Table of Contents of this Post
In order to Start Crypto Business in Georgia, you need to follow some simple steps. In This article our team of company registration in Georgia, will present you Georgia, the Best Crypto-friendly country, where it is worth to start your cryptocurrency business in Tbilisi Free Zone. Besides, you may wander what are some of the TOP Reasons to Invest in Bitcoin Business in Georgia, so here we go! you will find several reasons which makes it favourable. Another thing is that How to start cryptocurrency trading in Georgia, step-by-step, you will find cryptocurrency exchange companies and wallets’ opportunities. At the end of article, there are listed locations of cryptomats in three main cities Batumi, Tbilisi and Kutaisi in Georgia. Read this article carefully and share your thoughts with us, we want to get your feedback soon :))
As you know, the Bitcoin industry in Georgia is developing significantly in the current period, because a free industrial zone was established in 2015 in the capital of Georgia, Tbilisi. In addition, we know that it is the prerogative of the country to attract local and international companies to the IT industry. We have a blog about this that you can read in detail, including the cryptocurrency business. As a reminder, I would tell you that IT business is tax free for many country representatives in Georgia. And now what defines a cryptocurrency company is, first and foremost, it defines the type of business that uses cryptographic methods to secure virtual operations. Those who are interested in starting a business in Georgia should know that Georgia ranks 12th to 8th in the Bitcoin Friendly List in terms of cryptocurrency. Especially here I want to emphasize the field of gambling business, which is also highly facilitated by the Georgian Government.
Step-by-step, more about Free Industrial Zone
Let’s start with the circumstance that those who want to start a business in the field of cryptocurrency, who intend to do business in Georgia, have the opportunity to register their businesses in a free industrial zone, which is for IT operations. The above-mentioned free industrial zone is located a short distance from Tbilisi and offers a preferential taxation scheme to the companies that join it.
Registering company in a free industrial zone will bring you some benefits as you take advantages with tax exemptions. But there are still some taxes that you can’t avoid, they are:
- Income tax on salaries
- tax for lease
Furthermore, a bitcoin center has been opened in the capital of Georgia, Tbilisi, which is the largest bitcoin data center in the country. Real estate and business registration team in Georgia, can provide you with detailed information if necessary.
TOP Reasons to Invest in Bitcoin Business in Georgia
Perhaps you have an idea why Georgia has become one of the most attractive countries for Bitcoin business. Yes, the development of Bitcoin business is directly related to the ease of doing business in Georgia. At the same time, as the World Bank announced, Georgia ranks 5th in the world in terms of ease of starting and doing business. Now let’s look at the benefits that starting a Bitcoin business can bring you in Georgia. these are:
- Suitable investment climate
- relevant taxation bricks
- The lowest possibility of corruption
- competitive labor and energy costs
How to start cryptocurrency trading in Georgia
Since this system is decentralized, it does not matter where you live or where you run your business. Consequently, regardless of your place of residence, you can start trading the cryptocurrency you want. However, you should be aware that this process takes place with cryptocurrency exchanges through the platforms provided by them.
Cryptocurrency exchange companies
In order to buy cryptocurrency, you need to open an account with cryptocurrency exchange companies. Once you register on the platform and transfer the amount to your account, it will be automatically converted to the dollar exchange rate. With this money you can buy cryptocurrency, for example Lightcoin. After that, you can wait until its price rises or exchange it for another cryptocurrency.
It will be better if you choose a company with a good reputation and open an account with it. They are usually the best way to protect your account. (This is an important circumstance, as hacking attacks on similar firms are very common). In addition, there is a large selection of cryptocurrencies with large companies, making transactions faster and more secure.
Such firms offer customers both a trading platform and an e-wallet where you can store your own cryptocurrency. However, large companies charge quite a decent commission for this convenience. Therefore, before you decide if you are going to work with any of them, make sure that these costs are adequate and you are worth paying them.
As we have already seen, for cryptocurrency trading you need two things – a platform where you can buy and sell them and a wallet where you will store them. The companies involved in this activity offer customers both, however as mentioned so far, they have a large amount of commissions.
If you do not want to spend significant amounts of money on these taxes and trading cryptocurrencies as much as possible, you can use the services of two different firms to trade cryptocurrencies. Many organizations offer their clients different types of (hot and cold) wallets. You can have a wallet with one company and in exchange for a small amount of commission, keep your cryptocurrency with them. In addition, it is possible to see a trusted platform on the other hand, where you also trade Bitcoin and other cryptocurrencies for a small fee.
Location of Cryptomats in Georgia
As GeorgiaWealth reported there are the following cryptomats in Georgia.
Firstly, cryptomats in Batumi:
- Baratashvili St. 41, shop “Mobservise”.
- Tbel-Abuseridze St., “Black Sea Mall”
Secondly, cryptomats in Tbilisi:
- Kostava St. 76, shop “Fresh Salads”;
- Tsereteli Av. 116, mall “Didube”;
- 16 km of David Agmashenebeli Lane, “Tbilisi Mall”;
- Shota Rustaveli Av. 2/4, mall “Galleria Tbilisi”;
- International airport Tbilisi;
- Paliashvili St. 81, shop “Coffee and cigarettes”;
- Hizanishvili St. 16, mall “Gldani”;
- Ilya Chavchavadze Av. 37L, mall “Homemart”;
- Alexandr Tvalchrelidze St. 2, mall “East Point”;
- Vazha Pshavela St. 59, shop “Don Chicho”;
Finally, cryptomat in Kutaisi:
- II Tsereteli lane 2а, hotel Bagrati 1003.