Crypto in Georgia — tax and VASP registration
In Georgia, income an individual receives from supplying crypto assets is exempt from personal income tax — as the Ministry of Finance has ruled. A crypto business — exchange, conversion, transfers, custody — may operate only after registering with the National Bank. We help set up the company, obtain VASP registration and meet AML requirements.
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Under the Ministry of Finance's Public Decision No. 201 of 2019, crypto assets have no location, so an individual's income from supplying them is not Georgian-source income and is exempt from personal income tax. Exchanging crypto for money is not subject to VAT. A public decision binds the Revenue Service until the underlying rules change.
A company's profits from crypto, however, are taxed under the usual rules. And mind your home country's law — if you are resident there, you may owe tax there.
VASP registration with the National Bank
- Only an LLC or JSC registered in Georgia can register
- Registration fee — GEL 5,000
- Minimum capital: GEL 150,000 — exchange or transfers; GEL 250,000 — other services; GEL 350,000 — a trading platform
- The National Bank decides within 60 calendar days (which can be extended)
- Lending virtual assets to individuals is banned, and so are privacy coins
- A VASP is an obliged entity under the AML law: customer identification and automated transaction monitoring are mandatory
Our services
- Assessing tax on crypto income
- Registering a crypto company
- VASP registration with the National Bank
- AML policy and customer due diligence rules
- Dealing with banks about crypto income
- Disputes with the Revenue Service and the National Bank
Questions & answers
Do I pay tax on income from selling crypto?
As an individual — no: under the Ministry of Finance's 2019 public decision, this income is exempt from personal income tax. Different rules apply to companies.
Can I run a crypto exchange as a sole trader?
No. Only an LLC or JSC can register as a VASP.
How much capital does a VASP need?
From GEL 150,000 to GEL 350,000, depending on the service. Providers registered earlier must meet this by 1 September 2027.
Legal basis
- Ministry of Finance Public Decision No. 201 (2019) — crypto assets
- NBG Order No. 94/04 — virtual asset service providers
- Law on Facilitating the Prevention of Money Laundering and Terrorism Financing
Official texts (in Georgian) — Legislative Herald of Georgia, matsne.gov.ge.
Related practice area: Corporate law
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