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Georgia vs Venezuela

Crypto regulation comparison

← Back to map | Georgia | Venezuela
Georgia

Georgia

Venezuela

Venezuela

Legal
Legal

Georgia is one of the most crypto-friendly countries globally. There is no capital gains tax for individuals on cryptocurrency, and the country has a significant crypto mining industry due to low electricity costs. The National Bank has taken a cautious but permissive approach, issuing guidance rather than strict regulation.

Venezuela has a unique crypto history. The government launched the Petro (PTR) state cryptocurrency in 2018, backed by oil reserves, though it was widely considered a failure and discontinued. SUNACRIP regulates crypto activities and has licensed mining operations. Venezuelans have high crypto adoption due to hyperinflation, with USDT widely used as a de facto currency. Crypto mining requires a SUNACRIP license.

Tax Type No tax
Tax Type Income
Tax Rate 0% (individuals)
Tax Rate Up to 34%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator National Bank of Georgia (NBG)
Regulator SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
  • No capital gains tax on crypto for individuals
  • Businesses dealing in crypto are taxed under standard corporate tax rules (15% CIT)
  • Georgia is a major crypto mining hub due to cheap hydroelectric power
  • NBG does not recognize crypto as legal tender but has not prohibited it
  • The Free Industrial Zone offers additional tax advantages for crypto businesses
Key Points
  • SUNACRIP regulates crypto exchanges, mining, and service providers
  • Government-backed Petro cryptocurrency launched in 2018, largely discontinued
  • Crypto mining requires SUNACRIP license and registration
  • Very high crypto adoption driven by hyperinflation; USDT widely used
  • Income from crypto subject to progressive tax rates up to 34%
Sources
Sources