Crypto in Georgia: Legal and Tax Framework

Icebreaker

  1. Activities related to cryptocurrency are not regulated by the Georgian legislation;
  2. NBG does not regulate digital currency in Georgia;
  3. Crypto is not a legal tender in Georgia;
  4. Crypto bears legal and financial risks for the users.

Definition of Crypto-Assets

A bit more than the status quo

  • (i) not VAT taxable when the recipient is registered outside of Georgia, and it does not have a managing place or permanent establishment in Georgia to which receipt of service is related;
  • (ii) VAT taxable, when the recipient is registered in Georgia, or it has a managing place or permanent establishment in Georgia to which receipt of service is related.
  • (i) the purchase, alienation, and exchange of cryptocurrency is VAT-exempt;
  • (ii) mining is not subject to VAT (as service recipients are unidentifiable).

Learn More about the Legal Framework of Cryptocurrency in Georgia

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