Georgia has spent the last few years moving crypto from a grey zone into a supervised one. The headline change is that virtual asset activity is now overseen by a financial regulator and carries real registration and anti-money-laundering duties. For founders, exchanges, and anyone planning a crypto-facing company here, understanding the framework is the difference between building on solid ground and discovering an obligation after the fact. This is our deep explainer; if you want hands-on help, see our VASP licensing service.

Who supervises crypto in Georgia

Since 2023, the National Bank of Georgia (NBG) has been the supervisory authority for Virtual Asset Service Providers. That single fact shapes everything else: crypto activity is treated as a regulated financial activity, not an unsupervised tech side-project. The NBG runs the registration regime, sets the rules VASPs must follow, and oversees their anti-money-laundering conduct on an ongoing basis. As of 2026, verify the current scope and any updates with the National Bank of Georgia (nbg.gov.ge) before you rely on the details below, because supervisory rules are refined over time.

Who counts as a VASP

A Virtual Asset Service Provider is, broadly, a business that provides virtual-asset services to others. The categories that typically fall inside the definition include:

• Exchange services — swapping crypto for fiat, or one virtual asset for another.
• Custodial wallets — holding or safekeeping virtual assets, or the keys to them, on behalf of clients.
• Transfer and exchange of virtual assets — moving assets between parties or addresses as a service.
• ICO-related and similar services — activities connected with the issuance or placement of virtual assets.

The practical test is what you do, not what you call yourself. If you provide one of these services to customers, you are likely within scope and the registration obligation applies. A purely personal holder who buys and sells their own crypto is a different matter from a business offering services to others. Because the boundaries can be subtle — and because they can change — treat the list above as orientation and confirm your specific case against the current framework with the National Bank of Georgia (nbg.gov.ge) or a qualified Georgian lawyer.

What registration involves

At a high level, becoming a registered VASP means demonstrating to the NBG that your business and the people behind it are suitable, and that you have the systems in place to operate responsibly. Before that, you generally need a Georgian company in the first place — see our guide to registering the company. The registration assessment typically looks at several areas rather than a single document.

• Fit-and-proper management. The people who run and significantly own the business are assessed against suitability criteria — broadly, that they are competent and of good standing.
• An operating presence and systems. Expect requirements around your premises, software systems, and the technical and organisational setup needed to run the service safely.
• An AML/CFT framework. You must show that you have policies and controls to prevent money laundering and terrorist financing before you start operating, not after.

We deliberately do not quote specific capital requirements, application fees, or a guaranteed processing timeline here, because those figures are set by the regulator, can change, and depend on your case. Anyone promising you an exact fee or turnaround sight unseen is guessing. For the current numbers and forms, confirm with the National Bank of Georgia (nbg.gov.ge).

Ongoing AML/CFT compliance

Registration is the start, not the finish. A registered VASP is an obliged entity under Georgia’s anti-money-laundering legislation, which means a continuing set of duties that the NBG supervises. In practice this revolves around three pillars:

• KYC (know your customer). Identifying and verifying customers, and understanding the purpose of the relationship, before and during the business relationship. This connects directly to bank-side scrutiny — see KYC and source-of-funds.
• Transaction monitoring. Watching activity for patterns that look unusual or suspicious, and keeping records that let you reconstruct what happened.
• Reporting. Reporting suspicious transactions and meeting the reporting obligations placed on obliged entities.

Alongside these, registered providers carry ongoing obligations such as keeping their information current with the regulator, maintaining their fit-and-proper standards, and cooperating with supervision. The framework is aligned with international standards on combating money laundering and terrorist financing, so the obligations will feel familiar to anyone who has worked under similar regimes elsewhere.

VASP registration vs. crypto tax

It is worth separating two ideas that people often blur. VASP registration is about whether your business is authorised to provide virtual-asset services and how it must behave. Crypto tax is a different question — how gains and income are treated for individuals and companies. They are governed by different rules and different authorities, and being clear on one does not answer the other. If your interest is personal rather than corporate, start with our overview of crypto tax for individuals, and confirm any tax position with the relevant authority or an adviser, since tax treatment can change.

How Georgiafy helps

We help founders and operators approach the VASP regime the right way round: first establishing whether your activity is in scope, then building toward registration rather than scrambling after launch. That means setting up the company, preparing the fit-and-proper documentation for your management and owners, helping put a workable AML/CFT framework in place, and assembling the registration file for the NBG. We coordinate with the bank side too, because a crypto business that cannot bank is not really operating — which is why KYC and source-of-funds is part of the conversation from day one.

We will not promise you a fixed timeline, a guaranteed approval, or a magic fee, because those are not ours to promise. What we offer is a properly prepared application and honest guidance on what the regulator expects. To start, see our VASP licensing service or book a consultation below.

Frequently asked questions

Who regulates crypto businesses in Georgia?

Since 2023, the National Bank of Georgia (NBG) is the supervisory authority for Virtual Asset Service Providers. It runs the registration regime and oversees AML/CFT compliance. As of 2026, verify the current rules with the National Bank of Georgia (nbg.gov.ge).

Does my business need to register as a VASP?

If you provide virtual-asset services to others — exchange, custodial wallets, transfer/exchange of assets, or ICO-related services — you are likely within scope and registration applies. The test is what you do, not what you call it. Confirm your specific case with the NBG or a qualified Georgian lawyer.

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

We don’t publish specific fees, capital requirements, or timelines here, because they are set by the regulator and can change. Anyone quoting an exact figure sight unseen is guessing. Confirm the current costs and processing details with the National Bank of Georgia (nbg.gov.ge).

What compliance obligations do registered VASPs have?

Ongoing AML/CFT duties: KYC on customers, transaction monitoring, and reporting suspicious activity, plus maintaining fit-and-proper management and keeping information current with the regulator. The framework follows international anti-money-laundering standards.

This page is general information, not legal advice. As of 2026, rules change — verify with the National Bank of Georgia (nbg.gov.ge) or a qualified Georgian lawyer before acting.