VASP: Registration Documentation Checklist

A complete checklist under Order No. 94/04 of the President of the National Bank of Georgia of 13 June 2023, with annex references. The checklist helps verify that the package is complete before submission.

General formal requirement. Documentation must be submitted in the original or as a notarised copy. A document issued in a foreign country additionally requires an apostille or legalisation, unless legislation provides otherwise. Every foreign language document must be accompanied by a duly certified translation into Georgian.

1. Registration Forms and the State Fee

• a fully completed registration form, Annex No. 1;
• a list of the virtual asset services to be provided, Annex No. 2;
• a table showing the correspondence between the documentation submitted and the required registration documentation, Annex No. 5;
• a receipt for payment of the registration fee of GEL 5,000.

2. Corporate Status and Beneficial Owners

• information on direct and indirect holders of a significant share and on beneficial owners, Annex No. 4;
• for a natural person, a copy of the identity document;
• for a legal person, an extract from the Register of Entrepreneurs and Non Entrepreneurial (Non Commercial) Legal Entities; for a non resident, an extract from the relevant registration authority. The extract must reflect all changes as at the date the application is submitted;
• for a joint stock company, additionally, an extract from the share register;
• documentation that makes it possible to establish the beneficial owner;
• an extract for the applicant company from the register, reflecting all changes.

3. Qualification, Reputation and Financial Standing of Administrators

• information on each administrator, Annex No. 3;
• a copy of the administrator's identity document;
• documentation on the education and work experience of the administrator and of the persons responsible for managing the activity, confirming the relevant knowledge or experience;
• criminal record certificates for the administrator and for the holders of a significant share, from every country in which the person was resident over the past 10 years. A Georgian certificate must be no more than 15 calendar days old, a foreign one no more than 60 calendar days old;
• information on shareholdings in entities subject to supervision by the National Bank: company name, identification code and the size of the holding;
• information on past and current business activity and financial standing, from a credit information bureau, from the register of debtors, or as provided by the person;
• information on the solvency of the organisations that the person managed or in which the person held or holds a significant share (bankruptcy or enforcement proceedings). If no such case occurred, written confirmation.

4. Infrastructure, IT Security and Technical Equipment

• information on the website to be used and a document confirming ownership of it or a right to use it, specifying the addresses;
• the name of the application, where it is hosted, the name of the developer and the developer's website address;
• an extract from the Public Register of rights over immovable property confirming ownership of or a right to use the head office and branch premises. The head office address must be given as the contact address in the registration form;
• detailed information on branches, Annex No. 7;
• video surveillance documentation, only where exchange is carried out in cash (other than through a self service kiosk): a copy of the installation act for the system on the external perimeter and, for the internal perimeter (the operating area and the cash desk), documentation confirming the presence of cameras, a purchase document, an installation document or photographic material;
• an extract for the developer of the electronic system from the relevant registration authority; the name of the system; the developer's website address; the place where information on obligations towards customers and on operations involving virtual assets will be stored.

The functionality of the electronic system must correspond to the planned services. The demonstration must take place at the National Bank before the registration process is completed.

5. Business Plan, Operational Scheme and Partners

• a schematic description of the service with a list of the virtual assets. The scheme must describe the movement of information, of virtual assets and of funds from the start of the service to its completion, identifying every participant: the transferor of the asset and their provider, the recipient and their provider (including the acquirer and the sub acquirer), and any intermediary provider, where one exists;
• information on contractual relationships with virtual asset and payment service providers licensed or registered by the National Bank or by a foreign regulator;
• a business plan with a budget forecast for at least the next 3 years. It must confirm that the company has appropriate systems, resources and procedures, and that it will carry out its activity on the territory of Georgia;
• organisational structure: the units of the head office, specifying their functions and headcount; a plan for structural development over the first 6 months of operations; if the company will operate through branches, a description of the branches' functions.

Number of schemes. If you plan several services, a separate scheme must be submitted for each. If the schemes differ by virtual asset, the schemes must be broken down by asset; where identical schemes are grouped together, specify the list of the corresponding assets. If a foreign virtual asset or payment service provider is involved in the scheme, submit a list of such providers, identifying their supervisory authorities.

6. AML/CFT Compliance

• internal instructions (a policy and procedure) for implementing the compliance control system, including the money laundering and terrorist financing organisational risk assessment document;
• a declaration by which the company confirms that the compliance control system is in place or will be in place before operations begin, Annex No. 8.

The National Bank is entitled to require the information in the form of a questionnaire instead of or in addition to the internal instructions; the questionnaire is published on its official website. The Bank reviews this documentation for the completeness of its components, but is also entitled to carry out a review on the merits, applying a risk based approach.

7. Travel Rule, Information Accompanying a Transfer

Compliance must be ensured by 31 December 2027 (Order No. 253/04). The information must accompany the transaction at every stage of its execution.

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