Cryptocurrency is legal in Georgia, but virtual asset service providers (VASPs) are not currently subject to a dedicated licensing regime. The National Bank of Georgia (NBG) serves as the primary financial regulator and has issued public warnings against unregistered virtual asset service providers. No entity has been granted a virtual asset license because no such licensing framework exists; instead, the NBG has explicitly urged citizens not to engage with unregistered virtual asset service providers. The practical reality is that the legal framework for capital markets and securities regulation exists, but virtual assets remain largely outside formal regulatory scope as of 2025–2026. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

The National Bank of Georgia (NBG) is the central bank and financial regulator, operating under the Organic Law of Georgia on the National Bank of Georgia. Organic Law of Georgia on the National Bank of Georgia

The NBG regulates securities markets under the Law of Georgia on Securities Market, which establishes the framework for public offerings, brokerage activities, and securities registrars. Regulatory Framework

The Law of Georgia on Investment Funds, the Law of Georgia on Mortgage Covered Bonds, and the Law of Georgia on Securitization constitute the core capital markets legislation administered by the NBG. Regulatory Framework

The NBG has issued Order N178/04 regarding recognized foreign stock exchanges and public offerings of securities by international financial institutions in Georgia. Regulatory Framework

Order N33/01 of the President of the NBG approves the Rules for Licensing the Securities Registrar, including minimum capital requirements, financial statement submission obligations, and termination of activities. Order N33/01 of the President of the National Bank of Georgia

Order N33/04 of the President of the NBG, dated February 20, 2018, approves the Rules for Recognition of Financial Instruments Trading Systems as an Organized Market. Regulatory Framework

Order N145/04 of the President of the NBG approves the rule of licensing and regulating of a brokerage company. Regulatory Framework

Decree N167/04 of September 22, 2020, of the Governor of the NBG approves the Rule on Licensing, Registration, Recognition and Regulation of an Asset Management Company. Regulatory Framework

Decree N170/04 of September 22, 2020, of the Governor of the NBG approves the Rule on Authorization, Registration, Recognition and Regulation of an Investment Fund. Regulatory Framework

The NBG maintains an Open Banking Registry, published under Order No. 80/04 of May 3, 2023, listing ASPSPs (Account Servicing Payment Service Providers), AISPs (Account Information Service Providers), and PISPs (Payment Initiation Service Providers). Open Banking Registry

The list of entities supervised by the NBG includes banks, microfinance organizations, insurers, and securities market participants. List of Entities

Georgia's FATF/Moneyval status is not publicly specified; however, the NBG references the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism" in its penalties framework. Regulatory Framework

No virtual asset service provider (VASP) licensing regime exists in Georgia as of the provided sources. The NBG has not established a license type for virtual asset exchanges, custodians, or other digital asset service providers. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

Zero entities have been licensed as virtual asset service providers because no such licensing category has been created under Georgian law. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

For securities market participants, the NBG requires licensing of securities registrars under Order N33/01, which sets the minimum capital amount for securities registrars. Order N33/01 of the President of the National Bank of Georgia

Brokerage companies in Georgia require licensing under Order N145/04 of the President of the NBG. Regulatory Framework

Asset management companies require licensing, registration, recognition, and regulation under Decree N167/04 of September 22, 2020. Regulatory Framework

Investment funds require authorization, registration, recognition, and regulation under Decree N170/04 of September 22, 2020. Regulatory Framework

The NBG recognizes organized markets under Order N33/04, which sets rules for financial instruments trading systems to be recognized as organized markets. Regulatory Framework

Additional regulation applies to brokerage companies involved in trading with high-risk financial instruments under Order N107/04 of the NBG. Regulatory Framework

Order N223/04 of the President of the NBG approves the procedure for recognizing a person as a sophisticated investor. Regulatory Framework

The application process for securities market licenses is governed by the respective orders and decrees of the NBG, but specific timelines for virtual asset licensing do not exist since no VASP licensing regime has been established. Regulatory Framework

The NBG enforces monetary penalties under Order N35/04 for violations of the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism." Regulatory Framework

Order N47/04 of the President of the NBG approves rules for completing reports and presenting information for illicit income legalization and terrorist financing risk supervision for securities registrars. Regulatory Framework

Order N48/04 of the President of the NBG approves rules for completing reports and presenting information for illicit income legalization and terrorist financing risk supervision for brokerage companies. Regulatory Framework

The NBG's penalties framework under Order N35/04 covers violations of securities legislation, the Law of Georgia "On Accounting, Reporting and Auditing," and the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism" for regulated entities and members of their governing bodies. Regulatory Framework

Detailed CDD, EDD, STR reporting thresholds, record retention periods, beneficial ownership definitions, or PEP screening requirements specifically for virtual asset service providers are not specified, as no VASP licensing framework exists in Georgia. Regulatory Framework

The NBG has issued a public warning urging citizens not to engage in virtual asset services with unregistered entities. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

The NBG’s Order N35/04 establishes the rules for determining, imposing, and enforcing monetary penalties against entities and members of their governing bodies for violations of securities legislation and AML laws. Regulatory Framework

The Open Banking Registry lists the status of payment service providers, including active status, but does not list completed enforcement actions with fines or penalties against virtual asset entities. Open Banking Registry

No specific enforcement cases with named entities, violation descriptions, outcomes, and dates for virtual asset activities in Georgia are publicly documented. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

No tax guidance has been issued for virtual assets. The NBG's regulatory framework does not reference tax treatment of cryptocurrency or digital assets. Regulatory Framework

No information on income tax, capital gains tax, or VAT treatment of cryptocurrency transactions in Georgia is available. About

No specific tax authority guidance, laws, or rulings on virtual asset taxation are publicly referenced. Statistics Data

The most significant gap is the complete absence of a dedicated virtual asset licensing and regulatory framework in Georgia, leaving businesses operating in the digital asset space without formal legal authorization pathways. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

The NBG has explicitly warned citizens against engaging with unregistered virtual asset service providers, creating legal uncertainty and reputational risk for businesses that operate without regulatory approval in this space. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

While securities market regulations exist, digital assets that may qualify as securities are not clearly categorized, and the NBG's securities framework does not explicitly address virtual asset tokens or cryptocurrencies. Regulatory Framework

The absence of VASP AML/KYC-specific requirements creates compliance ambiguity, as the existing AML obligations under the Law of Georgia "On Facilitating of the Prevention of Money Laundering and the Financing of Terrorism" apply to traditional financial institutions but not explicitly to virtual asset businesses. Regulatory Framework

The lack of a virtual asset licensing regime means that international businesses and investors face significant legal risk when operating in Georgia without clear regulatory status. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

The Open Banking Registry demonstrates that the NBG regulates payment services and has recognized ASPSPs, AISPs, and PISPs, but this framework does not extend to virtual asset services, leaving a regulatory vacuum for digital asset payments and transfers. Open Banking Registry

The regulatory framework page does not list any dedicated virtual asset law, regulation, or decree under the NBG's legal acts, confirming the absence of a formal digital asset legal regime. Regulatory Framework

Public companies and issuers of public securities

ORGANIC LAW OF GEORGIA ON THE NATIONAL BANK OF GEORGIA

Order N33/01 of the President of the National Bank of Georgia

National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities

Cryptocurrency and digital assets are not specifically regulated by a dedicated legal framework in Georgia, and the National Bank of Georgia (NBG) serves as the primary financial regulator overseeing securities, banking, and investment activities, but does not currently issue crypto-specific licenses. Regulatory Framework

No cryptocurrency or digital asset exchange, custodian, or wallet provider can obtain a license under the existing Georgian legal framework, as the current licensing regimes only cover commercial banks, brokerage companies, securities registrars, and investment funds, with zero entities licensed for crypto activities. Licensing Requirements

The practical reality is that while crypto trading is not explicitly prohibited, businesses engaging in digital asset activities operate in a legal gray zone without regulatory clarity, licensing pathways, or supervisory oversight from the NBG or any other authority. Regulatory Framework

Georgia does not have a specific law addressing virtual assets, and the existing financial legislation predates crypto innovation; the NBG's regulatory scope is confined to traditional securities market instruments, banking activities, and investment funds. Regulatory Framework

No entity has been licensed, registered, or authorized to conduct cryptocurrency-related activities in Georgia, and there is no official register of crypto service providers maintained by any Georgian authority. Licensed Commercial Banks

The main legal acts governing financial activities include the Law of Georgia on Securities Market, Law of Georgia on Investment Funds, Law of Georgia on Mortgage Covered Bonds, and Law of Georgia on Securitization, which collectively regulate traditional capital market instruments. Regulatory Framework

The Organic Law of Georgia on the National Bank of Georgia establishes the NBG's authority and mandates, and the Law of Georgia on Commercial Bank Activities (Chapter 2) defines banking licensing requirements. Licensing Requirements

Licensing rules for securities registrars are established under Order N33/01 of the President of the NBG, which covers rules for licensing, financial statement submission, minimum capital requirements, and termination of activities. Regulatory Framework

Order N 33/04 of the President of the NBG from February 20, 2018, approves rules for recognizing a financial instruments trading system as an organized market. Regulatory Framework

Order N73/04 of the President of the NBG governs registration rules for requesting and granting securities identification numbers, approved emission prospectuses, and public offers. Regulatory Framework

Order №145/04 of the President of the NBG approves rules for licensing and regulating brokerage companies, with the annex detailing specific requirements. Regulatory Framework

Decree N172/04 of the President of the NBG approves the Corporate Governance Code for issuers of public securities. Regulatory Framework

Decree №167/04 of September 22, 2020, of the Governor of the NBG approves rules on licensing, registration, recognition, and regulation of asset management companies. Regulatory Framework

Decree №168/04 of September 22, 2020, of the Governor of the NBG approves rules for activities of the specialized depositary. Regulatory Framework

Decree №170/04 of September 22, 2020, of the Governor of the NBG approves rules on authorization, registration, recognition, and regulation of investment funds. Regulatory Framework

Order N198/04 of the President of the NBG approves the liquidation rule of investment funds. Regulatory Framework

None of the above legal acts reference cryptocurrency, virtual assets, digital currencies, or blockchain technology in any capacity. Regulatory Framework

Georgia does not have a dedicated virtual asset law, digital asset regulation, or any crypto-specific regulatory framework as of the current regulatory landscape. Regulatory Framework

The NBG's regulatory framework lists only traditional financial instruments and services, and no crypto-related legal acts are present on the official regulator's page. Regulatory Framework

The NBG does not publish any specific FATF or Moneyval standing for crypto assets, but Georgia participates in international financial standard-setting through its membership and cooperation with international bodies. About

There is no license available for cryptocurrency exchange operations, crypto custodial services, digital asset brokerage, crypto mining, or virtual asset service provider activities under Georgian law, as the existing licensing regime is entirely traditional finance focused. Licensing Requirements

The only licensing pathways that exist under the NBG framework are for commercial banks, digital banks, brokerage companies, securities registrars, asset management companies, and investment funds, none of which are applicable to crypto businesses. Licensing Requirements

For commercial banks, the minimum regulatory capital requirement is GEL 50 million (approximately USD 18.5 million at current exchange rates), as stipulated in the Regulation on Setting the Level of Minimum Regulatory Capital for Commercial Banks approved under Decree No.61/04 of May 3, 2017. Licensing Requirements

The commercial bank license fee is set at GEL 200,000, in accordance with the Law of Georgia on License and Permission Fees. Licensing Requirements

Banking license applicants must submit a business plan that includes business strategy, potential impact of macroeconomic conditions, target market description, budget plan and financial forecasts, and minimum IT infrastructure plans. Licensing Requirements

Fit and proper requirements apply to significant shareholders (both direct and indirect) and all administrators including supervisory board members and directors, as per Chapter II¹ of the Law of Georgia on the Activities of Commercial Banks. Licensing Requirements

Ownership and group structure must be transparent, with information on all levels of ownership including direct shareholders, intermediate owners, and beneficial owners holding significant shares. Licensing Requirements

A digital bank license is available as a separate category, governed by Principles for Digital Bank Licensing and a Guide to Digital Bank Licensing Process, but this applies to banking business models, not crypto businesses. Licensing Requirements

The NBG reviews a complete license application within 6 months of receiving a written application and notifies the applicant of reasoned refusal or consent. Licensing Requirements

Applications for banking licenses are submitted via email to [email protected], and digital banking license inquiries go to [email protected]. Licensing Requirements

For brokerage companies, licensing and regulation rules are approved under Order №145/04, but these licenses authorize traditional securities brokerage, not crypto trading or digital asset services. Regulatory Framework

Order N107/04 of the National Bank of Georgia approves additional regulation rules for brokerage companies involved in trading with high-risk financial instruments, but crypto assets are not defined or listed as high-risk instruments in this context. Regulatory Framework

Order N 223/04 of President of the National Bank of Georgia approves the procedure for recognizing a person as a sophisticated investor, which is relevant to securities offerings but has no crypto application. Regulatory Framework

The list of licensed commercial banks includes entities such as JSC Pave Bank Georgia (License N 305, issued 14.12.2023), JSC Hash Bank (License N 260, issued 03.11.2023), and JSC Paysera Bank Georgia (License N 465, issued 17.11.2022), but these are all traditional banking licenses, not crypto licenses. Licensed Commercial Banks

All 17 licensed commercial banks listed, including JSC Bank of Georgia, JSC TBC Bank, JSC Liberty Bank, and JSC Basisbank, hold licenses for banking activities, and none are authorized to conduct crypto-specific regulated operations. Licensed Commercial Banks

Securities registrars must comply with Order №47/04, which approves rules for completing reports and presenting information for the legalization of illicit income and terrorist financing risk supervision. Regulatory Framework

Brokerage companies must comply with Order №48/04, which approves rules for completing reports and presenting information for the legalization of illicit income and terrorist financing risk supervision. Regulatory Framework

The AML/KYC obligations under these orders apply only to licensed securities registrars and brokerage companies, and there are no equivalent AML/KYC requirements imposed on crypto businesses because no such businesses are licensed. Regulatory Framework

Customer due diligence (CDD), enhanced due diligence (EDD), suspicious transaction reporting (STR), record retention, beneficial ownership identification, and PEP screening are not specified or detailed anywhere in the NBG's public regulatory framework as applied to digital assets. Regulatory Framework

Since no crypto service providers are licensed, the NBG's AML/KYC supervisory mechanisms do not extend to virtual asset businesses in practice. Regulatory Framework

No enforcement actions, penalties, fines, arrests, or legal cases against cryptocurrency businesses or individuals for crypto-related violations are listed anywhere by the NBG in its public regulatory framework. Regulatory Framework

No cryptocurrency exchange, wallet provider, or digital asset service has been fined, penalized, or subject to enforcement action by the NBG for unlicensed operations, as the legal basis for such enforcement is currently absent. Regulatory Framework

There is no official Georgian legislation specifically governing how crypto gains are taxed, whether as income tax, capital gains tax, or VAT. Regulatory Framework

No tax authority guidance or official communications on digital asset taxation are referenced in any Georgian financial regulatory documentation. Regulatory Framework

The complete absence of a virtual asset legal framework creates significant legal uncertainty for any business seeking to operate a crypto exchange, custody service, wallet provider, or digital asset investment vehicle in Georgia. Regulatory Framework

No NBG department or official contact point is designated for crypto-related questions, inquiries, or license applications, as indicated by the regulator's published contact channels. Licensing Requirements

Crypto businesses face the risk that the current legal gray zone could be retroactively regulated, potentially subjecting existing operations to new licensing, AML/KYC, or tax obligations without grandfathering protections. Regulatory Framework

The absence of a register for crypto companies means there is no formal mechanism for authorities to identify, monitor, or supervise digital asset activities, creating both regulatory and consumer protection gaps. Licensed Commercial Banks

Financial institutions in the traditional sector cannot offer crypto services to clients since their licenses do not permit such activities, and any attempt to do so would exceed the scope of their regulated mandates. Licensing Requirements

Georgia's practical reality differs significantly from paper law, as crypto trading occurs informally without regulatory oversight, but without any legal protection for users or legal recourse for disputes. Regulatory Framework

The regulatory framework does not address crypto mining, decentralized finance (DeFi), stablecoins, or tokenized securities, leaving entire segments of the digital asset ecosystem without any legal status or applicable rules. Regulatory Framework

The mismatch between traditional finance regulations and the crypto economy means businesses cannot rely on any existing legal precedent, supervisory guidance, or court decisions for digital asset operations. Regulatory Framework