YEREVAN, May 19. /ARКА/. Banks and holdings wishing to provide services related to cryptocurrency will have to open separate companies and obtain a license. This was stated by Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan, presenting the amendments made to the draft law “On Crypto Assets” between the first and second readings.
“The change has two advantages. The first is to ensure a simple competitive field. Secondly, it will lead to a reduction in risks in the banking sector and the separation of functions, facilitating risk management and monitoring. The technical part concerns the clarification of details and accounting,” Nurbekyan said, without going into details.
According to him, the law “On Crypto Assets” will establish requirements for companies providing services regarding internal risk management mechanisms and cybersecurity.
“Consumers, expecting quick and large profits, do not pay much attention to security issues. A lot of work needs to be done to raise awareness,” Nurbekyan said.
The Armenian government approved the law “On Cryptoassets” at a meeting on February 27, 2025, which aims to introduce regulations in the sphere of circulation, exchange and provision of services in the sphere of cryptocurrencies. This law is the first step in regulating the sphere of cryptoassets in Armenia. According to Finance Minister Vahe Hovhannisyan, the adoption of the law will establish a predictable environment with clearly defined rights and obligations for entrepreneurs operating in the sphere, with sufficient security mechanisms for users and mechanisms for ensuring transparency.
According to the Central Bank, the law sets minimum thresholds for the capital of companies and conditions for their entry into the market, requirements for ensuring reporting on the protection of client funds and the prevention of abuse in the cryptoasset market, maintaining separate accounting of services with cryptoassets – both for each client and for own funds, as well as reporting to the Central Bank and clients.
The National Assembly of Armenia adopted this draft law and amendments to a number of related laws in the first reading at its session on April 18.
In particular, new opportunities are being created to provide more convenient and faster services. The main types of regulated services include launching a trading platform; storing crypto assets; offering tokens (stablecoins) tied to an asset; buying and selling (exchanging) crypto assets at one’s own expense; buying and selling crypto assets at the client’s expense; receiving and transmitting orders to make transactions with crypto assets; placing crypto assets; managing a crypto asset portfolio; consulting related to crypto assets; transferring crypto assets.
