Crypto Wallet Custody License Georgia Crypto License: Crypto Wallet Custody License Georgia: Full 2026 Guide
Georgia is emerging as a competitive hub for crypto wallet custody services, offering a clear licensing pathway under the National Bank of Georgia (NBG). This crypto wallet custody license Georgia is a Virtual Asset Service Provider (VASP) registration that allows companies to legally hold, safeguard, and manage clients' crypto assets. As of 2026, the NBG has fully implemented its regulatory framework, aligning with international standards like FATF.
For founders seeking a stable yet flexible jurisdiction, Georgia provides a balanced approach: a moderate capital requirement, favorable tax treatment, and a straightforward application process. Consulting24 advises and coordinates the entire licensing journey, from company setup to final approval, ensuring you meet all NBG requirements. Whether you are launching a new custody platform or expanding an existing one, this guide covers everything you need to know.
Below we break down the regulator, costs, timelines, capital, tax, and step-by-step process, with comparisons to other jurisdictions like Panama and Lithuania.
What Is the Crypto Wallet Custody License in Georgia?
The crypto wallet custody license in Georgia is a regulatory authorization issued by the National Bank of Georgia (NBG) under the Law on Combating Money Laundering and Terrorism Financing. It classifies crypto wallet custodians as Virtual Asset Service Providers (VASPs). This license permits companies to offer custody services for cryptographic assets, including holding private keys, storing digital assets on behalf of clients, and providing wallet management.
Georgia's framework is designed to foster innovation while ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) obligations. Unlike some jurisdictions that only register entities, Georgia requires a full licensing process with ongoing supervision. The license is essential for any business that wants to legally operate a custodial wallet service in or from Georgia.
Key features of the license include:
- Regulated by the NBG, the central bank.
- Valid for an indefinite period, subject to annual compliance reviews.
- Covers both hot and cold wallet custody.
- Requires a minimum capital of 350,000 GEL (approximately EUR 110,000 as of 2026).
- Corporate income tax of 15% on distributed profits only.
Who Needs This License?
Any business entity that intends to provide custodial wallet services for cryptocurrencies in Georgia must obtain this license. This includes startups, established fintech firms, and international companies looking to set up a regulated presence in the Caucasus region. Typical applicants include:
- Crypto wallet providers (mobile, web, hardware).
- Exchanges that offer integrated custody.
- Asset managers holding client funds.
- White-label custody solution providers.
- Banks or financial institutions expanding into digital assets.
If your business involves holding private keys or controlling crypto assets on behalf of others, you likely fall under the NBG's definition of a custodian. Even if you only provide non-custodial wallets, you may still need to register if you facilitate transfers or exchange services. Consulting24 can help determine your specific obligations during a consultation.
License Type and Regulator
The license is categorized as a Virtual Asset Service Provider (VASP) registration, specifically for custodial wallet services. The regulator is the National Bank of Georgia (NBG), which oversees all VASPs in the country. The NBG sets the rules for AML/CTF compliance, capital adequacy, and operational standards.
Unlike some European jurisdictions that have separate licenses for exchanges and custodians, Georgia combines them under the VASP umbrella. However, the NBG distinguishes between different service types, and a custody-only license may have slightly different requirements than a full exchange license. The minimum capital for custody is 350,000 GEL (around EUR 110,000), while exchange services may require higher capital.
For comparison, Lithuania's crypto license (under the Financial Crime Investigation Service) requires EUR 125,000 for custody, and Panama has no specific crypto license but uses a general business license. Georgia's capital requirement is moderate, making it attractive for mid-sized operations.
Cost and Timeline
| Item | Cost (EUR) | Timeline |
|---|---|---|
| Company incorporation (LLC) | 1,500 - 2,500 | 1-2 weeks |
| License application fee (NBG) | 2,000 - 3,000 | Included in timeline |
| Legal and compliance setup | 5,000 - 10,000 | 2-4 weeks |
| Total estimated cost | 8,500 - 15,500 | 3-6 months |
The total cost for obtaining a crypto wallet custody license in Georgia typically ranges from EUR 8,500 to EUR 15,500, depending on the complexity of your business model and the need for additional services like AML officer training or IT security audits. The timeline from incorporation to license approval is usually 3 to 6 months. Exact pricing is confirmed during a consultation with Consulting24, as each case varies.
Ongoing costs include annual compliance fees (EUR 2,000-4,000), audit fees, and corporate tax (15% on distributed profits). Compared to Panama's flat EUR 6,000 company setup (no specific license), Georgia offers a regulated environment with a clear legal status.
Capital Requirement
The minimum capital requirement for a crypto wallet custody license in Georgia is 350,000 GEL (approximately EUR 110,000 as of 2026). This capital must be paid up before the license is issued and maintained throughout the operation. The NBG may require higher capital if the business handles large volumes or offers additional services like exchange or transfer.
This capital can be in the form of cash or liquid assets. It serves as a buffer to cover operational risks and client protection. For comparison, Lithuania requires EUR 125,000 for custody, while Estonia's old regime had no minimum (but new MiCA rules now apply). Panama has no capital requirement for crypto businesses. Georgia's capital is moderate and competitive for a fully regulated license.
Consulting24 can assist in structuring the capital injection and ensuring compliance with NBG's solvency requirements.
Tax Treatment
Georgia offers a favorable tax regime for crypto businesses. The corporate income tax is 15%, but only on distributed profits (i.e., dividends). Retained earnings are not taxed until they are distributed. This makes Georgia a tax-efficient jurisdiction for reinvesting profits.
Value-added tax (VAT) is 18%, but crypto custody services are often exempt from VAT as financial services. Personal income tax is a flat 20%. There are no specific crypto taxes beyond the general corporate framework. However, the NBG requires that all transactions be recorded and reported for AML purposes.
Compared to Panama (0% corporate tax on offshore income, but no specific crypto license), Georgia provides a regulated environment with a clear tax treatment. Lithuania taxes corporate profits at 15% (standard rate) and applies VAT to crypto services. Consulting24 can provide detailed tax planning during your consultation.
Allowed Activities
Under the crypto wallet custody license in Georgia, the following activities are permitted:
- Safekeeping and administration of cryptographic assets on behalf of clients.
- Generation and management of private keys.
- Provision of custodial wallet services (hot and cold storage).
- Execution of client instructions for transfers between wallets.
- Integration with third-party platforms for trading or staking (with additional approvals).
Activities not covered include operating a crypto exchange (requires separate VASP registration), issuing stablecoins, or providing investment advice. However, the NBG allows bundled services under a single VASP license if all activities are disclosed. For pure custody, this license is sufficient. If you plan to offer exchange services as well, you may need a combined license with higher capital.
Step-by-Step Application Process
The process to obtain a crypto wallet custody license in Georgia involves several stages. Consulting24 advises and coordinates each step:
- Company incorporation: Register a limited liability company (LLC) in Georgia with a registered address and director. This takes 1-2 weeks.
- AML/KYC policy preparation: Develop internal policies, risk assessments, and procedures aligned with NBG requirements.
- Appoint a compliance officer: Designate a local or remote compliance officer with relevant experience.
- Capital deposit: Deposit the minimum capital of 350,000 GEL into a Georgian bank account.
- Submit application: File the application with the NBG, including business plan, policies, and supporting documents.
- NBG review: The NBG reviews the application, which may include interviews and requests for additional information. This takes 2-4 months.
- License issuance: Upon approval, the license is issued. The company must then maintain ongoing compliance.
Throughout the process, Consulting24 provides expert guidance on document preparation, liaising with the NBG, and ensuring all requirements are met. For a detailed timeline, see our application process page.
Banking and Payment Services
Opening a bank account in Georgia for a crypto custody business is relatively straightforward compared to many jurisdictions. Georgian banks are generally open to VASPs, provided the company has the license. Major banks like TBC Bank and Bank of Georgia offer accounts for licensed crypto firms.
However, international payment processing may require additional due diligence. For fiat on-ramps and off-ramps, many businesses use third-party payment processors or partner with local banks. Consulting24 can recommend banking partners and assist with account opening. For more on banking, visit our company setup page.
Benefits of the Georgia Crypto License
Georgia offers several advantages for crypto wallet custody providers:
- Clear regulatory framework: The NBG provides legal certainty, which is crucial for institutional clients.
- Moderate capital requirement: EUR 110,000 is lower than many EU jurisdictions (e.g., Lithuania EUR 125,000, Malta EUR 150,000).
- Tax efficiency: 15% tax only on distributed profits; no tax on retained earnings.
- Fast processing: 3-6 months is competitive compared to 6-12 months in some EU states.
- Strategic location: Georgia serves as a gateway between Europe and Asia, with a growing fintech ecosystem.
- No language barrier: English is widely used in business, and the NBG accepts documents in English.
For a broader overview of licensing options, see our jurisdictions page.
Compliance and Trust
Maintaining compliance is an ongoing obligation. The NBG requires annual AML audits, transaction monitoring, and reporting of suspicious activities. Licensees must also undergo periodic inspections. Failure to comply can result in fines or license revocation.
General guidance: this information is not legal advice. Consulting24 recommends engaging local legal counsel for specific compliance matters. We help you build a strong compliance framework from the start, including AML policies, risk assessments, and staff training. Our team ensures that your operations meet NBG standards, building trust with clients and partners.
Common Mistakes to Avoid
Founders often make these mistakes when applying for a Georgia crypto license:
- Insufficient AML policies: The NBG expects detailed, practical policies, not boilerplate templates.
- Underestimating capital requirements: The capital must be fully paid up before license issuance; delays in funding can stall the process.
- Ignoring beneficial ownership rules: All ultimate beneficial owners must be disclosed and pass background checks.
- Poor documentation: Incomplete or inconsistent business plans lead to rejections.
- Not engaging local experts: The NBG prefers dealing with local representatives; using a consultant like Consulting24 smooths the process.
Avoid these pitfalls by working with experienced advisors. For a full list of requirements, see our requirements page.
Alternatives and Comparisons
While Georgia is a strong choice, other jurisdictions may suit different needs. Here is a brief comparison:
- Panama: No specific crypto license; companies operate under a general business license. Cost: EUR 6,000 flat. No capital requirement. Tax: 0% on offshore income. Best for early-stage projects that want speed and low cost, but lacks regulatory clarity. Panama is a popular alternative.
- Lithuania: Requires a VASP license with capital of EUR 125,000 for custody. Tax: 15% corporate tax. More expensive and slower (4-8 months) but offers EU passporting under MiCA. See Georgia vs Lithuania.
- Estonia: Previously a leading jurisdiction, but now under MiCA with capital requirements of EUR 50,000-150,000. The process is more complex and costly. Estonia crypto license details.
Each jurisdiction has trade-offs. Consulting24 helps you choose the best fit and coordinates the licensing process in Georgia, Lithuania, and Panama. For a full comparison, visit our jurisdictions page.
Why Choose Consulting24?
Consulting24 (X24Consulting OU, Tallinn, Estonia) has obtained over 500 crypto licenses worldwide. We deliver directly in Estonia, Lithuania, and Panama, and advise and coordinate in all other jurisdictions, including Georgia. Our team of experts provides end-to-end support: from company incorporation and policy drafting to liaison with the NBG and post-license compliance.
We understand the nuances of the Georgia licensing process and have a proven track record. Our services include:
- Initial consultation and jurisdiction assessment.
- Company setup in Georgia.
- AML/KYC policy creation.
- Application preparation and submission.
- Ongoing compliance support.
Contact us today to discuss your project. We offer a free initial consultation to evaluate your needs and provide a tailored quote.
Frequently asked questions
What is the minimum capital for a crypto wallet custody license in Georgia?
The minimum capital is 350,000 GEL (approximately EUR 110,000 as of 2026). This must be paid up before license issuance and maintained throughout operations.
How long does it take to get a Georgia crypto custody license?
The typical timeline is 3 to 6 months from company incorporation to license approval. This includes document preparation, NBG review, and any follow-up requests.
What activities are allowed under the Georgia custody license?
The license permits safekeeping and administration of crypto assets, private key management, custodial wallet services, and execution of client transfer instructions. Exchange services require separate registration.
What is the tax rate for crypto custody businesses in Georgia?
Corporate income tax is 15% on distributed profits only. Retained earnings are not taxed. VAT is 18% but custody services are often exempt as financial services.
Can a foreign company apply for a Georgia crypto license?
Yes, but you must first incorporate a Georgian LLC. There is no residency requirement for directors, but a local registered address is needed. Consulting24 can assist with company setup.
Does Georgia accept crypto as payment for license fees?
No, all fees to the NBG and government must be paid in GEL or major fiat currencies. Crypto payments are not accepted for regulatory fees.
What are the ongoing compliance obligations?
Licensees must conduct annual AML audits, submit suspicious activity reports, maintain transaction records, and undergo NBG inspections. Non-compliance can lead to fines or revocation.
How does Georgia compare to Panama for crypto custody?
Panama has no specific crypto license and no capital requirement, with a flat EUR 6,000 company setup. Georgia offers a regulated framework with legal certainty, but at a higher cost (EUR 8,500-15,500) and capital requirement.
Can I offer staking or lending under the Georgia custody license?
Staking and lending are not automatically covered. You may need additional approvals or a separate license. The NBG evaluates each service on a case-by-case basis.
What is the role of Consulting24 in the Georgia licensing process?
Consulting24 advises and coordinates the entire process, including jurisdiction assessment, company incorporation, policy drafting, application submission, and ongoing compliance. We have extensive experience with the NBG.
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