Silk Road Bank has officially announced the launch of new banking products that allow customers to buy and sell cryptocurrency directly through the banking platform. This is the first such precedent in the Georgian banking system — and it is the beginning of a new era in the state’s attitude towards digital assets.

What does this mean for businesses in Georgia?

1. Crypto is no longer a “gray zone”

Now there is no need to use dubious exchangers or chase funds via P2P. Cryptocurrency transactions are becoming:

• legal,
• convenient,
• integrated into the banking system.

This is especially important for:

• IT companies and freelancers getting paid in cryptocurrency,
• crypto projects and VASP structures registered in Georgia,
• investors and traders wishing to fix profits.

2. Banks are coming forward — but the requirements are also growing

With the launch of the official crypto service in the bank, the control over the origin of funds (AMB) is increasing:

• control over the origin of funds (AML),
• customer identification (KYC),
• the ability to transfer data to tax and financial services.

If before crypto assets were easy to “pass by accounting”, now it is important for businesses:

• transparently process incoming and outgoing transactions,
• understand tax implications,
• consult with lawyers and accountants on digital asset transactions.

3. A legal gateway for international transactions is emerging

For companies working with overseas clients, this is:

• The ability to accept payment in cryptocurrency — legally,
• exchange crypto for fiat directly at the bank,
• avoid the risk of having accounts blocked for “questionable activity”.

4. New impetus for the registration of VASP and fintech companies

This opens a window of opportunity for companies wishing to:

• obtain VASP status in Georgia,
• provide crypto services with banking integration,
• attract international clients who need a jurisdiction with clear rules and lenient regulation.

Important: the need for legal and tax support is growing

With the transition to institutionalization of crypto in Georgia:

• ignoring the rules will become dangerous — there may be blocking, fines, denial of service.
• businesses need to legalize cryptocurrency circulation, account for income, file reports.

Conclusion: how to use this news in your favor?

• Register a VASP company — while the market is still forming.
• Move your cryptocurrency transactions to legal.
• Seek advice on cryptocurrency taxation.
• Consider opening an account with Silk Road Bank for crypto transactions.

If you want to start working with crypto legally, we can help you

ESPERO accompanies clients at all stages:

• VASP registration in Georgia,
• consulting on cryptocurrency taxation,
• legalization of crypto assets,
• assistance in opening bank accounts and integration with Silk Road Bank.

Write to us — and get a free consultation.