Georgia doesn’t ban cryptocurrency. But if you’re trying to move crypto through a bank or run a Bitcoin ATM, you’d better have the right paperwork. The rules changed in 2023-and enforcement got serious in 2025. This isn’t about stopping crypto. It’s about making sure it doesn’t become a backdoor for money laundering or fraud.
It’s Not Illegal to Own Crypto in Georgia
Let’s clear this up first: owning Bitcoin, Ethereum, or any other cryptocurrency in Georgia is completely legal. You can buy it, hold it, trade it, even mine it. The government doesn’t tax individuals on crypto gains. That’s right-0% tax on personal transactions. That’s one reason why over 150,000 Georgians are estimated to be using crypto by 2025.
But here’s the catch: if you’re running a business that moves crypto for others, you’re no longer in the gray area. The National Bank of Georgia (NBG) now requires every company offering crypto services to get a license as a Virtual Asset Service Provider (VASP). That includes exchanges, wallet providers, and-critically-Bitcoin ATM operators.
Bitcoin ATMs Are Now Regulated Like Banks
Remember those shiny Bitcoin ATMs you saw in convenience stores or malls? In 2025, most of them are shut down. Not because they’re illegal, but because they were operating without licenses.
On January 16, 2025, the Georgia Department of Banking and Finance issued cease-and-desist orders to two companies: Bullet Blockchain, Inc. and Blockchain Technology Machines, Inc. (doing business as RocketBTM). Both were running Bitcoin kiosks that let people deposit cash and send crypto to third-party wallets. That’s a money transmission service under Georgia law-and it requires a money transmitter license.
There’s no grandfather clause. No grace period. If you’re letting people turn cash into crypto without a license, you’re breaking the law. The NBG made it clear: if your machine connects to an external wallet, you need to register. Exemptions exist only for very limited cases, like internal company wallets or peer-to-peer transfers without intermediaries.
The VASP License: What It Takes to Play
Getting a VASP license isn’t easy. The NBG doesn’t just want your application form. They want your entire operation laid bare.
- Full details on who owns the company-beneficial owners, not just corporate names
- Organizational structure: who’s in charge, who handles compliance
- Financial statements proving you can cover operational costs
- A documented, working AML/CFT system-anti-money laundering and counter-terrorist financing
- Proof of KYC procedures: how you verify every user’s identity before they transact
Applications are reviewed by the Financial Monitoring Service under NBG supervision. The process takes months. You can’t just file and start operating. The NBG has turned down applications for weak compliance systems, incomplete documentation, or unclear ownership chains.
And it’s not just about paperwork. The system is monitored. Suspicious activity must be reported. Transactions are logged. If the NBG sees unusual patterns-like large cash deposits into crypto wallets from unverified users-they’ll investigate. The goal isn’t to scare off innovation. It’s to make sure innovation doesn’t become a tool for criminals.
Corporate Tax Is the Trade-Off
Georgia gives individuals a tax break. But businesses pay up.
Crypto companies operating in Georgia face a 15% corporate tax on distributed profits. That’s not high by global standards-but it’s a clear signal: the government wants to benefit from the industry’s growth. They’re not just letting crypto happen; they’re capturing value from it.
This two-tier system works. Individuals get freedom. Businesses pay their share. The government now holds 66 BTC-worth about $6.86 million-as part of its reserves. That’s not a random stash. It’s a statement: crypto is real, and it belongs in the national financial system.
Why This Matters for Businesses and Users
If you’re a regular user in Georgia: you’re fine. You can still buy crypto on licensed exchanges. You can hold it in your wallet. You can sell it without paying tax. Just don’t use unlicensed ATMs. If you see one still operating after January 2025, report it.
If you’re a business owner: the path is clear. Apply for a VASP license. Build a real AML system. Hire compliance staff. Don’t cut corners. The NBG has shown it won’t tolerate shortcuts. The January 2025 enforcement actions weren’t warnings-they were final orders. Companies had 24 hours to shut down.
International firms are taking notice. Georgia’s regulatory framework is now aligned with IMF standards. That means banks in Europe and the U.S. are more likely to work with Georgian crypto companies. The country is positioning itself as a reliable hub-not a wild west.
What’s Next? Digital Assets in 2026
Georgia isn’t stopping at Bitcoin and Ethereum. The NBG is actively reviewing applications for new digital assets. That includes tokenized securities, CBDC pilots, and other blockchain-based financial tools.
By 2026, the goal is full integration of digital assets into the national AML/CFT framework. That means even more oversight, more reporting, and more transparency. But also more legitimacy. Banks, insurers, and investors will feel safer working with Georgian crypto firms because the rules are clear, consistent, and enforced.
The message is simple: innovation is welcome-but not without accountability.
Key Takeaways
- Cryptocurrency ownership is legal and tax-free for individuals in Georgia.
- Businesses must obtain a VASP license from the National Bank of Georgia to operate crypto services.
- Bitcoin ATMs that connect to third-party wallets require a money transmitter license-unlicensed ones were shut down in January 2025.
- Corporate tax on crypto profits is 15%, while personal gains are taxed at 0%.
- Compliance is mandatory: KYC, AML/CFT systems, and suspicious activity reporting are non-negotiable.
- 2026 will bring deeper integration of digital assets into Georgia’s financial system under IMF-backed standards.
Can I still use a Bitcoin ATM in Georgia in 2025?
Only if it’s operated by a licensed VASP. Unlicensed Bitcoin ATMs were shut down in January 2025 after enforcement actions against Bullet Blockchain and RocketBTM. If you see one still operating, it’s likely illegal. Use only exchanges or kiosks that display their NBG license number.
Do I pay taxes on crypto gains in Georgia?
No. Georgia does not tax individuals on cryptocurrency profits. Whether you sell Bitcoin for USD, trade Ethereum for Litecoin, or cash out crypto to your bank account-no capital gains tax applies. This is part of Georgia’s strategy to attract crypto users and investors.
What happens if I run a crypto business without a license?
You’ll receive a cease-and-desist order. Your operations will be shut down immediately. Fines may follow, and repeated violations could lead to criminal charges under Georgia’s money transmission laws. The January 2025 actions against two Bitcoin ATM operators show the NBG is not warning-they’re acting.
Can I open a bank account for my crypto company in Georgia?
Yes-but only if your company is licensed as a VASP. Banks in Georgia are required to verify your license before opening an account. Unlicensed crypto businesses are routinely denied service. This is intentional: the government wants to keep crypto transactions traceable and secure.
Is Georgia a good place to start a crypto business?
Yes-if you’re ready to comply. The 0% personal tax, low electricity costs, and clear regulatory path make Georgia attractive. But you must invest in compliance: legal structure, KYC systems, AML procedures. The NBG doesn’t make exceptions. If you’re looking for a no-rules zone, Georgia isn’t it. If you want legitimacy and access to global markets, it’s one of the best places in the region.
Georgia’s approach isn’t about banning crypto. It’s about bringing it into the light. The same way banks are regulated, crypto businesses are now regulated. No more anonymous kiosks. No more untracked transfers. Just clear rules, strong enforcement, and real accountability. That’s how you build trust-and that’s what makes Georgia’s crypto scene sustainable.
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