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-

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