Crypto businesses covered by the Georgia Offshore license
Although different from the mainland VASP license, the Georgia FIZ crypto license allows for a vast range of crypto-related activities, including:

Crypto-to-crypto exchanges
Crypto-to-fiat exchanges
Custodial services for digital assets
Initial Token Offerings (ITO), Initial Coin Offerings (ICO), and related activities
Crypto mining
The Tbilisi free zone is known for its low operational costs for businesses, especially compared to mainland Georgia: therefore, activities that require a lot of energy and resources, such as crypto mining, will not pose a threat to the company’s budget.

The requirements to get a crypto license in the Tbilisi Free International Zone
Before obtaining a Georgia FIZ crypto license, one must form a company. Company formation in Georgia is a key step to take that will open the doors to licensing applications for your startup. Rengang assists clients with all the incorporation steps, including:

A basic, short description of the company’s activities;
Copies of identity documents of all the involved individuals;
A legal address of the company in Georgia;
Power of Attorney along with the full set of legal documents.
All these processes are considerably faster in reality than on paper when performed under the guidance of a competent lawyer. Rengang’s team can accelerate the company incorporation and license obtainment in Georgia FIZ for your crypto startup.

Necessary documentation for a crypto company in the Georgia Free Zone
Forming a crypto company and licensing it in Georgia FIZ comes with an extensive set of legal documents that must be prepared in advance. These include, first and foremost, the basic paperwork set required to incorporate a legal entity, such as identity information (notarized passport copies) of the owners, shareholders, and directors, a business plan (a description of the planned activities), and a Power of Attorney.

The flip side of the coin is the website documentation package, which must also be drafted and prepared by a competent lawyer. Rengang assists in preparing Terms and Conditions of Use, Privacy Policies according to the GDPR/CCPA, and Risk Disclosure Statements.

Crypto laws in Georgia
Georgia has two main licensing frameworks for blockchain companies: the mainland Georgia VASP license and the Georgia FIZ license. The VASP license is issued by the National Bank of Georgia, while the relevant crypto laws are enforced through the Financial Monitoring Service (FMS).

The legislative changes concerning virtual asset service providers (VASPs) came into force in Georgia on January 1, 2023. According to this law, all crypto actors in mainland Georgia must go through the VASP registration procedure with the National Bank.

For Free Industrial Zones (FIZs), no relevant crypto law has been introduced so far. Legal entities operating in the Tbilisi Free Zone may do so in compliance with the Law of Georgia on Free Industrial Zones.