Georgia EMI license obtaining

[Jandzo]

Hello everyone.

I am working in financial/crypto licensing mostly in EU.
Can anyone comment on the Georgia EMI license obtaining? And can it be used for international clients?

A lot of things are heard, like it`s possible to incorporate in any Free Zone and obtain EMI license to service international clients (except Georgian).

In the register of Georgia PSPs, there are about 30 licensed companies.

However, after contacting several agents for obtaining the Georgia EMI license, basically each agent had their own explanations of the licensing process, license permissions ect.

 

[Traveler]

Jandzo said:
However, after contacting several agents for obtaining the Georgia EMI license, basically each agent had their own explanations of the licensing process, license permissions ect.
Click to expand...

Well, welcome to Georgia 😉

The same situation holds true for much, much simpler questions as well. The vast majority of "professionals" that you speak to in Georgia have their own, often very bizarre, interpretation of the law, and the culture here discourages anyone from saying things like "I don't know" or "I'll need to clarify that and get back to you".

My honest advice - with something of that nature, the only firms you should speak to are the Big 4. It's VERY unlikely that you'll be getting any sort of quality advice for any smaller advisories, unless you know exactly who to talk to. And that's said by someone who runs a law firm here. (But also someone who chooses his practice areas and wouldn't jump on deals that are outside of his main areas of expertise, only seeing "stupid, wealthy foreigner" $$$ signs flash - which is, sadly, the norm here).

Yes, PwC or EY will charge you a fair bit, but it's pretty much the only way you can be certain that the help you get will actually result in anything meaningful.