Crypto assets

Who this page is for

For anyone who earns from crypto assets, is moving to Georgia and wants to put their dealings with banks, taxes and property in order.

And for anyone planning to open a crypto-related business in Georgia.

Our role

We are not an exchange, a wallet, an investment adviser or a law firm. We do not hold or exchange your assets.

We connect you with licensed lawyers and accountants experienced in crypto, prepare documents and translate.

Regulation in Georgia

In Georgia virtual asset services are regulated by law and supervised by the National Bank.

The regulation has developed in recent years and is still changing, so old articles online cannot always be trusted.

For each specific case the lawyer checks the current rules.

Who counts as a provider

If you offer others exchange, custody, transfers or a trading platform, your company may count as a virtual asset service provider.

Such activity requires registration and supervision.

If you only manage your own assets, the situation is different. The lawyer draws the line.

Registering a provider

To register, a company needs documented policies, responsible persons and technical readiness.

The regulator checks the owners, the managers and the source of the money.

The process can take several months, and the full pack should be ready before you begin.

The compliance officer

A provider needs a person responsible for anti-money laundering rules.

This person must actually work in the role and have the knowledge - a formal appointment does not satisfy the regulator.

We look for such a specialist on the local market or train someone in your team.

Knowing the client

A provider must know who its client is and where the client's money comes from.

That means identification, risk assessment and monitoring of suspicious transactions.

The system has to be running before launch, not after the first client.

Banks and crypto

Georgian banks look at crypto-related money with particular care.

This does not mean refusal - it means the documents have to be complete.

Some banks do not serve crypto businesses at all, others do under certain conditions.

Opening an account

When opening an account you should tell the bank up front that your income is linked to crypto.

Information that was hidden and later discovered is the most common reason for an account being closed.

We choose the bank according to the kind of money you will receive and the volume.

Source of funds

The bank often asks you to show how you originally bought the crypto and where that money came from.

For old purchases this is difficult, so we gather as many records as possible.

A short written explanation with documents makes the bank's job easier.

Transaction history

Every transfer is visible on the blockchain, and banks use specialised analysis tools.

If your address has had links to risky services, the bank will see it.

So we check the history in advance, so that you have an answer ready for the bank's question.

Exchange statements

A statement from a licensed exchange is the strongest document: it shows buying, selling and withdrawals.

The statement must be in your name, and the money must arrive in your own account.

Money arriving from a third party's account almost always raises extra questions.

Converting to fiat

The cleanest route is a licensed exchange or provider that pays out to a bank.

That way every step has a document, and the bank sees where the money came from.

Converting a large sum is often better done in parts, agreed with the bank in advance.

OTC deals

For large sums some people choose an OTC, or over-the-counter, deal.

Such a deal should only be done with a registered provider, under a contract and with a bank transfer.

An "arrangement" with a private individual and no documents cannot be explained to a bank later.

Cash exchange

In Tbilisi and Batumi there are places that exchange crypto for cash.

Such a transaction often has no document, and depositing the cash in a bank later becomes a problem.

Cash exchange also carries a risk of fraud and robbery.

Warning signs of fraud

"Guaranteed" profit, urgency, a request to pay into a third party's account.

Fake "lawyers" who promise to recover lost crypto for an upfront fee.

If something sounds too good, ask first and pay later.

Tax for individuals

How an individual's income from selling crypto is taxed depends on residency, the nature of the activity and the source of the income.

In some cases the Georgian rules are favourable, but this does not automatically apply to everyone.

The final answer comes from an accountant or tax adviser, based on your specific facts.

Tax for companies

For a company, crypto-related income is taxed under the ordinary rules.

What matters is how the asset is recorded and at what rate it is valued.

The type of activity - trading, services, mining - can affect the tax.

Bookkeeping

Crypto bookkeeping is harder than ordinary accounts: many transactions, different rates, several wallets.

Specialised software brings the transactions together and prepares a report.

We choose an accountant who knows such software and can also rebuild the history of past years.

The rules of your home country

Your country may tax crypto income even while you live in Georgia.

Some countries tax the growth in the value of assets when you leave.

So before the move we compare the plan with an adviser in your country.

Timing a sale and residency

For many the key question is when to sell: before moving, before becoming resident, or after.

The answer depends on the rules of both countries and can change the outcome significantly.

This decision should not be rushed - first a talk with the adviser, then the sale.

Staking and interest

Income from staking, lending or platform rewards may be classified differently from a sale.

Often this income is valued at the moment it is received, not when it is sold.

The accountant records such transactions separately, so that the picture is clear at the end of the year.

Decentralised platforms

Decentralised platforms have no statements, and the transaction history exists only on the blockchain.

Explaining such a history to a bank is harder than explaining an exchange statement.

So we keep a record of transactions from day one, not from the day the bank asks.

Crypto cards

Some foreign services offer a card that lets you pay directly with crypto.

Spending on such a card does not show in a Georgian bank account, and it will not always serve to prove rent payments or a contract.

For everyday spending a Georgian account creates a simpler history.

Buying property

Some developers and sellers accept crypto, but the deal has to be transparent for the registry and the bank.

The safest route is to convert the crypto through a licensed provider first, then pay through the bank.

We run the same checks on the property as described on the investment page.

Salaries in crypto

If you pay staff in crypto or are paid that way yourself, payroll tax and declarations are still required.

The value of the salary is fixed in lari at the rate on the day of payment.

The accountant checks this arrangement in advance, before the first payment, so that nothing needs fixing later.

Freelancers and crypto payments

Many freelancers are paid in crypto by clients. It is income and is recorded just like a bank transfer.

When working under small business status, crypto income also counts towards turnover.

In every case keep the invoice, the contract and a record proving the payment.

Mining

Mining exists in Georgia, but it depends on electricity, premises and regulation.

The cost of energy and the stability of supply are the key questions for a project.

The lawyer and an engineer check the contracts with the energy company and the owner of the premises.

Regional restrictions

In some regions temporary restrictions on mining have applied because of energy shortages.

Such decisions can be made or reversed quickly.

So before choosing a location we check the current rules and plans.

Importing equipment

Importing mining equipment requires a customs declaration and the relevant taxes.

Different rules apply in some free industrial zones.

The accountant and a customs specialist draw up the import plan together.

Custody and security

Keeping your assets safe is your responsibility, and the risk rises during a move.

A new device, a new network, travel - all of this increases the chance of loss or theft.

We never ask for your keys and never see them.

Cold wallets

For large sums people often use a cold wallet that is not connected to the internet.

The recovery phrase should be kept physically, in a safe place, not on a phone.

If needed, we bring in a security specialist to plan how you store it.

Inheritance and access

If only you know the key, your family will never be able to reach it.

A succession plan for crypto has to be built in a way that keeps it secure.

A lawyer and a security specialist set this up together, including notarial documents.

Sanctions

Georgian banks and providers take the international sanctions regime into account.

Links to sanctioned persons or services lead to an account being blocked.

We do not take on matters aimed at getting around sanctions.

Disputes

A crypto-related dispute - lost funds, a partner's debt - can be heard in court.

Transactions, correspondence and the contract can serve as evidence.

In a dispute we connect you with a lawyer experienced in such cases.

Contracts

When a deal is priced in crypto, the contract should state the rate, the addresses and the moment of payment.

It should also say what happens if a transfer is delayed on the network.

We prepare the contract in two languages, and the lawyer checks it under Georgian law.

A blockchain start-up

An IT company building a blockchain product does not always need to register as a provider.

If the company does not touch other people's assets, it often works as an ordinary IT company.

The line depends on the business model, and the lawyer confirms it in writing.

Tokens and investors

Issuing your own token or raising money from investors with a token may also fall under securities rules.

This is the most complex and risky area, and a legal opinion in advance is essential.

We take no part in offering or promoting tokens.

Advertising

Advertising crypto services has its own rules, and the regulator watches it.

Promising returns and hiding risk in advertising is not allowed.

The lawyer checks advertising copy before it is published.

Changing regulation

Crypto regulation is changing fast around the world, and Georgia is no exception.

What is allowed today may face extra requirements tomorrow.

That is why we recommend reviewing your arrangements once a year.

What we do not do

We do not hold or exchange your assets. We do not advise on what to buy or when.

We do not help get around bank checks, sanctions or taxes.

We do not work with anonymous clients or with money that has no documents.

Common mistakes

Hiding from the bank that the money comes from crypto. Receiving money from a third party's account.

Cash exchange with no documents. Keeping the recovery phrase on a phone.

Checking the tax only after selling, rather than before.

What we need from you

What you want: an account, property, a business or clarity on tax.

Which exchanges and wallets you use and how long your history is.

Which country you are resident in now and what your plans are in Georgia.

Price

The lawyer, the accountant and other specialists are separate lines.

Our coordination and translation are agreed in advance.

We add nothing to our partners' prices and take no percentage of your assets.