Registering cryptocurrency business in Georgia is very profitable, here is why: Cryptocurrency mining in the world is becoming very popular and Georgia creates a favorable condition for attracting foreign investors who want to develop in this area.
Key attractions of Georgian jurisdiction for cryptocurrency market participants:
- Cheap electricity – about from 9-11 cents per 1 kW and free in mountainous areas of the country.
- Affordable banking – one can open a personal account in a Georgian bank and receive a payment card of the international system as part of package services for 50 GEL per year (about 15 USD). In addition, Georgian banks have premium packages that provide users with many advantages, one of which is free cash withdrawal from ATMs around the world.
- Lack of currency regulation – Georgian banks do not set restrictions on operations with foreign currency. All transactions are done quickly, even at an international scale.
- Highest business confidentiality – Georgia is not a participant in the automatic exchange of CRS information, which means that no one will know about the financial turnover that takes place in local banks.
- Fast registration of a business – without any obstacles foreigners as well can register a company in one business day.
- Loyal taxation – If a foreigner registers a company in the Free Industrial Zone of Georgia and receives revenue only from foreign counterparties, the tax burden will decrease to nil.
- A special tax regime – “Small Business” (annual turnover of up to 500,000 GEL) has been specially developed for private entrepreneurs. With this status, an entrepreneur pays only 1% of revenue per year.
- Loyal migration policy– foreigners from more than 90 countries can visit Georgia and stay in the country 365 days a year without a visa.
All of the above makes it very profitable to register a crypto exchange in Georgia.