A Virtual Asset Service Provider (VASP) is a person who provides virtual asset service for the benefit of another person.

The following activities are considered to be virtual asset services:

• Exchange (including via kiosks) between convertible virtual asset and fiat currencies (national or foreign), between one or more forms of virtual assets, between convertible virtual asset and financial instrument;
• Transfer of convertible virtual asset;
• Safekeeping and/or administration of convertible virtual asset or of the instrument enabling control over virtual asset;
• Portfolio management of convertible virtual assets (excluding collective portfolio management);
• Administration of the trading platform of the convertible virtual assets;
• Lending of convertible virtual asset;
• Initial Coin Offering of convertible virtual asset and/or service related to initial coin offering.

 

A virtual asset is a digital representation of value that is interchangeable and non-unique, can be digitally traded or transferred, and can be used for investments and/or payment purposes. A virtual asset does not include digital representation of fiat currencies, securities, or other financial instruments.

A convertible virtual asset is a virtual asset that has an equivalent value on the market, in national or foreign currency, in another virtual asset, and/or a financial instrument in which it can be exchanged.

LEGAL ACTS

To access information about the legal acts, please visit the Georgian site of the National Bank of Georgia. 

 

REGISTRATION

Before July 1, 2023, the National Bank of Georgia will issue a legal act stipulating the registration procedure for Virtual Asset Service Providers. The legal act will include, among other things, registration requirements and a list of necessary documents.

REGISTER

A Virtual Asset Service Provider (VASP) Register