What is the best crypto license in Georgia in 2025? VASP vs FIZ comparison

Georgia issues two crypto authorizations in 2025: the mainland VASP license and the offshore authorization, also known as the Tbilisi Free Zone (FIZ) crypto license.

Each of them has its own benefits and downsides for different businesses. 

Which one suits your project best? Our consultants answer the key questions when it comes to crypto licenses in Georgia. 

How to get the cheapest crypto license in Georgia?

How much does it cost to get a crypto license in Georgia? The Georgia crypto license cost is the primary question that bothers the clients of LegalBison seeking authorization in the country. To cut it short, businesses aiming at the mainland VASP license must prepare for the payment of a company incorporation fee, licensing fee, and license renewal fee (after the first year of operation). There are also other mandatory expenses: taxes, security audits, and AML-CFT compliance training for the employees, to name a few. 

Can you cut on some of these expenses and still legitimize your business? Absolutely, if you opt for the Tbilisi Free Zone authorization. 

Cost efficiency is a huge benefit of the Georgia FIZ license compared to its mainland counterpart. Eugene Pleshakov, crypto and legal expert at LegalBison, remarks: “Lower operational costs, especially for energy-intensive activities like crypto mining, make the Tbilisi FIZ a prime location for blockchain and crypto businesses.” 

The financial benefits of the Georgia FIZ license include lower incorporation, licensing, and license renewal fees, no share capital requirement, and minimal ongoing operational costs. 

What crypto activities are allowed in Georgia? 

When it comes to the variety of allowed activities, each authorization covers its own scope. To put it simply, the FIZ license allows for all the most popular crypto-related services. Therefore, it is enough for our clients in 99% of the cases. 

The most important step is to incorporate a Georgian company prior to getting your crypto license. If you choose to form a legal entity in the Tbilisi Free Zone, you can further license your business and provide such services as:

• Crypto-to-crypto exchanges;
• Crypto-to-fiat exchanges;
• Custodial services;
• Token offerings;
• Crypto mining.

The Georgia VASP license, on the other hand, expands and specifies the range of permitted activities, including such forms of business and types of services as transfer of virtual assets, safekeeping and administration of virtual assets, and lending of virtual assets.

How does the registration process go for Georgia VASP and Georgia FIZ?

As compared to the FIZ license, the requirements for obtaining Georgia VASP registration are more stringent. Here are just a few of them: 

1. All directors must have at least 2 years of experience in finance, fintech, or crypto;
2. You have to form a Georgian LLC with a legal address;
3. Provide AML/CFT/KYC compliance policies for the company;
4. Devise and submit a detailed business plan;
5. Pay the incorporation and licensing fees.

It will take around 1.5-2 weeks to register an LLC in Georgia and up to 2-3 weeks to obtain the VASP authorization. 

Do you need to meet all of these requirements for FIZ authorization? Yes, but in a shorter, considerably simplified form:

1. Incorporate a company with a legal address in Georgia; 
2. Provide the Power of Attorney for your company; 
3. Submit a short description of the company’s activities; 
4. Provide identity documents for all participants.

This facilitated process allows you to obtain a license in just 2-3 working days after forming a company, which normally takes around 1 business week. 

Arina Jermitsova, legal consultant at LegalBison, reflects on the speed of the registration procedure in Georgia FIZ: “Crypto licenses can be issued within just 2-3 days after company registration, which is significantly faster than in many other jurisdictions.”

Which Georgia crypto license is more difficult to get?

More and more entrepreneurs are looking for lighter regulatory requirements in the crypto space. While the Georgia VASP license is considered extremely stable and business-friendly in its own right, it is possible to secure Tbilisi Free Zone authorization instead for faster market entry.

As a rule, registration in the Tbilisi Free Zone is a plausible option for businesses that seek a simpler framework with fewer regulatory requirements. As for the mainland Georgia VASP license, the licensees are supervised by the National Bank of Georgia, which also requires submitting quarterly reports and other formalities.

Any type of regular reporting is not a thing for Georgia FIZ. Besides, you don’t have to own the VASP license in mainland Georgia to get your FIZ authorization: it is a crypto license in its own right. All in all, if you are looking for minimal regulatory pressure, registration in the Tbilisi Free Zone is for you.

Should I pay taxes as a crypto-licensed company in Georgia?

Perhaps the main reason why so many crypto entrepreneurs are agitated by the Georgia FIZ license is the tax incentives it provides. Unlike the mainland Georgia VASP license with its considerable corporate income tax of 15%, the Free Zone imposes no taxes on crypto businesses registered within it. 

Indeed, licensees in Georgia FIZ thrive in a tax-free, business-friendly environment with its 0% corporate income tax 0% VAT, and no property taxes on assets located within the FIZ. The only exception is the distribution of dividends, in which a 5% tax is incurred. 

As a result, it is not mandatory (although still preferable) to obtain a corporate bank account as a crypto-licensed business in Georgia FIZ. On the contrary, a bank account for business expenses is one of the obligations for securing the VASP license in mainland Georgia. 

How can LegalBison help me with the Georgia crypto license? 

Do you have a concept — or even a shaped idea — of a crypto business in mind? Do you want to enter the market fast but lack certainty on legal matters? 

If you are still torn between the two Georgian crypto licenses, perhaps it is a sign that you need your project assessed by a professional. 

At LegalBison, a team of certified lawyers will analyze your company structure and provide advice on the most suitable license type and its requirements. Contact us today, and our lawyers will devise a roadmap for your individual case.