Updated October 26, 2026: I corrected how this post describes referral income and crypto received for business work, which are taxable business income in Georgia, and spelled out that US citizens still owe US tax on all of it.
I don’t sell dreams. I test them.
Lately I have been testing a simple model: earning referral income from a real crypto exchange while living in Georgia, a country with one of the friendliest tax systems for crypto founders. The exchange is Bitunix. This post explains how the referral side works, why Georgia matters and where the limits are, so you can decide whether something similar fits you.
Disclosure: I work with Bitunix as a contractor, and I earn referral commission when traders sign up through my link. That is a material connection, so weigh what I say with that in mind.
What Bitunix is
Bitunix is a cryptocurrency exchange offering spot trading and perpetual futures. For a trader, the main draws are liquid futures markets on the major pairs and low trading fees (see the current fee schedule). For anyone with an audience or a trading community, the draw is its referral and partner program, which shares a portion of the trading fees generated by the people you bring in.
Two things to check before you sign up:
- Where you live. Like most offshore derivatives exchanges, Bitunix restricts some countries in its terms of service. If you are a US person, assume crypto derivatives on an offshore exchange are not open to you.
- Verification. KYC requirements depend on the features and withdrawal limits you use, and exchanges change them. Read the current rules rather than relying on anyone’s summary, including mine.
And a reminder that belongs on every crypto page: futures trading with leverage can lose you more than you planned to risk, and fast. Referral income is earned on volume, but it is never a reason to trade more than you otherwise would.
How the referral model works
The mechanics are straightforward:
- You sign up and get a referral link or code.
- Traders register through your link and trade.
- The exchange pays you a share of the fees their trading generates, for as long as the program terms allow.
- Higher-volume partners can apply for better rates through the partner program.
What makes this interesting for a founder is that it is real service income tied to real activity. Nobody is promising you a yield. You are paid for bringing in customers, which makes it behave like any other marketing or affiliate business, and that matters when you think about tax.
If you want to try the platform yourself, you can sign up with my referral link for low-fee trading: https://www.bitunix.com/register?vipCode=DeFiFry. If you want to become a partner and earn your own referral fees, get in touch and I will walk you through it.
Why Georgia
I am based in Tbilisi, and I run my businesses from here. Georgia appeals to crypto founders for a few concrete reasons:
- Companies pay 15% profit tax only when profits are distributed. Money kept in the company and reinvested is not taxed at the corporate level.
- Dividends paid to individuals carry a 5% withholding tax.
- Georgian tax residents pay a flat 20% on Georgian-source income and are generally not taxed on foreign-source income (PwC’s Georgia tax summary covers the basics).
- For individuals, Georgia treats crypto as a currency, not a security, and the Revenue Service has ruled that an individual’s income from selling cryptocurrency is not Georgian-source income. So an individual’s personal crypto gains are generally not taxed in Georgia.
- Registering an LLC is fast and cheap, and citizens of many countries can stay visa-free for up to a year.
That ruling is where the “trade tax-free” in this post’s title comes from, and it is narrower than the headline. It covers an individual’s gains on their own crypto. It does not cover business income, even business income paid in crypto, and it does not change what you owe your home country.
Referral income is a different animal
This is the part most “move to Georgia and pay 0%” posts skip.
Referral commission is payment for a service: marketing an exchange. It is business income. If you earn it as a Georgian tax resident or through a Georgian company, it is taxable in Georgia, even when the exchange paying you is abroad. Being paid in USDT or BTC does not change that: business income paid in crypto is still business income, not a tax-free crypto gain. How it is taxed depends on how you receive it:
- As an individual: generally the flat 20% personal income tax.
- As an individual entrepreneur with Small Business status: possibly 1% of turnover up to GEL 500,000 a year. That is 1% of gross revenue, not profit, and turnover above the cap is taxed at 3%. Referral and affiliate work may qualify depending on how the activity is classified: digital marketing is commonly accepted, but consulting, financial intermediation and licensed activities are excluded. Confirm eligibility with a Georgian accountant before you count on it.
- Through a Georgian LLC: 15% profit tax when you distribute profit, nothing at the corporate level on what you reinvest, and 5% on dividends paid to you.
For many founders the LLC route wins because the profit can stay in the company and fund the next project. For others, Small Business status is simpler. The right answer depends on your numbers, and it is worth paying an accountant to run them.
None of this changes your home country’s rules. If you are a US citizen, the US taxes you on your worldwide income wherever you live, including referral income and crypto gains that Georgia does not tax. The Foreign Earned Income Exclusion and foreign tax credits can reduce the bill, but you still file, FBAR and FATCA reporting apply to your foreign accounts, and owning a Georgian company adds its own US filings. The same goes for anyone from a country that taxes its citizens worldwide, or who is still tax resident at home. A Georgian company does not change where you personally owe tax.
Who I help
Through Vitality Agency I help founders set up in Georgia with proper local legal and accounting support, and then grow the business itself. Most of the people I work with are in sectors that banks and platforms find awkward:
- DeFi builders, token projects and traders with an audience (see our DeFi and crypto marketing work)
- Cannabis and CBD entrepreneurs
- Adult industry creators
- Cash-heavy and hard-to-bank businesses, and other high-risk merchants
If you have been told “no” by a bank, a processor or a compliance team, you are not alone. Georgia is often more open, and so am I. You can read more about my background on the About page, and the full comparison of Georgia with Cayman, Panama and the UAE is in my Georgia vs the Cayman Islands guide.
FAQ
Are crypto gains tax-free in Georgia?
For individuals who are Georgian tax residents, gains from selling their own crypto are generally not taxed in Georgia, because the Revenue Service treats that income as not Georgian-source. Crypto received as payment for work, services or goods is ordinary income and is taxed. Companies are different too: a Georgian LLC’s crypto profits fall under the normal 15% tax on distributed profit. And if you are a US citizen, your crypto gains are still taxable in the US.
Is Bitunix referral income taxed in Georgia?
Yes, if you earn it as a Georgian tax resident or through a Georgian company. It is business income, whether it is paid in fiat or in crypto. The rate depends on whether you receive it personally, through Small Business status (if your activity qualifies) or through an LLC. US citizens report it to the IRS as well.
Do I need to live in Georgia?
To use Georgian personal tax rules you need to be tax resident, which usually means 183 days or more in a 12-month period. A non-resident can own a Georgian company, but their home country’s tax rules still apply to them.
Can US residents use Bitunix?
Check the exchange’s current terms. Offshore derivatives exchanges commonly restrict US persons.
Let’s talk
If you are a trader, creator or builder with volume, and you are tired of paying too much in taxes, fees or friction, reach out through the contact options at the bottom of this page. The first conversation is free.
I won’t ask you to trust me. I will show you what I have tested, what it cost and what it saved.
This article is general information, not tax, legal or financial advice, and not a recommendation to trade. Crypto trading carries a high risk of loss. Tax rules change and depend on your circumstances, so speak to a qualified adviser before you act.