VASP Registration in Georgia: Full Compliance Guide
- Tinatin Tolordava
- Oct 3
- 5 min read
Table of contents:
Why VASP Registration Matters
Cryptocurrency is booming worldwide, but regulation remains the biggest barrier for businesses. Exchanges, wallet providers, and payment processors often face rejection from banks or high compliance costs in the EU or US.
That’s why many companies now look to Georgia.
The country is not only one of the most crypto-friendly jurisdictions in Europe, but also has a clear framework for VASP registration. Getting compliant in Georgia means you can run a crypto business with legal certainty, low taxes, and smooth access to banking.
If you’re planning to operate as a crypto exchange, wallet provider, or payment service, understanding how VASP licensing in Georgia works is your first step.
What Is a VASP in Georgia?
VASP stands for Virtual Asset Service Provider. Under rules introduced by the National Bank of Georgia (NBG) to align with global AML/CFT standards, certain crypto businesses must register before operating.
A company qualifies as a VASP in Georgia if it offers:
Crypto-to-fiat or fiat-to-crypto exchanges
Custodial wallet services that hold client assets
Platforms that trade, transfer, or manage digital assets for clients
If your business simply accepts crypto as payment for your own services, mines crypto, or stakes tokens without third-party involvement, you do not need to register.
Is VASP Registration Mandatory in Georgia?
Yes, if your business holds or transfers assets on behalf of clients. This includes:
Running a centralized exchange
Offering custodial wallets
Acting as an intermediary for crypto transactions
But if you are a Web3 developer, DAO, or freelancer getting paid in crypto, you can operate under simpler structures like an LLC, International Company, or Individual Entrepreneur without VASP registration.
This distinction is key. Registering unnecessarily adds costs, while failing to register when required creates compliance risks.
The VASP Registration Process in Georgia
The process is relatively straightforward compared to stricter jurisdictions. Here’s how it works:
Company setup
Register an LLC in Georgia (takes 1–2 business days).
Choose a name, draft founding documents, and list directors.
Foreign owners can register remotely.
Prepare compliance documentation
AML/KYC policies aligned with Georgian law.
Risk assessment procedures.
Appoint a compliance officer.
Submit registration to the National Bank of Georgia
Provide company details, compliance policies, and ownership structure.
The NBG reviews to confirm alignment with AML/CFT standards.
Approval and supervision
Once registered, you operate legally as a VASP.
You must file reports and maintain AML compliance on an ongoing basis.
With Gegidze, the entire process can be managed remotely, from company setup to compliance paperwork.
Banking and VASP Operations in Georgia
Even with registration, banks remain cautious. Georgia allows crypto companies to open accounts, but only if the structure is correct.
The safe way:
Register as a VASP if required.
Open a Georgia bank account through Gegidze (ready in 3–5 days).
Use Gegidze’s crypto-to-fiat conversion service at 1.2–1.5% rates.
Maintain transparent AML/KYC reporting.
Trying to send large crypto transfers directly without proper records often leads to blocked or frozen accounts. With a compliant VASP setup, you avoid those risks.
Tax Benefits for Registered VASPs
Being compliant doesn’t mean paying high taxes. Georgia offers some of the most competitive crypto tax regimes anywhere:
Corporate tax: Deferred until profits are distributed.
Virtual Zone status: 0% corporate tax on foreign-sourced IT services.
International Company status: 5% corporate tax, 0% dividend tax, and 5% payroll tax.
Free Industrial Zones: 0% corporate tax, 0% VAT, and no import duties for mining equipment.
For crypto exchanges or custodial wallets, International Company status often makes the most sense. For Web3 developers, Virtual Zone status ensures no corporate tax on global clients.
AML and KYC Compliance Requirements
VASP regulation in Georgia is focused on preventing money laundering and terrorist financing. As a registered provider, you must:
Verify client identity (KYC)
Monitor transactions for suspicious activity
File reports with the authorities if thresholds are exceeded
Keep transaction records securely
Gegidze supports crypto companies by building out AML policies that meet requirements without overcomplicating operations.
Common Mistakes in VASP Registration
Foreign companies often stumble when entering Georgia’s crypto market. The most common errors include:
Assuming registration isn’t required for custodial or exchange activity
Misclassifying business models, leading to rejected bank accounts
Skipping AML/KYC frameworks, resulting in non-compliance fines
Assuming LLC setup equals tax benefits, without applying for special statuses like International Company or Virtual Zone
Gegidze avoids these pitfalls by structuring your business correctly from day one.
Who Needs VASP Registration vs. Who Doesn’t
Needs registration: Exchanges, wallet providers, and platforms that hold or transfer assets for clients.
Does not need registration: Miners, stakers, Web3 startups offering their own products, DAOs making contributor payouts, freelancers being paid in crypto.
This distinction is crucial. Many foreign founders overcomplicate their setup, registering unnecessarily.
Why Georgia Is the Ideal Place for VASPs
Compared to the EU or US, where licensing is complex and expensive, Georgia offers:
Fast registration (1–2 days for company setup, weeks for VASP approval)
Clear AML/KYC obligations
Access to favorable tax regimes (0–5% corporate tax)
Remote account opening and global operations support
This combination makes Georgia one of the best places in the world to launch or relocate a crypto service.
How Gegidze Helps with VASP Registration
Gegidze provides an end-to-end solution for crypto companies:
Company registration in Georgia
Preparing AML/KYC policies
Filing VASP registration with the National Bank of Georgia
Remote bank account setup
Payroll optimization (5% employee tax, 1% contractor tax)
Ongoing compliance and tax filings
Instead of juggling multiple providers, companies get everything under one roof, saving time and money.
Conclusion: Compliance Opens the Door to Growth
VASP registration in Georgia isn’t just a box to tick, it’s the key to scaling your crypto business legally and efficiently. Whether you’re running an exchange, offering wallet services, or building global crypto infrastructure, Georgia offers a compliance framework that’s fast, affordable, and tax-efficient.
With Gegidze, you can set up remotely, get registered, open bank accounts, and run payroll without ever stepping into a Georgian office. Full compliance, low taxes, and crypto-friendly laws make Georgia the smart choice for ambitious founders.
Ready to get VASP registered in Georgia and run your crypto business legally worldwide?
Book your free consultation with Gegidze today and build your compliant future.
Frequently asked questions (FAQ)
Who needs a VASP license in Georgia?
Any company that provides crypto-to-fiat exchanges, custodial wallets, or manages assets for clients must register as a VASP with the National Bank of Georgia. Businesses that mine, stake, or only use crypto for their own transactions do not need registration.
How long does VASP registration in Georgia take?
Company registration (LLC or International Company) can be done in 1–2 business days, while VASP registration with the National Bank typically takes a few weeks depending on documentation. With Gegidze, the process is handled remotely and streamlined for faster approval.
What are the compliance requirements for VASPs in Georgia?
VASPs must implement AML and KYC procedures, appoint a compliance officer, monitor transactions for suspicious activity, and file reports with the authorities. Gegidze helps crypto companies prepare compliant policies that meet Georgian regulations.
