Central Bank of Armenia tries to balance risks and opportunities of crypto-assets

YEREVAN, March 20. /APKA/. Regarding crypto-assets, the Central Bank of Armenia is trying to balance the opportunities and risks for the economy, Levon Sahakyan, a member of the Central Bank Board, said at the III Capital Markets Armenia conference organized by Cbonds.
“The Central Bank is displaying a balanced approach, we see opportunities for the economy, but also risks, particularly money laundering. The Central Bank last year developed a draft law on crypto-assets, which is based on the European Markets in Crypto-Assets Regulation (MiCA). Crypto-assets will not become a payment method and the market will be regulated,” Sahakyan said.
According to him, organizations will have to obtain a license from the Central Bank to provide services related to crypto-assets. All transactions will be cashless.
The Armenian government approved the law “On Crypto-Assets” on February 27, which aims to introduce regulation in the field of turnover, exchange and provision of crypto asset services. According to Finance Minister Vahe Hovhannisyan, the adoption of the bill will establish a predictable environment with clearly defined rights and obligations for entrepreneurs operating in the sector, with sufficient security mechanisms for users and transparency mechanisms.
ARKA and Novosti-Armenia news agencies are the media partners of the III Capital Markets Armenia conference.