19/10/25
Georgia has established a comprehensive regulatory framework for Virtual Asset Service Providers (VASPs), offering clarity and legitimacy to crypto businesses operating within its borders.
🧭 Regulatory Overview
Since August 1, 2023, Georgia has required VASPs to register with the National Bank of Georgia (NBG) under Order No. 94/04. This order mandates compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations, aligning virtual asset activities with traditional financial oversight. The registration process involves submitting a detailed business plan, AML/CFT policies, and information on company directors and significant shareholders. The NBG reviews applications within 60 days, extendable by an additional 60 days if necessary.
⚖️ Comparative Analysis
Georgia’s approach to crypto regulation is notably pragmatic, focusing on registration rather than licensing in the traditional sense. This model contrasts with more stringent frameworks like the European Union’s Markets in Crypto-Assets (MiCA) regulation. While Georgia’s system offers flexibility, it also places the onus on VASPs to maintain strict internal compliance structures. The absence of a tiered licensing system means that all registered VASPs are subject to the same regulatory requirements, regardless of their size or scope of operations.
💼 Sector Implications
For businesses seeking to operate in Georgia’s crypto sector, obtaining VASP registration is a critical step. The process involves demonstrating compliance with AML/CFT standards, appointing a local director, and maintaining a physical presence within the country. Failure to adhere to these requirements can result in registration denial or revocation. The regulatory environment is designed to foster a secure and transparent ecosystem, attracting both local and international crypto enterprises.
As of October 2025, Georgia’s crypto regulatory framework continues to evolve, with full implementation of the VASP law expected by 2026. This progressive approach positions Georgia as an attractive destination for crypto businesses seeking regulatory clarity and operational flexibility.
For tailored legal guidance and support in navigating Georgia’s crypto regulatory landscape, contact NUR Legal. Visit us at NUR-Legal.com or contact us directly at info@nur-legal.com
Kätrin Särap