YEREVAN, March 20. /ARKA/. Cryptoasset regulation in Armenia can be characterized as quite conservative, and some market participants believe this could hinder the industry’s development, noted Arman Aleksanyan, co-founder and CEO of Eleveight AI.
“If the goal is to stimulate growth and innovation, it’s important to define targets: increasing the number of projects or focusing on individual major initiatives. An appropriate regulatory model must be developed for these goals,” he said in an interview with ARKA news agency.
Currently, Aleksanyan feels that various market participants – banks, the regulator, and the startup community – lack a common understanding of the target model.
“As a result, an adapted version of foreign approaches is used, aimed at reducing risks, but it doesn’t always stimulate the emergence of new projects,” he explained.
Aleksanyan believes that, first and foremost, it’s necessary to define the industry’s development goals, a task for both market participants and the regulator.
“To a certain extent, it’s a ‘chicken and egg’ situation: a lack of projects hinders regulatory development, while inadequate regulation encourages the emergence of new projects. Effective solutions are formed through interaction between the market and the regulator,” he concluded.
The Law “On Cryptoassets” entered into force in Armenia on July 4, 2025, and work is currently underway to develop supporting legislation. The law establishes rules for cryptoasset trading, service provision, and market oversight. The established regulatory mechanisms allow only proven and transparent companies to enter the market, which should protect the rights of cryptoasset buyers and increase trust in the market.
