VASP registration is mandatory for all entities engaged in intermediary activity in the field of virtual assets, including cryptocurrency exchanges and other virtual asset service providers.
Who Needs VASP Status
- Cryptocurrency exchanges.
- Providers of crypto-to-fiat and fiat-to-crypto conversion services.
- Operators of payment and settlement operations involving virtual assets.
- Other intermediaries in the virtual asset space.
Legal Form Requirements
- Only a limited liability company (LLC) or joint stock company (JSC) registered in Georgia may provide virtual asset services.
- Sole proprietors (individual entrepreneurs) are prohibited from operating in this sector.
- Registration with the National Bank of Georgia is mandatory (or membership as a representative of the financial sector).
Operating Rules
- Providing services through agents (third parties acting on behalf of the VASP) is prohibited.
- Lending virtual assets is prohibited.
- Service fees may be charged in Georgian Lari or in the virtual assets that are the subject of the services provided.
- The VASP's head office must be located in Georgia.
- The person responsible for the VASP must remain in Georgia for at least 14 days per month.
Registration Documents
Obtaining authorisation from the National Bank of Georgia requires a comprehensive package of documents and completion of multiple application forms. The specific list depends on the type of activity.
Registration Process
- Incorporate an LLC or JSC in Georgia.
- Open a corporate bank account.
- Prepare the document package in accordance with NBG requirements.
- Submit the application to the National Bank of Georgia.
- Application review; additional materials may be requested.
Minimum supervisory capital from 2026
In September 2026 the National Bank of Georgia expanded its requirements for virtual asset service providers. Minimum supervisory capital now depends on the type of service:
| Service | Minimum supervisory capital |
|---|---|
| Exchange, including via self-service kiosks, and/or transfer of convertible virtual assets | GEL 150,000 |
| Trading platform administration | GEL 350,000 |
| Other services, excluding stablecoin ICOs | GEL 250,000 |
| Stablecoin initial coin offering (ICO) | from GEL 500,000, growing with the value of reserve assets |
A VASP offering several services must hold the highest applicable minimum. Source: NBG announcement of 8 September 2026.
Deadlines for existing VASPs
For providers already registered, the NBG set transition deadlines:
- by 1 July 2027, a risk management framework covering operational risk, cybersecurity, process management and business continuity planning
- by 1 September 2027, the minimum supervisory capital
The registration act now specifies the exact type of service authorised, and this is reflected in the NBG public registry. The VASP registration rule itself has applied since 1 July 2023.
Frequently asked questions
What capital is needed to register a VASP in Georgia?
Under the NBG requirements of September 2026: GEL 150,000 for exchange and transfer of convertible virtual assets, GEL 350,000 for trading platform administration, GEL 250,000 for other services and from GEL 500,000 for a stablecoin ICO. With several services, the highest minimum applies.
What do already registered VASPs need to do?
Put a risk management framework in place by 1 July 2027 and hold the minimum supervisory capital by 1 September 2027. The registration act specifies the exact type of service the VASP is authorised to provide.