Georgia has long been a friendly base for crypto businesses, but since 2023 that friendliness comes with a rulebook. Virtual Asset Service Providers — the companies that exchange, transfer, hold, or manage crypto on behalf of clients — now operate inside a formal registration regime overseen by the National Bank of Georgia. This page explains, in plain terms, who needs to register, what the National Bank generally expects, and how Georgiafy helps you go from idea to a registered, compliant operation. We deal with the company setup, the application paperwork, the AML and KYC policies, and the back-and-forth with the regulator, so you can focus on building the business.

What is a VASP, and why registration matters

A Virtual Asset Service Provider (VASP) is, broadly, a business that provides crypto-related services to others rather than simply holding crypto for itself. That typically covers exchanging between crypto and fiat currency, exchanging between different crypto assets, transferring virtual assets, safekeeping or custody of crypto on behalf of clients, portfolio management, and running a trading platform. If your model touches any of those activities for third parties, you are very likely inside the VASP perimeter.

Since 2023, VASPs must register with the National Bank of Georgia (NBG) before operating, and registered providers are expected to meet ongoing AML/KYC, governance, and reporting obligations. The point of the regime is to bring crypto activity in line with the standards the rest of the financial sector already follows — knowing your customers, watching for money laundering and terrorist financing, having fit and proper people in charge, and reporting to the regulator. As of 2026, registration with the NBG is the gateway to operating legally; the exact requirements, fees, and timelines are set by the regulator and can change, so always verify the current rules with the National Bank of Georgia (nbg.gov.ge) before you plan around them.

Who needs to register

The registration regime is aimed at businesses that provide virtual asset services to clients. A useful rule of thumb: if customers send you money or crypto and you do something with it on their behalf — convert it, move it, hold it, or manage it — you are probably a VASP. As a general guide, the following kinds of operations typically fall inside the perimeter:

• Crypto exchanges that swap between crypto and fiat, or between different crypto assets.
• Custodians and wallet providers that hold or administer crypto on behalf of clients.
• Transfer and remittance services moving virtual assets between parties.
• Trading platforms and portfolio managers operating with clients’ virtual assets.

A VASP in Georgia generally has to be a Georgian-registered legal entity — you register the company first, then apply for VASP status. That is why the first practical step is almost always to set up the Georgian company for your VASP. Edge cases exist, and the regulator decides how a given model is classified, so where you’re unsure, treat the categories above as orientation and confirm your specific case with the National Bank of Georgia.

What the National Bank generally expects

While the precise documentation is set by the regulator, registered VASPs are generally expected to demonstrate a credible, well-governed, and compliant operation. In broad terms, that means:

• A clear scope of services — which virtual asset activities you intend to provide.
• Fit and proper management and owners — information on directors and significant shareholders or beneficial owners.
• AML/CFT policies — internal procedures for anti-money-laundering and countering the financing of terrorism, including KYC and customer due diligence.
• Governance and a business plan — how the company is run and a realistic forward plan for the operation.
• Ongoing reporting — keeping the regulator informed once you are registered.

We deliberately don’t quote capital thresholds, state fees, or processing times on this page, because those are set by the National Bank, can be updated, and shouldn’t be planned around from a third-party page. When we work on your case, we confirm the current figures and timelines directly from official sources so your budget and schedule are based on today’s rules, not yesterday’s. For the detailed mechanics of the regime, see the VASP rules in detail.

How Georgiafy helps

We take you through the full path from a standing start to a registered, compliant VASP. We begin by understanding your model and confirming whether it falls inside the VASP perimeter, so you don’t spend money on a structure you don’t need. From there, our work generally covers four areas:

• Entity setup — incorporating the Georgian company that will hold the VASP registration, with the right structure and ownership.
• Application preparation — assembling and drafting the VASP registration application and supporting documents the National Bank requires.
• AML/KYC framework — drafting the anti-money-laundering and know-your-customer policies, customer due-diligence procedures, and internal controls expected of a registered provider.
• NBG liaison — handling correspondence with the regulator and responding to follow-up questions during the review.

We’re straight with you about one thing: no one can guarantee approval. Registration is the National Bank’s decision, and a well-prepared application improves your odds but never makes the outcome certain. Anyone promising a guaranteed licence is overselling. What we promise is a properly built case, an honest read of your chances, and clear guidance at each step. Once you’re operating, taxation becomes the next question — see how crypto is taxed in Georgia, and because crypto businesses sit on the regulated side of banking, it helps to understand KYC and source-of-funds expectations before you open accounts.

Frequently asked questions

Do I need a VASP registration in Georgia?

If your business exchanges, transfers, holds, or manages crypto on behalf of clients, you very likely need to register as a VASP with the National Bank of Georgia. Holding crypto purely for yourself is different. As of 2026, classification is the regulator’s call — confirm your specific model with the National Bank of Georgia (nbg.gov.ge).

How much does a VASP registration cost and how long does it take?

Capital requirements, state fees, and processing times are set by the National Bank and can change, so we don’t quote fixed figures here. When we take on your case we confirm the current numbers and timelines directly from official sources, the National Bank of Georgia (nbg.gov.ge), so your budget reflects today’s rules.

Can you guarantee my VASP will be approved?

No. Registration is the National Bank’s decision. A complete, well-prepared application — proper governance, fit and proper owners, and a solid AML/KYC framework — improves your chances, but no advisor can guarantee the outcome. Be cautious of anyone who promises a guaranteed licence.

Do I need a Georgian company first?

Generally yes. A VASP in Georgia is typically a Georgian-registered legal entity, so the company is set up before the VASP application. We handle both — the incorporation and the registration — as one connected process. Confirm current entity requirements with the National Bank of Georgia.

This page is general information, not legal or financial advice. Rules change — verify the current requirements with official sources, the National Bank of Georgia (nbg.gov.ge) and the Revenue Service, or a qualified Georgian lawyer before acting.