Crypto License (VASP): National Bank Registration & Compliance

Crypto License Georgia (VASP): National Bank Registration & Compliance

Operating a crypto business without proper licensing now carries serious penalties in Georgia – including fines of up to GEL 20,000 for non-compliance. Since July 2023, all crypto exchanges, custodial services, and wallet operators must obtain the Crypto License Georgia (VASP) to legally operate. 

To be able to legally operate with a crypto exchange license Georgia has made it mandatory to go through the VASP registration with the National Bank of Georgia, meet the strict AML/CTF compliance, and ongoing reporting obligations. For founders, early preparation and expert guidance are essential to avoid regulatory breaches and ensure uninterrupted operations.

Compliance Mandate: Why Every Crypto Operator Needs VASP Status

How do we start operating with a crypto license in Georgia? – VASP registration is an essential part. After adopting the Virtual Asset Service Provider Georgia became an EU-aligned regulatory model in mid-2023. Under the new rules, every Virtual Asset Service Provider in Georgia must be registered with the National Bank before offering any crypto-related services.

• Activities That Require a Crypto License

If your business performs any of the following, you must obtain a crypto exchange license Georgia:

• Virtual asset exchange (crypto-to-crypto or crypto-to-fiat)
• Transfer and remittance of digital assets
• Crypto custody and wallet services
• Lending secured by virtual assets
• ICO/ITO/Token issuance platforms
• Brokerage or intermediary crypto services

Unlicensed operation is a criminal-level compliance breach, so addressing to the National Bank of Georgia, VASP license is the crucial part of running the business.

How to get a crypto license in Georgia?

It is essential that the business meets requirements for crypto license in Georgia which are:

• Director Qualification Requirements

To satisfy the requirements for crypto license in Georgia, the company’s director must demonstrate:

• Relevant higher education (finance, law, business, IT, or related field)
• Proven experience in financial services, compliance, blockchain, or risk management
• A clean background check, with no financial crimes, money-laundering history, or sanctions
• Physical Presence Requirement (14-Day Rule)

The National Bank requires that at least one director or key person physically reside in Georgia for 14 days per month. This ensures local oversight and accountability for compliance.

• Squeaky-Clean Management

Management must meet all these requirements as well:

• No criminal record
• No involvement in fraud or AML breaches
• No history of bankruptcy abuse
• Strong professional reputation

This is a critical part of the National Bank of Georgia VASP license approval process.

Step-by-Step: Obtaining Your Crypto License from the National Bank

1. Legal Framework Study

The process begins with a complete review of regulatory requirements, AML standards, and the legal responsibilities of a VASP – essential to understanding how to get a crypto license in Georgia.

2. Document Collection & Preparation

The company must prepare over 10 notarized and apostilled documents, including:

• Corporate structure documents
• Detailed business plan
• Internal control proceduresRisk management framework
• Director qualification proofs
• Beneficial owner disclosures

You must also meet the requirements of Georgia AML CTF policy – crypto license is not issued otherwise.

3. Submission to the National Bank of Georgia

The full package is submitted for Georgia VASP registration, followed by a verification period that may take up to 60 days. During this time, the National Bank may request clarifications, interviews, or additional documents.

Pre- and Post-Licensing Support & Compliance Reporting

Obtaining the license is only the beginning. For foreign founders looking to set up crypto operations in Georgia, end-to-end support is vital to maintaining uninterrupted compliance.

Our VASP status services include:

• Residency and relocation assistance for directors (to meet the 14-day rule)
• Continuous KYC/AML compliance setup
• Onboarding and training for compliance officers
• Preparation of periodic reports for the National Bank
• Updating internal policies as regulations evolve
• Monitoring risk indicators and suspicious transactions

Securing the Crypto License Georgia (VASP) is now a mandatory requirement for all crypto service providers operating in the country. Fast-changing regulations, detailed documentation, and strict AML/CTF controls make professional support essential for compliance and operational security. Contact our experts to ensure your application meets every National Bank requirement and to maintain full compliance after licensing.