Licensing and regulatory in Georgia

The first question is whether an activity is regulated at all, and by whom. Banking, payment and virtual asset services fall under the National Bank of Georgia; telecommunications under the Communications Commission; energy and water supply under the Energy and Water Supply Regulatory Commission; sectors such as gambling, medicine, pharmaceuticals, food and transport have their own licences and permits.

Virtual asset service providers must be registered with the National Bank of Georgia before they operate. A regulator usually looks at the people and the money as closely as at the business plan: shareholders and management, sources of capital, internal policies such as anti-money-laundering rules, and the systems the activity relies on. A licensed activity is also excluded from the 1% small business status, which affects the choice of legal form. Requirements and timelines differ widely between regulators, so we begin with a written perimeter analysis and quote the application once the route is clear.