Setting up a crypto exchange business in Georgia

Setting up a crypto exchange business in Georgia

We will consider the features of establishing crypto exchanges in Georgia in this article.

Although Georgia does not occupy a leading position among the most developed countries in the field of information technology, it is one of the world’s leading countries in cryptocurrency mining. According to the Global Cryptocurrency Benchmarking Study, in 2017 this tiny country was ranked second in the world for cryptocurrency mining — behind only China. A loyal government position and attractive tax system create excellent conditions for opening crypto companies in Georgia.

This country does not require special permission to set up platforms for cryptocurrency trading. Georgian legislation has no restriction on the conduct of transactions with any certain cryptocurrencies. This means that the crypto exchange can trade any cryptocurrency. Moreover, the National Bank of Georgia does not regulate economic activities related to cryptocurrency transactions. However, it is worth considering that such establishments must comply with anti-money laundering laws, confidentiality rules, and the processing of personal data. In order to set up a crypto exchange business in Georgia, it is enough to register a legal entity.

Tax incentives:

  • An individual is exempt from tax on profits received from the sale of cryptoassets;
  • Income from the sale of crypto or converting to fiat will not be subject to VAT;
  • In case of reinvestment of profits, the company is exempt from paying income tax.

If you want to register a crypto exchange in Georgia,  contact us  for more detailed information. Eternity Law International experts are ready to advise you and provide support at all stages of starting a business in Georgia.

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