Law on crypto assets opens up a wide field for legitimate business activities – head of the Central Bank of Armenia

YEREVAN, September 16. /ARКА/. For individuals involved in the acquisition or management of crypto assets, who can adequately demonstrate the legal origins of their income, the Law on Crypto Assets provides extensive opportunities for engagement, stated Martin Galstyan, Chairman of the Central Bank of Armenia.

“The rules of engagement are currently being established. For legitimate participants who are aware of the source and ownership of their income, this legislation offers a conducive environment for operations. However, individuals who are unable to substantiate the origins of their income and attempt to exploit this law for alternative purposes may encounter certain challenges. Our intention is not to create laws that cater to those in the latter category,” he remarked during a press conference on Tuesday, in response to an inquiry from the ARKA news agency.

 Galstyan emphasized that the law fosters a predictable business environment, yet raised concerns regarding whether banks would be inclined to accept clients involved in cryptocurrency activities.

“In my view, yes – there will be banks that, upon verification of all legal connections, will be open to collaborating with such businesses,” he asserted.

Regarding the ongoing discussions about the by-laws being formulated with stakeholders from the crypto sector, the Central Bank’s head indicated that the regulator aims to promote maximum transparency.

At present, the Central Bank of Armenia is focused on developing by-laws and has already released a draft regulation titled “Requirements for the Content of the Document Offering Crypto Assets” for public consultation.

“It is not common for the Central Bank to present by-laws for broad discussion. However, given the significant public interest surrounding this initiative, we believe it is essential to communicate the decisions made by the Central Bank,” he added, noting that he did not personally engage in the discussions, but they will be addressed in the meetings of the Regulator’s Council.

About the Law “On Cryptoassets”

The Law “On Cryptoassets” entered into force in Armenia on July 4, 2025. The document sets out the rules for trading cryptoassets, providing services and supervising the market. The envisaged regulatory mechanisms allow only proven and transparent companies to enter the market, which should protect the rights of cryptoasset buyers and increase confidence in the market.

Andranik Togramajyan, Head of the Digital Finance Division of the Cilicia Business Club, previously expressed concern in an interview with the ARKA news agency that the current regulation is too strict, noting that many international players will think several times before entering the Armenian market.-0-

spot_img

POPULAR

Armenian banks’ capital amounted to nearly 2.23 trillion drams at the end of June, representing a 13.63% increase year-on-year

The total capital of Armenian banks as of June 30, 2026, amounted to 2 trillion 226.85 billion drams, an increase of 13.63% compared to June 30, 2025, and a decrease of 3.13% compared to March 31, 2026.

Armenian commercial banks transferred 116.2 billion drams to the state budget for January-June 2026

All 17 operating commercial banks in Armenia were included in the list of the country's 1,000 largest taxpayers for the first half of 2026, according to data from the State Revenue Committee of the Republic of Armenia.

Moody’s Affirms Armenia’s Rating at Ba3 and Improves Outlook to Positive

The international rating agency Moody's Ratings has revised the outlook on Armenia's sovereign rating from stable to positive, affirming its long-term issuer ratings in both local and foreign currencies at Ba3.

World Bank forecast inflation in Armenia at 4.6% in 2026: key factors identified

The World Bank forecasts inflation in Armenia at 4.6% by the end of 2026, up from 3.3% a year earlier, said Armine Manukyan, Senior Economist at the World Bank.

How much do Armenian banks transfer to the budget for every dram of profit? Armbanks ranking

In the first half of 2026, 17 commercial banks in Armenia transferred 116.16 billion drams in tax and customs payments to the state budget.

LATEST NEWS

spot_imgspot_imgspot_img