as a crypto company in Georgia?
The short answer: Yes. The better answer: Yes, if you set it up the right way.
Is It Legal for Crypto Companies to Open Bank Accounts in Georgia?
Yes. Crypto in Georgia is legal, and crypto companies can open bank accounts here. But there is one important rule: crypto is not legal tender. The Georgian Lari (GEL) is the only official currency for salaries and settlements.
That means you cannot just walk into a bank with Bitcoin and ask for a corporate account. Instead, companies open accounts in GEL, USD, or EUR and rely on crypto-to-fiat conversion services to bridge the gap.
Most foreign crypto businesses register an LLC in Georgia or apply for International Company status to unlock low tax rates and smooth access to banking.
How the Process Works
Opening a Georgian bank account for a crypto company is faster than in most parts of Europe or the United States.
Step 1: Register your entity as an LLC or International Company.
Step 2: Prepare the paperwork including ID, company documents, and proof of business.
Step 3: With Gegidze, your account is opened remotely in 3 to 5 business days without the need for Power of Attorney.
This streamlined process is one reason founders are turning to Georgia instead of battling traditional banks.
What About Crypto-to-Fiat Conversions?
Georgian banks only deal in fiat. Crypto must be converted before it lands in your account.
With Gegidze, the flow is simple:
Your company sends crypto.
Gegidze converts it to fiat at a 1.2 to 1.5 percent exchange rate.
Funds are deposited into your Georgian bank account.
From there, salaries or invoices are paid out in GEL, USD, or EUR.
Because every step is AML and KYC compliant, there is no risk of frozen transfers or regulatory pushback.
Compliance: The Details That Matter
Georgia’s crypto tax system is clear, but banks still require documentation. Missing contracts or vague invoices can delay transfers.
Common mistakes foreign companies make:
Trying to deposit large amounts of crypto directly.
Assuming a simple LLC setup automatically qualifies for tax perks.
Ignoring AML and KYC obligations.
With Gegidze, these risks disappear. Every contract, invoice, and tax report is handled upfront, keeping your operations smooth and compliant.
Why Use Gegidze for Banking Setup?
Georgia’s banks are open to crypto businesses, but navigating the details alone can be messy. Gegidze makes it straightforward:
Remote account setup in 3 to 5 days.
Payroll optimization with employees taxed at only 5 percent and contractors at 1 percent turnover tax.
Crypto-to-fiat conversion at 1.2 to 1.5 percent, far lower than most exchanges.
Full compliance with Georgian tax and banking rules.
For a foreign founder, this means no wasted time, no compliance headaches, and no rejected transfers.
Conclusion: Yes, You Can
So, can you open a bank account as a crypto company in Georgia? The answer is yes. The secret lies in how you structure it. Register properly, convert crypto to fiat through compliant channels, and file taxes correctly.
With Gegidze, you do not just open a bank account. You get a full system where payroll, tax optimization, and compliance are all handled for you.
Take Action Today
If your crypto business is struggling with banking in Europe, the US, or anywhere else, Georgia is the fast-track solution. You can open an account in days, cut payroll taxes down to some of the lowest rates in the world, and finally run operations without fighting your bank at every turn.
Gegidze makes the entire process effortless. From remote account setup to compliant crypto payroll, everything is handled for you.
Ready to get started?
Book a free consultation with Gegidze today and open your crypto company bank account in Georgia within the week.
Frequently asked questions (FAQ)
Can a crypto company open a bank account in Georgia?
Yes. Crypto companies can open bank accounts in Georgia if they are registered as an LLC or International Company. The account itself is in fiat (GEL, USD, or EUR), while crypto-to-fiat conversions are handled through compliant services like Gegidze.
How long does it take to open a bank account for a crypto business in Georgia?
With Gegidze, a crypto company can open a Georgian bank account remotely in just 3 to 5 business days. No Power of Attorney or physical presence is required, making it much faster and easier than in most European or US banks.
Do Georgian banks accept direct crypto deposits?
No. Georgian banks only accept fiat currencies. Crypto must be converted first into GEL, USD, or EUR. Through Gegidze, conversions are done at a low 1.2 to 1.5 percent rate and fully AML and KYC compliant, ensuring smooth transfers into your bank account.
