When it comes to launching or scaling a crypto business, licensing is one of the biggest hurdles. Traditional financial regulators often impose lengthy timelines, costly compliance structures, and uncertain coverage for innovative crypto models. That’s why more operators are turning to Georgia’s Kutaisi Free Industrial Zone (FIZ) for a Virtual Asset Service Provider (VASP) licence — a fast, light-touch “offshore” solution with broad practical scope.

What is the Georgia “Offshore” VASP?

The Kutaisi VASP licence is issued under the law of Georgia’s Free Industrial Zone, not by the country’s central financial regulator. This makes it effectively an offshore permission set. The key restriction: you cannot serve Georgian citizens or residents.

Within that framework, the licence provides flexibility and recognition. For example, you can successfully obtain both Apple App Store and Google Play approvals using a Kutaisi VASP licence, alongside other standard corporate requirements such as a DUNS number.

Broad Coverage for Crypto Activities

Unlike many jurisdictions that narrowly define what a VASP can do, Georgia’s offshore framework allows for a wide remit of crypto-related activity. In practice, this includes:

• Exchange services and wallet operations

• Derivatives trading and structured crypto products

• Security tokens and tokenized RWAs (real-world assets)

• Collective investment scheme–like activities (on the offeror side)

The scope is established through law, regulatory practice, and authority policy. 

KYC and Compliance Posture

Georgia currently takes a pragmatic approach to compliance. The Travel Rule is not actively enforced (similar to Antigua), and the baseline KYC is straightforward:

• Passport + utility bill

• Enhanced Due Diligence (EDD) for politically exposed persons (PEPs) or flagged cases

Operators are still expected to implement sanctions screening, geo-fencing, and a non-US marketing posture to remain defensible.

Fast Timelines

One of the biggest advantages of the Kutaisi VASP licence is speed.

• Company incorporation: a few weeks

• VASP certificate: typically 2–3 weeks after incorporation

• Total end-to-end: usually 2–8 weeks, depending on file flow

That makes it the fastest credible licensing option we’ve seen in practice.

Tax Advantages and International Structuring

Kutaisi FIZ companies benefit from a competitive tax regime:

• 0% corporate income tax inside the zone

• 5% levy on dividend distributions

This setup also works well with international structuring. For example, if paired with a Singapore holding company, the 5% dividend tax meets Singapore’s “headline ≥15%” and “subject-to-tax” tests, making the income eligible for the Foreign-Sourced Income Exemption (FSIE).

Proven Counterparty Acceptance

Our team has successfully onboarded multiple Kutaisi VASP entities with digital banks, offshore banks, and EMIs. This makes it a credible option for businesses looking for real-world banking access in addition to licensing.

Why Kutaisi VASP Fits Today’s Market

For projects that need:

• App Store acceptance fast

• Broad derivatives and token coverage

• Workable KYC posture

The Georgia Kutaisi offshore VASP is one of the most practical, defensible, and time-efficient solutions available today.