Crypto-to-fiat Exchange

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In May 2025, Bits.media published an article about how mandatory licensing for cryptocurrency companies has transformed the Georgian crypto market. This material became an important reference point for both businesses and clients in the industry. Here is a summary of the key changes and what they mean for GeCrypto clients.

Starting from early 2024, the National Bank of Georgia (NBG) introduced mandatory licensing for all companies providing cryptocurrency services. To legally operate, businesses must now obtain VASP (Virtual Asset Service Provider) status.

This change was a response to the growing volume of cryptocurrency transactions and the need for greater transparency in the financial sector. Licensing is designed to enhance customer protection and align the crypto industry with international financial regulations.

The VASP license is not just a formality — it confirms that a company:

• Has a transparent legal structure.
• Fully complies with AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) regulations.
• Passed full verification of shareholders and beneficiaries.
• Implements strict security standards for data protection.
• Has internal policies for risk management and regulatory compliance.

Without this license, any activity involving cryptocurrency exchange or custody in Georgia is illegal.

For clients, the appearance of licensed crypto exchanges means:

• Fully legal and secure transactions.
• Official deals with any amount — including large sums.
• Full protection of personal data and financial operations.
• Minimized risks of fraud or unreliable counterparties.
• Transparent terms — including exchange rates and commission fees.

Before 2024, the market was divided between licensed companies and “gray-market” cash exchangers. Now, clients can clearly see who provides a reliable, regulated service backed by the law.

GeCrypto has successfully completed the licensing process and officially operates as a VASP-licensed company. This gives our clients significant benefits:

• 100% legal operations under Georgian financial regulations.
• High standards of privacy and data protection.
• Fast exchanges — typically completed within 10 to 30 minutes at our office.
• Ability to handle both small and large transactions with ease.
• Professional assistance throughout the entire process — from consultation to deal completion.

The GeCrypto license is a guarantee that you are receiving a secure, transparent, and reliable service in Georgia.

Licensing has become a powerful growth driver for the crypto industry in Georgia. Only reliable, professional companies remain in the market — those willing to invest in high-quality services and customer protection.

Key outcomes of this reform include:

• A transparent and professional crypto market.
• Increased trust from both retail and business clients.
• Expanded partnerships with banks and financial institutions.
• Growing interest from institutional investors and international clients.

Georgia is rapidly solidifying its status as one of the most attractive cryptocurrency hubs in the region.

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