With the development of cryptocurrency technologies, more and more companies begin to think about creating a business related to virtual assets. Georgia has become one of the most attractive areas for such companies, offering favorable conditions for obtaining a VASP (Virtual Asset Service Provider) license - license of a virtual asset service provider. Below we will tell you why the VASP license in Georgia is so popular, what requirements should be observed for its receipt and how the Espero law firm can help you in successful registration.

Advantages of VASP License in Georgia

Georgia is known as a country with loyal cryptocurrency regulation and an attractive tax climate. Obtaining VASP license in Georgia gives entrepreneurs significant advantages, including:

• The simplicity of licensing is unlike many other countries where cryptocurrency regulation is extremely strict and expensive, Georgia provides simplified and affordable licensing conditions for companies working with virtual assets.
• For several years, a stable legal environment - Georgia has been actively developing legislation related to cryptocurrencies, which provides a predictable legal framework.
• Attractive tax conditions - companies working with cryptocurrency, can use the standard tax system, as well as have access to special tax regimes, such as the regime of a free industrial zone (PPE).
• Access to the international market - VASP registration in Georgia allows companies to work not only at local, but also at the international level, which is important for cryptocurrency startups and large companies oriented to the global market.

These advantages make Georgia one of the most competitive jurisdictions for crypto projects, providing business with flexible conditions for growth and development.

Requirements of the National Bank of Georgia to the office of VASP companies

The National Bank of Georgia imposes clear office requirements for companies working with virtual assets to ensure data security and reliable business functioning:

• The company's operating space should be prepared for the effective conduct of business processes related to virtual assets.
• The physical separation of premises - the office of the VASP company should be clearly separated from the premises of other companies in order to avoid conflict of interests and ensure confidentiality.
• VASP offices, including branches, are required to install video surveillance systems both inside and outside. Records should be stored for at least 30 days and are available for verification by the National Bank.
• The requirements for data accessibility - all data related to operations and transactions must be systematized, reliably protected and easily available for checks.

These conditions require a competent approach to the choice and organization of office space. Espero will help you organize an office in accordance with the requirements of the National Bank of Georgia, providing reliable compliance with the requirements for licensing.

The main responsibilities of VASP companies

To comply with the legal norms of the VASP company are required to comply with the following requirements:

• Verification of customers - companies are required to identify and verify customers in accordance with the approved process, which includes remote verification and use of specialized systems for monitoring transactions.
• Systematization and storage of data - companies should register and store data on all transactions, including the log of all actions for their subsequent tracking.
• Protection against falsification and anonymity - companies are prohibited from working with virtual assets that increase anonymity (for example, Privacy Coins) in order to maintain transaction transaction transparency and observe measures of laundering of funds.
• Compliance with video surveillance requirements - in the case of customer service at the place of the company, are required to ensure continuous video surveillance with a data record for a period of at least 30 days.

These responsibilities require a detailed approach to the organization of business processes, which greatly simplifies work with an experimental legal company, such as Espero. We guarantee that your company will fully comply with all standards and requirements for obtaining VASP license.

Taxation of VASP companies in Georgia

VASP companies in Georgia are taxed by taxes on a standard system, which includes a tax on a distributed profit of 15%. For companies working in the virtual assets industry, special tax regimes are also available in Georgia, such as the status of a resident of a free industrial zone (PPE). The status of a SIZ resident allows the company to significantly reduce the tax burden and receive 0% taxation for corporate profit, while observing the following conditions:

• The company's activities should be carried out within the PPE.
• The company must comply with the established conditions for PPE residents, including the requirements for minimal investments And the creation of jobs.

Thus, the VASP companies have the opportunity to optimize taxation when fulfilling all regulatory requirements. Espero specialists can advise you in detail on tax regime, help in registration of the company in the PPE and draw up all the necessary documents.

Why choose Espero to obtain VASP license

The process of registering a company to obtain VASP license in Georgia requires careful preparation and deep understanding of local legislation. Espero's legal company is your reliable partner who will help you go through all the stages of licensing and registration:

• Our experts will help with the selection and arrangement of the office, develop internal customer verification procedures and organize systematization of data in accordance with the requirements.
• We will select the optimal tax regime for your company, help register in the PPE and advise on tax planning issues.
• We will provide your full compliance with the legislative requirements and minimize the risks of refusal to obtain a license.

Cooperating with Espero, you can focus on the development of your business, leaving issues of licensing and legal support to professionals.

If you plan to open a VASP company in Georgia, contact Espero today-and we will provide you with a reliable and effective start of work!