VASP License in Georgia: Costs, Capital and Timeline

Quick facts

Regulator / authority

National Bank of Georgia (NBG)

Coverage

Virtual asset exchange for fiat or national currency, other cryptocurrencies or fiat money. Services for managing and storing digital assets. Global transactions and transfer services. ICO and STO organization. Introduction of trading platforms and cryptocurrency portfolio administration.

Best for

Ideal for those who want a crypto-friendly jurisdiction with relatively fast VASP authorization, who need a cost-efficient setup compared to EU or Tier-1 regimes

Local presence

Required (Georgian legal entity)

Substance level

Medium (a physical office is required, one of the directors must be a resident, a business that wants to apply for a VASP application must be a Limited Liability Company (LLC) or a Joint Stock Company (JSC), and it is obligatory to open a bank account in Georgia)

Banking friendliness

Medium

Who this is for

Best fit

Your business model focuses on crypto exchange, brokerage, or OTC trading (crypto-to-crypto or crypto-to-fiat)
You plan to offer custodial wallet services or hold virtual assets on behalf of clients
You want to operate a regulated crypto platform without launching a full EU MiCA structure at an early stage

You serve international retail or professional clients (outside sanctioned or high-risk jurisdictions)
Ideal for those who want a crypto-friendly jurisdiction with relatively fast VASP authorization and cost-efficient setup compared to EU or Tier-1 regimes

What you can do (scope)

Changing virtual assets into real money (like crypto to GEL, USD, or EUR)
Changing one type of virtual asset for another (crypto-to-crypto)
Sending and receiving crypto on behalf of clients (moving virtual assets)
Taking care of and managing virtual assets (wallet services, keeping private keys safe)
Running crypto wallets (both custodial and, in some cases, non-custodial models)

Requirements overview

Company & presence

A physical office in Georgia is required; at least 1 director must be a Georgian resident.

Key persons / governance

At least 1 director must be a Georgian resident; directors and compliance managers have to provide accurate information regarding their areas of expertise, work experience, and the absence of any criminal records.

Capital / safeguarding / bonds

While JSCs have a minimum capital requirement of 100,000 lari, with at least 25% due at registration, LLCs are exempt from this requirement.

AML/CTF baseline expectations

Applicants are required to report suspicious transactions to the regulator, maintain appropriate records, and implement all necessary procedures to combat illicit enrichment and terrorist financing, set up and execute a training program for employees.

Reporting / audits

Anti-money laundering and counter-terrorist financing (AML/CFT) compliance, which includes the prevention of sanctions evasion. Risk-based supervision and oversight by the National Bank of Georgia (NBG). Enhanced due diligence for higher-risk clients and transactions, as well as customer due diligence (CDD) and know-your-customer (KYC) obligations. Ongoing transaction monitoring and reporting of suspicious transactions (STRs) to the Financial Monitoring Service of Georgia (FMS). Requiring regulatory reporting to the NBG upon request and during supervisory reviews.

Process (end-to-end steps)

Step 1: Eligibility & scope mapping

Analysis of whether your business plans are suitable with Georgian laws, check of preferred names, and gathering of KYC documents of potential shareholders and directors

Step 2: Entity setup / structuring

Register the company with the state registry by selecting the company name and legal form (LLC or JSC), securing a physical office with a valid lease (co-working excluded), and appointing a resident manager

Step 3: Pre-licensing process

Collect and prepare the full document package, including corporate documents, registration certificate, verified information on directors and shareholders, a detailed business and financial plan, AML/KYC policies, and technical documentation covering security, payments, and data storage

Step 4: Licensing process

Submission of the document package to the regulator to initiate the procedure of getting VASP. You have to pay a 5,000 lari state charge before you can apply. Within two to four months, the regulator will determine whether to grant or deny a licence

Step 5: Adjustment of reporting and compliance obligations to go-live

After licensing, the company must comply with ongoing reporting obligations, including annual financial statements and regular regulatory reports on KYC activities, suspicious transactions, anti-fraud measures, and transaction volumes

Step 6: Go-live readiness

Start the business to run with adding KYB, KYT, and KYC tools and working software solution

What's included in our support

Advising on your VASP application
Iteration with the regulator
Registration of legal entity (LLC or JSC)
Preparation of corporate documents for legal entity and AML documents
Legal address for 1 year

FAQ

Yes, but the company must also comply with the laws and regulatory expectations of the jurisdictions where clients are located.

The VASP license in Georgia is issued by the National Bank of Georgia which oversees licensing, AML/CTF compliance, and ongoing supervision.

Typically allowed activities include crypto exchange (crypto↔crypto, fiat↔crypto), wallet and custody services, transfers of virtual assets, and operation of trading platforms—within the approved scope.

The whole process may take from 2 to 3 months.

Yes — a VASP licence in Georgia requires a locally incorporated Georgian legal entity registered with the National Bank of Georgia.

For LLC no minimal capital is set, for JSCs the minimum capital is 100,000 Lari (approximately $USD 37,000).

Key roles, including approved AML/CFT compliance control system, internal audit function.

Yes. The regulator expects a resident manager/director with sufficient experience and good business reputation.

Ready made

VASP·From EUR 25,000

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VASP License in Georgia