YEREVAN, June 11. /ARKA/. The Central Bank of Armenia will begin work on developing a by-law after the adoption of the law “On crypto assets”, said the head of the regulator Martin Galstyan, answering a question from the ARKA news agency.
“The law provides for a buffer period of one and a half years. We will use this one and a half years to develop by-laws, because after the adoption of the law, the Central Bank will bear quite a lot of responsibility in terms of creating a by-law. This database will clearly define: which organization, what type of license, what amounts, and so on,” he said the day before at a press conference.
On May 29, the Armenian parliament approved the draft of the new law “On crypto assets” and amendments to a number of related laws. The document, which is aimed at introducing regulation in the sphere of circulation, exchange and provision of services in the field of cryptocurrencies. This law is the first step towards regulating the crypto asset sector in Armenia. The adoption of the law will establish a predictable environment with clearly defined rights and obligations for entrepreneurs operating in the sector, with sufficient security mechanisms for users and mechanisms to ensure transparency.
To provide services in this sector, it will be necessary to open a new company and obtain a new license.
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. -0-
