The License for Crypto Currency Exchange and Payment Processing
CRYPTO EXCHANGE - TOKEN SALES - ICO - PAYMENT PROCESSING
PAYMENT SERVICES PROVIDER LICENSE GEORGIA + E-MONEY ISSUING
Georgia has permitted officially to proceed crypto currency exchange activities and ICO/token sales via this PSP license. The Payment Services Provider is the license to offer wallets in FIAT money and crypto currencies and their exchange to and from each other. Also the issuing of electronic money is part of the new regulations - a chance to get finally the crypto activities regulated displayed and offered.
While many offshore destinations tighten their rules before issuing an e-money payment provider license, Georgia did the opposit and attracts nowadays more e-money provider than any other country in the world.
A top-infrastructure with excellent banks and a direct access to the IBAN / SWIFT payment network allows a maximum in flexibility by receiving and sending electronic money.
Additionally Georgia's biggest plus is a maximum in privacy and data protection. Not just to the owner of a payment providing company - also to their clients.
Crypto Currency Permissions:
As one of the few licenses worldwide you can officially offer crypto currency exchange from FIAT money into coins and back. Also the launch of an own ICO and the token sales are explicitely permitted with this license.
A Georgia e-money license is able to take deposits of clients funds (electronically) and to wire, forward or send them to other customers. Online Payment Processing is one of the main permitted activities the country is offering. Included: sending direct payments on behalf of third parties.
While many offshore destinations tighten their rules before issuing an e-money payment provider license, Georgia did the opposit and attracts nowadays more e-money provider than any other country in the world.
A top-infrastructure with excellent banks and a direct access to the IBAN / SWIFT payment network allows a maximum in flexibility by receiving and sending electronic money.
Additionally Georgia's biggest plus is a maximum in privacy and data protection. Not just to the owner of a payment providing company - also to their clients.
Requirements and Duration of Application:
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Duration: round about 3-4 months until approval
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Original Passport Copy notarized with apostille
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Original Police Clearance Certificate with Apostille
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Original Power of Attorney (delivered by us) notarial certified and with apostille
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CV undersigned (electronically)
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Standard single proof of address (electronically)
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License Fee of 5,000 GEL approx 2,100 USD needs to be paid to State Treasury
PERMITTED ACTIVITIES BY LAW §
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services that ensure the debiting of funds from the payer’s account and related transactions
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services related to the crediting of funds to the payee’s account and related transactions
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making payments through direct debits (including one-off orders), payment cards, or any other electronic means, or credit transfers (including standing orders) within the funds or credit resources of a payment service user
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issuing and/or acquiring payment instruments, including electronic money instruments
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remittances
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issuing electronic money (ICO, token sales), exchange of crypto currencies, executing payment transactions by means of electronic money through a mobile phone, internet, or any other electronic device
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executing payment transactions based on the consent of the payer given by means of telecommunication, digital, or IT devices, to or in favour of the telecommunication, IT system, or network operator that acts as an intermediary between the payer and the payee, as well as between the user and the supplier of goods or services
INCORPORATION SERVICES
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company formation and incorporation in Georgia
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Set-up local office, installation of an official company representor in Georgia
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preparation of all documents (AML Rules, etc.)
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License Support
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On-going license status updates
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bank account openings in Georgia (2x)
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Certifications / Translations: Georgian - Englisch (optional) included
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submission of all documents to the National Bank of Georgia
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English and German speaking support through our expert team
BANK ACCOUNTS
We establish a full IBAN bank account in the name of your Georgian company with one of the 2 major institutes (Liberty Bank or Bank of Georgia). Other banks in addition possible without travelling to Georgia. Our lawyers will dispatch DigiPass, credentials, debit / credit cards in sealed courier envelopes to your address and you can start immediately.
TAXATION
This license is an onshore license but with offshore character in terms of flexibility and opportunities. You will be taxed under Georgian law but there are many ways to reduce the tax commitments. Speak with us.
SOFTWARE (opt.)
If you should need an own software to manage all payments for your clients, their accounts, transactions, personal documentation etc, we highly recommend the solution of the current market leaders of the banking industry. The multilingual software is an all-in-one component allowing to manage customers data as well as all payments with one click.
CRYPTO FRIENDLY!
The Georgian Payment Services Provider license is absolutely crypto friendly. Offer apart of the standard FIAT money transfer options in addition the exchange into and from crypto currencies. You can also launch your own ICO or support other ICOs and organise coordinated in a regulated environment token sales.
Georgia is one of the first countries that adopted officially crypto currency activities as part of their PSP and Brokerage Licenses. One more reason to decide to go with this jurisdiction.
