Cryptocurrency License in Georgia
During the planning of a successful crypto project, all entrepreneurs firstly face the choice of jurisdiction for doing business. Georgia is one of the pretty crypto-loyal countries. The relatively low price of electricity, liberal legislation, tax incentives – all these and other advantages make Georgia a virtual currency-friendly country. Although cryptocurrency activities are not regulated in Georgia, it is possible to obtain a financial license (cryptocurrency license in Georgia) in a free industrial zone (FIZ).
Cryptocurrency License in Georgia
Timeframes
You can register a company and obtain a cryptocurrency license in Georgia in record time – in just 2 weeks. A personal visit reduces the time to 3 working days.
Legislation
The free industrial zone in Khuthaisi has a favorable legal regime for virtual currency transactions. The cryptocurrency field is a controlled but not regulated activity. This means that permission from the National Bank of Georgia is not required.
Costs of License
The cost of a license in Georgia is much lower than the cost of obtaining European licenses. The license is renewed once a year.
Cryptolicense in Georgia and Required Documents
In order to register a limited liability company in Georgia and obtain a cryptolicense, you only need to provide just a couple of documents. All documents must be notarized and apostilled.
Current Account
A current account for a Georgian company for administrative expenses can be opened in one of the banks in Georgia. A faster and more efficient solution would be to open a current account for operations with virtual currency in a payment system outside of Georgia. Private Financial Services banking specialists will be happy to advise you on the possibilities of opening accounts for crypto companies.
Tax Policy
The tax system of Georgia was partly copied from the tax system of the Republic of Estonia and approximately the same principles apply in relation to the taxation of onshore companies.
Tax liabilities arise in relation to income received in the territory of the country of registration. There are benefits for companies registered in the free industrial zone (FIZ). For more information on the taxation of Georgian crypto companies, we advise you to consult with lawyers from Private Financial Services.
CRS – Common Reporting Standard
Georgia has not yet launched an automatic exchange of tax information, but has committed to implement a single international standard – the Common Reporting Standard (CRS) by 2023.
Advantages of Cryptocurrency License in Georgia
Fast and fully remote registration of the company and obtaining a license;
There is no mandatory requirement to have an AML officer.
No requirements for the minimum share capital;
Loyal taxation for crypto companies.
Специалисты PFSER окажут следующие услуги:
Preliminary analysis of the business model, consultation;
Assistance with company formation;
Assistance with preparation of policies and procedures;
Full support for obtaining a crypto-license;
Legal address services;
Payment of all state, notary fees and charges;
Legal and accounting advice.
A crypto license in Georgia allows you to launch almost any crypto project in a few days.
If a cryptocurrency license in Georgia does not fit your business model, then by following this link, you can make yourself familiar with other jurisdictions providing cryptolicenses for crypto business.