YEREVAN, December 17. /ARКА/. During an extraordinary session on Tuesday, Armenia’s National Assembly approved a series of amendments to the laws governing cryptoassets and non-cash transactions in their first reading.
Deputy Chairman of the Central Bank, Hovhannes Khachatryan, reminded everyone that under the law on cryptoassets, which took effect on July 4, 2025, any services involving crypto assets must be licensed by the Central Bank.
He elaborated that the law includes a transition period for legal entities that were already offering cryptoasset services when the law becomes effective. Once the bylaws that govern the licensing of cryptoasset service providers are enacted, these entities will need to register and secure a license from the Central Bank as cryptoasset service providers within a year.
Additionally, he pointed out that according to Article 6.1 of the law on non-cash transactions, which will come into effect on January 1, 2026, all cryptoasset transactions must be conducted in a non-cash manner.
The Deputy Governor of the Central Bank also mentioned that the differing timelines for these regulations pose challenges for cryptoasset service providers during the transition phase.
“This effectively creates a scenario where these entities are not yet registered and licensed by the Central Bank, yet they are required to conduct all transactions in a non-cash format. This implies that, on one hand, cryptoasset service providers need to forge partnerships with banks to enable cashless transactions, while on the other hand, banks face difficulties in servicing unlicensed providers, as they do not yet comply with the legal requirements,” Khachatryan stated.
He clarified that to tackle this matter, it is suggested to permit cash transactions involving cryptoassets during the transition phase, as long as the transaction amount does not surpass 300,000 AMD.
At the same time, he mentioned that irrespective of the transaction amount, the service provider is required to perform adequate client identification and keep proper records of such transactions.
As Martin Galstyan, the Chairman of the Central Bank, stated at a press conference on Tuesday, during the transition period—from January 2026 to January 2027—cryptoassets can also be acquired with cash in sums up to 300,000 AMD.
He pointed out that this represents a sort of compromise, but it necessitates identification—individuals buying or selling cryptocurrency must be properly identified.-0-
