YEREVAN, December 17. /ARKA/. At an extraordinary session on Wednesday, the National Assembly of Armenia adopted amendments to the RA laws “On Cryptoassets” and “On Non-cash Transactions” in the second and final reading.
Deputy Chairman of the Central Bank of the Republic of Armenia Hovhannes Khachatryan recalled that, in accordance with the Law “On Cryptoassets,” which entered into force on July 4, 2025, the provision of services using cryptoassets is subject to licensing by the Central Bank.
He explained that the law provides for a transition period for legal entities that were already providing cryptoasset services on the day the law comes into effect. After the bylaws regulating the licensing of cryptoasset service providers come into effect, these entities must register and obtain a license from the Central Bank as cryptoasset service providers within one year.
At the same time, he noted that Article 6.1 of the Law “On Non-Cash Transactions,” which comes into force on January 1, 2026, stipulates that cryptoasset transactions can only be carried out in non-cash form.
The Deputy Governor of the Central Bank also stated that the discrepancy in the application deadlines for these regulations creates problems for cryptoasset service providers during the transition period.
“This effectively creates a situation in which such entities are not yet registered and licensed by the Central Bank, yet all transactions must already be carried out in non-cash form.” This means that, on the one hand, cryptoasset service providers must establish relationships with banks to facilitate cashless transactions, while on the other hand, servicing unlicensed service providers is problematic for banks, as they do not yet operate within the requirements established by law,” Khachatryan said.
He explained that to address this issue, it is proposed to allow cash transactions with cryptoassets during the transition period, provided that the transaction amount does not exceed 300,000 AMD.
Moreover, he added, regardless of the transaction amount, the service provider must conduct proper client identification and maintain appropriate records of such transactions.
As Martin Galstyan, Chairman of the Central Bank of Armenia, explained at a press conference on Tuesday, during the transition period—from January 2026 to January 2027—cryptoassets may also be purchased with cash in amounts up to 300,000 AMD. He noted that this is a kind of compromise, but with identification—persons buying or selling cryptocurrency must be identified.
