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+1 (888) 647 05 40Currently, Georgia requires firms functioning in crypto-currency to possess a license from Central Banking facility. Crypto-companies need to be approved National Banking establishment as VASP-structure. Georgian legislative basis is essentially grounded on EU MiCA-rules; it aims to ensure transparency, uniformity and safeguard. This article looks at what modifications the new reality has brought for crypto-business in Georgia.
Our team is first-class professionals in field of launching and licensing commercial structures. We work with all categories of activity permits, particularly, PSP-licenses in Spain, FX-licenses in Switzerland, gambling permits in Malta and much more. Contact our specialists now.
Anyone in Georgia may implement crypto-currency deals, such as exchange and storage being in charge to obtain a special license. Practically, there was no legislative basis to supervise these business-activities.
Nevertheless, with beginning of 2023, situation changed: new legislative points appeared demanding registration of firms dealing with cryptocurrency with local authorities.
Activities of VFA-operators cover next-mentioned types of operations.
New legislative basis doesn’t apply to deals not being intended to be transferred or implemented as a payment or investing means, such as loyalty-programs, game points and other types limited to use in closed virtual-space. New law doesn’t cover supervision of NFTs.
To get a permit to become a Crypto Provider, register a firm and make business-activities legal, you need to fulfill a plenty of requirement points related to various aspects.
Firm may hire 1 director with residency if founder and director are different persons. If organization possesses 1 founder, who is a director, it’s mandatory to find a second director.
Director of the company needs to possess a university degree in economics, finance, banking, business administration, auditing, accounting, law, information technology, information analytics or another related field. Working expertise might be accepted as a substitute for education norms when working in a management position in such industry.
Our team guarantees you highly-qualified assistance in bringing your business-activities into correspondence with mandatory requirement points. We’ll assist you in getting other permits, particularly, EMI-licenses in Lithuania, Estonia, Latvia, Germany and others.
Before starting functioning, it’s mandatory to install soft (electronic) systems, which need to be adapted to scale of business-activities and risks of ML/TF. These systems should automatically detect suspicious transactions using special technologies (DLT).
Firms applying for cryptolicense in Georgia need to submit a detailed service-plan. Supervision authority may demand a demonstration of e-systems used to offer services.
To obtain a permit, you need to submit next-mentioned date about e-systems used to provide services:
License applicants need to develop internal guidelines (policies and procedures) to implement a correspondence controlling systems to prevent illegal monetary means circulation. Supervision authority carefully reviews this documentation, so firms need to be prepared to guarantee transparent information about their business-activities.
Additionally, firms need to implement correspondence monitoring systems to prevent illegal monetary means circulation in accordance with 12-point-plan.
Authoritative body needs to make a decision on issuing a permit within 2-month-period from date of application sending. Nevertheless, this period may vary if regulator needs supplementary documentation. It’s mandatory to note that now there aren’t restrictions or prohibitions regarding cryptocurrency at the level of financial regulator or Georgian government.
Income tax-rate for business-activities in this category is 20%. Tax on profit received from operations is 15%. Dividends are covered by 5%-tax.
The cost of this type of permit depends on plenty of third-party nuances, and therefore is covered by individual calculation in each case. Our experts will prepare a preliminary price calculation for you before cooperation begins. This way you can estimate the total cost of our services.
Our team specializes in providing services for getting licenses for crypto-currencies in Georgia and others, offering a plenty of significant privileges for our clients:
Thanks to our expertise and highly-professional approach, we help clients speed up process of getting a permit and optimize costs.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.