Crypto

Exemption from tax on crypto currency in neighboring Georgia


As Bitcoin.com reported today, Georgia exempts crypto money from VAT

Georgia's finance minister, Nodar Khaduri, recently signed a law to regulate the taxation of crypto currency traders or miners. The law came into force at the end of June

With the law, individuals or organizations in Georgia will be able to trade crypto currency with paper money without paying any value-added tax. Moreover, citizens will be exempt from income tax. Khaduri stressed that Georgian Larisi will remain the legal currency in the country and that crypto currency will not be allowed for payments, just like foreign currencies.

The report states that mining companies will be subject to VAT unless registered abroad. It is said that this could lead to the relocation of local mining companies.

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