Since the National Bank of Georgia (NBG) introduced the Virtual Asset Service Provider (VASP) licensing regime in 2023—and especially after the recent fines imposed on Sher888 Exchange—the Georgian banking sector has become increasingly restrictive toward crypto-related activities.
As a result, crypto-related transfers are frequently blocked, and some crypto businesses have even been debanked.
In this post, I would like to share an overview of alternative banking solutions that may be available to Georgian crypto companies facing banking challenges.
These options fall into the following categories: (1) Georgian Fintech, (2) Crypto-Friendly Banking / Fintech, (3) Crypto-Native Services and (4) Georgian Exchange Offices
Please note that this post is based on personal research and experience; onboarding is not guaranteed, and some providers may charge significant setup or maintenance fees. Always conduct your own due diligence before proceeding.
1. Georgian Fintech
Targeting the global market, Pave Bank offers developer-friendly digital banking solutions with multi-currency support. Following its recent Series A funding led by Tether, Pave has positioned itself as the most crypto-friendly banking options in Georgia. Importantly, Pave is a fully licensed Georgian bank, operating under NBG. I believe Pave is the first banking option Georgian crypto businesses should consider.
Service providers such as AccountAnts or PB SERVICES can assist with the onboarding process.
fastoo is a multi-currency digital wallet provider operating under the NBG’s Payment Service Provider registration. In addition to supporting local bank transfers, fastoo also enables SEPA EUR transfers, making it a cost-efficient option for businesses with frequent transactions within the SEPA area. While fastoo is not specifically crypto-friendly, it is an interesting non-banking alternative to services like Wise or Paysera for Georgian businesses.
EMONEY is another payment service provider in Georgia, but it is crypto-native. It supports local bank transfers and integrates directly with MyCoins. This means you can withdraw USDT from MyCoins straight into your EMONEY account, where the USDT is converted into fiat for local payments. This powerful EMONEY + MyCoins combination effectively enables bankless operations for crypto businesses in Georgia.
Note that the IBAN provided by Fastoo or EMONEY is not issued in your company’s name. These are pooled IBANs, where the legal account holder is Fastoo or EMONEY rather than your business. Because of this, such accounts cannot be used for fiat withdrawals from CEXs that require withdrawals to an OWN bank account registered under your company’s name.
2. Crypto-Friendly Banking / Fintech
Crypto-friendly online banks are a practical alternative for Georgian crypto businesses facing traditional banking challenges. FV Bank offers SME-friendly pricing, while Zenus Bank and Sygnum Bank cater more to high-balance or high-turnover clients and typically require meeting certain minimum thresholds.
Payment platforms increasingly cover banking-like functions. Providers such as SharPay, B2BPAY, Ebury, PayDo, and Nexpay operate in this space, and EQUALS Money even supports GEL transfers. These platforms typically don’t hold a full banking license, but in practice that isn’t a major drawback—their functionality and usability are often much better than traditional banks.
Trading platforms are often overlooked, but some of them also provide banking-like services. DUKASCOPY, for example, offers a Swiss-licensed bank account with no onboarding or maintenance fees.
Payment gateways such as Skrill, epay, and Neteller accept crypto payments, making them suitable for businesses that use crypto. Some of these gateways even support direct transfers to/from CEXs and provide banking-like accounts. However, because they operate as payment gateways, they may require a functioning e-commerce website during onboarding. One downside is that they tend to charge relatively higher fees for transfers to/from CEXs.
Offshore banks are also a viable alternative, and some are crypto-friendly. The Kingdom Bank offers relatively reasonable pricing, while Xapo Bank is a more premium option for business accounts.
Mistertango—often regarded as a last-resort option—serves high-risk industries, including crypto. They provide banking-like services, though generally used only when other solutions are unavailable.
Note that holding an account with an offshore bank or Mistertango may not be viewed favorably by your business counterparties.
3. Crypto-Native Services
First, I should mention Bankera, a pioneer in crypto-friendly banking solutions. It provides IBAN accounts and supports both SEPA and SWIFT transfers. Its direct integration with SpectroCoin enables a seamless bridge between crypto and fiat.
Stablecoin infrastructure providers are becoming an important category in the crypto–fiat ecosystem. We are witnessing the backbone of cross-border transfers rapidly shifting to stablecoins. Some providers now offer banking-like accounts. BVNK supports both SWIFT and SEPA, while P100 currently supports SEPA only.
Not a traditional banking solution, but I can’t resist mentioning the mysterious electrocoin. On this platform, you can buy crypto by EUR or send EUR to a third party via SEPA by selling crypto. Curiously, the platform is accessible even without registration. While its intended use case is unclear, electrocoin can serve as a crypto-to-SEPA bridge in emergency situations or for users seeking a more anonymous option.
4. Georgian Exchange Offices
You may notice that there are crypto exchange offices in Tbilisi and Batumi. These offices are VASP-licensed and provide crypto-fiat exchange services. They often serve as a last-resort option for debanked crypto businesses, and some companies use them to cash out their crypto holdings.
However, due to their P2P nature and dealings with anonymous counterparties, I generally avoid these services, as they can involve unexpected or risky transactions. Notably, the fined Sher888 exchange operated under this category.
