Georgia is a favorable jurisdiction for cryptocurrency business. COINsiglieri provides professional support in obtaining a crypto license in Georgia .
It necessary to establish a corporation before applying for a cryptocurrency license in Georgia. It is recommended to do so in a Free Industrial Zone (FIZ), which offers advantageous taxation and other benefits. There is no required authorized capital. It should be highlighted, however, that the organization must show a reasonable business plan.
Georgia is one of the countries with a legislative framework that allows overseas dealers to work with cryptocurrencies. Because of excellent tax conditions, lax rules, and a liberal government, this country is welcoming to cryptocurrency.
Every company that seeks to conduct virtual currency activities in Georgia must obtain a crypto license. It will allow you to lawfully conduct operations for the purchase and sale of cryptocurrencies, as well as provide services for storing it in wallets and carrying out transactions.
Obtaining a license for a crypto exchange in Georgia is simple and can take up to few months if all essential documentation are completed correctly.
As an outcome, compared to most other European countries for crypto enterprises, Georgia will comply to MiCA Directive in 2024-2025.
Exchange between virtual currencies and means of payment. VASP companies have the authorization to provide exchange services between various forms of virtual assets with fiat currency.
Examples: Euro/BTC or ETH/USD.
A crypto license in Georgia allows its holder to provide services for exchanging crypto to crypto, which means their customers can buy or sell available utility tokens in exchange for other tokens.
The VASP license also allows its operator to act as a custodian, and store crypto assets on behalf of its clients in custodian wallets, which means that the operator may open a wallet for a customer while keeping the private keys.
Virtual Assets Service Providers may organize ICOs, in which an offer to buy the VASP's cryptocurrency is issued for the first time. It is vital to note that during an ICO, the VASP company may only issue utility tokens.
Cryptocurrency mining in Georgia can be profitable:
Establishes grounds for Banks’ activities and may help for understanding principle of custody services provision.
Contains definitions of Financial instruments, as well requirements for transactions with such instruments.
Contains Basic principles of asset management and requirements for fund managers.
Regulates payment systems (incl. EMIs) and licensing of this type of business
Georgia is one of the world's most welcoming countries to cryptocurrencies. Mining is thriving, and cryptomats are operating successfully, because to the low cost of electricity. Monthly transactions in the cryptocurrency exchanges in the country amount to up to 5 million lari (1.6 million USD). Taxes on digital asset operations are low, the rules are flexible, and acquiring a license for a crypto exchange in Georgia in 2023 is simple if all of the regulator's prerequisites are met
15% from Profit
Regarding crypto taxation, the following decisions were taken by the Ministry of Finance:
Georgia implemented the "Estonian model" of taxes on January 1, 2017, which is based on the premise of taxation solely from distributed profits. This means that businesses are free from paying income tax if they do not issue dividends and instead invest in corporate development.
Remember that if you want to gain tax benefits, you should consider forming a company in Georgia's FIZ. The following are the primary benefits:
The Georgian government has promised to implement the Common Reporting Standard (CRS) by 2023. The government believes that implementing CRS will boost the country's budget since it will assist identify the income of taxpayers who have previously avoided the introduction and payment of taxes. Georgia will join the 113 other countries that have already adopted automatic exchange.
Realistic term for a new, from scratch company, is 2 - 4 month.
But, we sometimes have ready-made solutions that can take no more than 3-6 weeks. Just ask us about what we have available.