A “crypto license in Georgia” is, in law, a VASP registration with the National Bank of Georgia (NBG) — there is no licence as such. Since 1 January 2023 any firm providing virtual asset services in or from Georgia must be entered on the NBG register before it operates. The regulator decides within 60 calendar days of a complete application, extendable once by 60. 42 firms are registered today; one registration has been cancelled.
What that gets you: a Georgian LLC or joint-stock company that may lawfully exchange, transfer, custody or trade virtual assets for clients, listed on a public register that banks and counterparties check. What it does not get you: prudential supervision, a capital requirement (except for stablecoin issuers), EU passporting, or any right to serve EU customers under MiCA. This page sets out the six steps, the real costs the state publishes, the timeline, the penalties, and how Georgia compares — all from the National Bank’s own orders and the Georgian legal gazette, not from firms selling the service.
Compiled from National Bank of Georgia and Georgian legislative sources only — no consultancy or law-firm material was used. Reference, not legal advice.
Key facts
| Authority | National Bank of Georgia |
| Instrument | Registration as a Virtual Asset Service Provider — not a licence |
| Governing law | Law of Georgia on Facilitating the Prevention of Money Laundering and the Financing of Terrorism, No. 5226-Iს, 30 October 2019 |
| Implementing rule | Order No. 94/04 of the President of the NBG, 13 June 2023, in force 1 July 2023 |
| Obligation began | 1 January 2023 (existing operators had 90 days to file) |
| Legal form required | Georgian limited liability company or joint-stock company |
| Minimum capital | Not published for ordinary VASPs — see below |
| Decision timeline | 60 calendar days, extendable once by 60 |
| Registration fee | Required by the order; amount not published |
| Public register | NBG VASP register (XLSX) — 42 registered, 1 cancelled |
| Prudential supervision | Expressly excluded by the NBG |
How to get a crypto license in Georgia: the six steps
- Incorporate in Georgia. Only a Georgian LLC or joint-stock company qualifies. Registration is with the National Agency of Public Registry; the state fee is in the low hundreds of lari and a standard filing is processed in one business day (same-day for a higher fee). A foreign company cannot register as a VASP directly.
- Set up a registered office and compliant premises. Any branch, office or self-service kiosk where cash is exchanged must meet the NBG security standard, including video surveillance.
- Clear fit-and-proper for administrators and owners. Directors, significant shareholders and beneficial owners are assessed. Prepare identity, source-of-wealth and no-conviction documents before you file.
- Build the AML/CFT system first. A compliance-control system, internal AML/CFT instructions, policies and procedures must exist before operations commence — the NBG checks this at application, not afterwards.
- File the application under Order 94/04 with proof the registration fee has been paid (the fee amount is not published in the order — see “Cost and timeline” below).
- Wait for the decision, then display it. The NBG has 60 calendar days, extendable once by 60. From 1 January 2026 the registration act must be displayed or easily accessible on every channel — branches, website, app and kiosks.
Realistic planning: the 60–120-day clock only starts when the application is complete, so company formation, premises and the AML build sit in front of it. Arriving with the AML system already documented is the single biggest time-saver.
What Georgian VASP registration gives you — and what it doesn’t
| You get | You do not get |
|---|---|
| Lawful authority to exchange, transfer, custody, trade or administer virtual assets for clients in Georgia | Prudential supervision — the regime expressly excludes it, so nobody checks solvency or client-asset safety |
| A listing on the NBG public register that banks, exchanges and counterparties check | A minimum-capital badge — none is required for ordinary VASPs, so registration says nothing about your balance sheet |
| A regime MONEYVAL upgraded on FATF Recommendation 15 in October 2024 | EU passporting or MiCA equivalence — you cannot serve EU customers on the strength of a Georgian registration |
| Registration in one filing, one regulator, no ongoing licence-fee tiers | An exemption via a Free Industrial Zone — the NBG confirmed on 7 October 2025 that FIZ companies must register too |
| A clear penalty schedule (GEL 100–100,000) rather than open-ended enforcement | Deposit or investor protection of any kind |
Who is already registered in Georgia
This is the part most guides omit. The National Bank publishes its full register, and reading it tells you more about the regime than any summary of the rules. As of the register file dated 6 August 2026 there are 42 active registrations and one cancellation — 0009-9404 Sherif Crypto Exchange LLC. Every registrant is a Georgian limited liability company. Most are in Tbilisi; several are in Batumi. Registrations run from 22 November 2023 onward.
Notable entries include Bybit Georgia Limited and Whitebit Georgia — international exchanges that have taken local registration rather than serving Georgia from offshore.
| # | Registered VASP |
|---|---|
| 1 | Mycoins (New Digital Technologies) |
| 2 | Cryptal (Digital Ledger Technologies) |
| 3 | Bitanica |
| 4 | Bitexchange |
| 5 | Cryptomat |
| 6 | Coinet (Cryptotech Solution) |
| 7 | Whitebit Georgia |
| 8 | Bithold (Digital Markets Solutions) |
| 9 | Alltrust.me (Maverick Solution) |
| 10 | AURUM (International FinLaw Support) |
| 11 | CoinSwap (Batcave) |
| 12 | Coinmania |
| 13 | Bitnet (Digital Platform) |
| 14 | Digital Currency |
| 15 | CryptoExchange |
| 16 | PLEX (Platforma Holding Georgia) |
| 17 | GECRYPTO (Smartfinservice) |
| 18 | Bybit Georgia Limited |
| 19 | Crypto Exchange (Smart Crypto) |
| 20 | Werty (Unotron) |
| 21 | Matio |
| 22 | Stellex |
| 23 | Cryptox |
| 24 | SPEX (Sport Exchange) |
| 25 | City Pay |
| 26 | Crypto Change Batumi |
| 27 | Bitrust |
| 28 | Gaus Crypto |
| 29 | Coinero |
| 30 | BITARI |
| 31 | Bitcasa (IXI) |
| 32 | PayBit Georgia |
| 33 | FinSec |
| 34 | Coinsflow |
| 35 | SOLUNEX |
| 36 | CoinnetX |
| 37 | Bipayhi (Crossmint) |
| 38 | Covex |
| 39 | BitFi |
| 40 | Digital Assets Sakartvelo |
| 41 | GLOBAL CRYPTO |
| 42 | Fintrust |
Source: National Bank of Georgia public register of VASPs, file dated 6 August 2026. Trade names shown where the register lists one alongside the legal name.
What activities require registration
The National Bank enumerates seven categories of virtual asset service that trigger the registration obligation:
- Exchange between convertible virtual assets and fiat currencies
- Transfer of convertible virtual assets
- Safekeeping and administration of convertible virtual assets
- Portfolio management of convertible virtual assets — individual, not collective
- Administration of a trading platform for convertible virtual assets
- Lending of convertible virtual assets
- Activity related to an initial coin offering
A “virtual asset” is defined by the NBG as a digital representation of value that is interchangeable and non-unique — excluding fiat currency, securities and financial instruments. A VASP is a person providing a virtual asset service for the benefit of another person. Source: NBG.
Uncertainty flag. The seven-item list above is the National Bank’s own published enumeration. We were not able to retrieve and verify the underlying statutory list in Law 5226-Iს directly — check the consolidated text if the precise statutory wording matters to you.
What the regime does not do
The National Bank is unusually direct about the limits of its own regime. It states that VASP registration covers registration, administrator eligibility, AML/CFT compliance, inspection and regulation — and expressly excludes prudential regulation and supervision for consumer-protection purposes.
That is the single most important sentence on this page. A Georgian VASP registration is not equivalent to a Dubai VARA licence or an EU MiCA authorisation, both of which carry prudential requirements. Anyone presenting Georgian registration as a “licence” comparable to those regimes is overstating what the National Bank has actually granted. Source: NBG.
Requirements
- Legal form. Only a limited liability company or joint-stock company incorporated under Georgian law.
- Local presence. A registered office in Georgia. Premises, branches and self-service kiosks must meet security standards, including video surveillance where cash exchange takes place.
- Fit and proper. Applies to administrators and to significant and beneficial owners.
- AML/CFT. A compliance-control system, internal AML/CFT instructions, policies and procedures must be in place before operations commence.
- Registration display (from 1 January 2026). Following an amendment announced 27 November 2025, VASPs must display or make easily accessible the NBG administrative act confirming registration — across branches, websites, apps and self-service kiosks. Source.
Unable to confirm from primary source as of 7 August 2026: director residency requirements, any minimum local staffing, and whether an external audit is mandatory. These do not appear in the published text of Order 94/04. Verify at matsne.gov.ge.
Cost and timeline
Timeline. The National Bank must decide within 60 calendar days of a complete application, extendable once by a further 60 days with justification. That is the regulator’s clock, not total elapsed time — company formation, document preparation and AML system build sit outside it.
Fees. Order 94/04 refers to a registration fee and requires proof of payment, but no amount is stated in the published text and we could not locate a published NBG fee schedule. Unable to confirm from primary source as of 7 August 2026 — verify at matsne.gov.ge or with the National Bank directly. Treat any specific figure you see quoted elsewhere, particularly on the sites of firms selling registration services, as unverified.
Minimum capital. No general minimum capital requirement for ordinary VASPs appears in Order 94/04. One narrow exception exists: under Order No. 52/04 of 6 March 2026, a VASP conducting an initial coin offering of a stablecoin must hold minimum regulatory capital of GEL 500,000. Where reserve assets reach GEL 1,000,000 or more, capital is the minimum plus at least 2% of average daily reserve value, capped at GEL 50,000,000, with Tier 1 at 75% or more of regulatory capital and reserves at 100% or more of nominal value, segregated and denominated in the peg currency.
Enforcement and penalties
Order No. 133/04 of 29 May 2024, in force 1 August 2024, sets monetary penalties on VASPs and their administrators:
| Violation class | Fine (GEL) |
|---|---|
| Less serious | 100 – 10,000 |
| Serious | 1,000 – 7,000 |
| Particularly serious | 5,000 – 20,000 |
| Systematic | 2,000 – 40,000 |
| Aggravated systematic | 10,000 – 100,000 |
Listed triggers include failure to report suspicious transactions to the Financial Monitoring Service, breach of UN Security Council sanctions decisions, absence of automated screening, and anonymity-enhanced cryptocurrency breaches.
Free Industrial Zones do not exempt you
Georgia’s Free Industrial Zones are frequently marketed as a route around financial regulation. On 7 October 2025 the National Bank addressed this directly: FIZ status confers no exemption, and anyone providing virtual asset services within the territory of Georgia — including in Free Industrial Zones — must be registered. The NBG urged citizens not to deal with unregistered providers. Source.
Tax
Under Public Decision No. 201 of the Minister of Finance, 28 June 2019: the supply or exchange of crypto-assets for national or foreign currency is VAT-exempt, and individuals are exempt from income tax on income from crypto-asset supply, on the reasoning that it is not Georgian-source income. Supply of mining computing power is VAT-exempt where the recipient is established outside Georgia and taxable where the recipient is in Georgia.
Unable to confirm from primary source as of 7 August 2026: Georgia’s general corporate and personal income tax rates as they apply to a VASP’s own profits. Verify in the Tax Code of Georgia.
How Georgia compares
| Georgia | UAE — Dubai | New Zealand | European Union | |
|---|---|---|---|---|
| Authority | National Bank of Georgia | VARA | FMA / DIA | National competent authority |
| Instrument | Registration | Activity licence | FSPR registration + AML/CFT | MiCA authorisation |
| Prudential supervision | Expressly excluded | Yes | Limited | Yes |
| Min. capital | Not published | By category | None specified | €50k–€150k |
| Decision period | 60 + 60 days | See guide | See guide | Set by MiCA |
| Passporting | No | No | No | Yes — across the EU |
| Detail | This page | VARA guide | NZ guide | MiCA timeline |
The honest read: Georgia is fast and light. That is its appeal and its limitation. A registration with no prudential supervision and no passporting rights is a different product from a VARA licence or a MiCA authorisation, and counterparties — particularly banks — will price that difference.
International standing
MONEYVAL’s third enhanced follow-up report on Georgia, October 2024, upgraded both Recommendation 1 and Recommendation 15 — the virtual-assets recommendation — from Partially Compliant to Largely Compliant. Georgia remains in enhanced follow-up. Source.
What changed recently
- 6 March 2026 — Order 52/04 introduces a stablecoin ICO regime with GEL 500,000 minimum regulatory capital.
- 1 January 2026 — VASPs must display their NBG registration act across branches, websites, apps and kiosks.
- 7 October 2025 — NBG confirms Free Industrial Zones carry no exemption.
- 1 August 2024 — Order 133/04 monetary penalties come into force.
- October 2024 — MONEYVAL upgrades Georgia on R.15.
Frequently asked questions
Do you need a crypto licence in Georgia?
No — Georgia does not issue one. It requires registration as a VASP with the National Bank of Georgia, which is a narrower instrument. The NBG states the regime excludes prudential regulation and consumer-protection supervision.
How long does registration take?
60 calendar days from a complete application, extendable once by a further 60 days with justification.
How much does it cost?
Order 94/04 requires payment of a registration fee but does not publish the amount, and we could not locate a published NBG fee schedule. Confirm with the National Bank directly.
Is there a minimum capital requirement?
Not for ordinary VASPs, in the published text. Stablecoin ICO issuers must hold GEL 500,000 minimum regulatory capital under Order 52/04.
Does a Free Industrial Zone company avoid registration?
No. The National Bank confirmed on 7 October 2025 that FIZ status confers no exemption.
How many VASPs are registered in Georgia?
42, with one cancelled, per the NBG register file dated 6 August 2026.
Sources
- National Bank of Georgia — Virtual Asset Service Providers
- Order No. 94/04, 13 June 2023 — registration rules
- Law No. 5226-Iს, 30 October 2019 (consolidated)
- NBG public register of VASPs (XLSX, 6 Aug 2026)
- Order No. 133/04, 29 May 2024 — penalties
- Order No. 52/04, 6 March 2026 — stablecoin ICO
- NBG statement on Free Industrial Zones, 7 October 2025
- NBG amendment on registration display, 27 November 2025
- Public Decision No. 201, 28 June 2019 — crypto taxation
- MONEYVAL third enhanced follow-up report on Georgia, October 2024
All sources retrieved 7 August 2026. Compiled by Vaibhavv Ali from primary regulatory sources. Cryptonite takes no referral fees and has no relationship with any provider named on this page. Part of the global crypto licensing tracker. Reference only — not legal advice.
Cite this data. This page is an original Cryptonite dataset compiled from National Bank of Georgia orders and the Georgian legal gazette, re-verified on the date shown above. Journalists, analysts and researchers may quote it with attribution: “Source: Cryptonite Global Crypto Licensing Tracker — Georgia, cryptonite.ae/crypto-licensing/georgia/”. Weekly regulator changes across MENA are logged in the MENA Regulatory Radar; all jurisdictions are in the Global Crypto Licensing Tracker. Corrections: contact us.