YEREVAN, February 27. /ARKA/. At a meeting on Thursday, the Armenian government approved the law “On Cryptoassets,” aimed at introducing regulations in the areas of cryptocurrency circulation, exchange, and service provision.
According to Finance Minister Vahe Hovhannisyan, the adoption of this draft law will establish a predictable environment with clearly defined rights and obligations for entrepreneurs operating in this sector, sufficient security mechanisms for users, and transparency measures.
As the minister noted, the adoption of regulatory norms will make Armenia an attractive location for international players in the industry and will provide users with access to professional services. If necessary, users will also be able to contact the Financial Ombudsman to protect their rights.
As part of the regulations, the Central Bank of Armenia will have access to information regarding the activities of organizations in this sector, allowing it to respond to risks related to money laundering and terrorist financing. The Central Bank will also be able to cooperate with international partners and organizations on these issues.
Chairman of the Central Bank of Armenia, Martin Galstyan, noted that when developing the bill, its authors largely followed the MiCA standards adopted by EU countries. He also emphasized that Armenia is more interested in the financial aspect of projects rather than their technological component.
“When an issuer makes an official announcement regarding the placement of crypto, they will be required to provide a White Paper (a document containing basic information about the product or project for the target audience). This is much simpler than the documents required from companies preparing to issue shares. We are trying to implement a simpler regulatory framework,” he said.
Additionally, Galstyan mentioned that a mandatory verification requirement will be introduced for those wishing to provide services, allowing the Central Bank to see who the managers and owners are, as well as the size of their authorized capital.
Galstyan also highlighted that certain measures will be taken to combat the use of cash in this sector, with these measures set to take effect on January 1, 2026.
At the same time, Armenian Prime Minister Nikol Pashinyan acknowledged that the government lacks sufficient knowledge about how this sector operates, so the regulation may be imperfect, but he added, “even such regulation is better than none.”
