Georgia VASP / Crypto Exchange – Business Entry
How to Register a Crypto Exchange in Georgia
Georgia has rapidly emerged as one of Eastern Europe’s most crypto-friendly jurisdictions. In 2023, the National Bank of Georgia (NBG) updated its AML-CFT framework to include virtual assets — creating a legal basis for Virtual Asset Service Providers (VASPs) and crypto exchanges under Georgian law.
With relatively light entry requirements, no strict minimum capital mandate, and favorable tax treatment, Georgia is a strong candidate for founders seeking to build scalable crypto platforms with regulatory compliance and global outreach. This page outlines how to structure, apply, and operate a crypto exchange or VASP under Georgian jurisdiction.
Fiat-to-Crypto and Crypto-to-Fiat Conversion
Enables compliant on-ramping and off-ramping through integrated banking or payment providers approved by Georgian regulations.
Custodial Wallet Services
Permits holding customer digital assets securely on behalf of clients in accordance with strict wallet security and AML controls.
Transfers and Settlement of Virtual Assets
Supports sending, receiving, and processing virtual asset transfers between users or external platforms within regulatory boundaries.
Other Virtual Asset Services Permitted Under License Scope
Additional crypto activities may be offered with NBG consent, depending on your business model and risk profile.
Structure
Typical Structure for a Georgian Crypto Exchange / VASP
Georgian Legal Entity (LLC / JSC / IBC)
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Company incorporated in Georgia under standard corporate law (LLC or JSC).
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Acts as the local VASP applicant and contractual counterparty for clients and partners.
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Maintains statutory accounting, reporting, and corporate records in Georgia.
Compliance & Operations Hub
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Hosts the resident director / compliance officer responsible for AML/CFT implementation.
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Maintains KYC, transaction monitoring, and regulatory reporting to NBG / FIU.
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Coordinates audits, inspections, and ongoing communication with Georgian authorities.
Banking & Payment / Fiat On–Off Ramps
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Onboards crypto-friendly banks and EMIs to handle fiat deposits and withdrawals.
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Aligns payment flows with the approved VASP service scope and risk profile.
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Ensures settlement, reconciliation, and chargeback handling follow AML/CFT standards.
Requirements to Obtain a Crypto Exchange / VASP in Georgia
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Registered company in Georgia (LLC/JSC)
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Local office and resident director or compliance representative
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Transparent ownership (UBO info)
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Submission of corporate and legal documents to the NBG
Corporate Requirements
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AML/CFT program compliant with Georgian law
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KYC/EDD procedures for clients
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Record-keeping and transaction monitoring
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Data protection and security measures for digital asset operations
Compliance Requirements
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No publicly mandated minimum capital requirement appears in regulation (flexible relative to Western markets)
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Capital and operational structure must match business plan scope for regulator approval
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For custodial services: secure wallet infrastructure, IT security standards, robust internal controls
Capital & Operational Requirements
Process
Our Process for Launching Crypto VASP / Exchange in Georgia
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Step 1 – Exchange Model & Jurisdiction Fit
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Define services: exchange, wallet, fiat on/off-ramp, custody, etc.
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Ensure compliance — AML/ CFT, KYC, security requirements
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Prepare business plan & legal structure
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Step 2 – Company Formation & Local Setup
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Establish legal entity (LLC, JSC, or IBC) in Georgia
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Assign local director / compliance officer
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Set up local office / registered address
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Step 3 – Documentation Pack for a Crypto Exchange
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Prepare AML/CFT policies, compliance framework, risk assessment
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Submit required documents to the NBG / FMS for VASP registration
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Step 4 – Banking, EMIs & Fiat On/Off-Ramps
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Open bank / payment provider accounts for fiat flows
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Combine license + banking + compliance → go live
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Implement ongoing compliance and reporting systems
One-Time Setup Costs
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Company registration & legal setup (LLC / JSC): ≈ €1,000–€1,500
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Compliance documentation & license application package: ≈ €1,500–€2,500
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Legal, corporate documents, structuring: €500–€1,000
Annual Recurring Costs
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License maintenance & compliance upkeep: ≈ €1,500–€3,000
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Local office & resident director compliance costs: €800–€1,200
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AML/CFT monitoring, reporting, audits: €1,000–€2,000 (depending on volume)
Summary
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Estimated total setup cost: €3,000–€5,000+
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Estimated annual operating cost: €3,000–€6,000+
FAQ
Frequently asked questions
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Pros
Why Georgia for a Crypto Exchange / VASP
Clear Legal Framework for VASPs
Registration with NBG brings full VASP compliance under AML-CFT rules — legal clarity for exchange, wallet, and custody services.
Fast & Efficient Company + License Process
Company formation and VASP registration tend to be faster than many Western jurisdictions, making Georgia attractive for startups looking to launch quickly.
Low Operational Costs & Competitive Taxes
Licensing and compliance costs remain manageable; corporate structure + tax regulations make Georgia cost-effective for crypto businesses.
Wide Permissible Activities Under License
Georgian crypto license reportedly allows spot exchange, fiat-to-crypto, wallet/custody services, transfers, and exchange of virtual assets under proper compliance.