YEREVAN, April 28. /ARКА/. A new law on payment services is being developed in Armenia, taking into account modern trends in financial technology development, said Deputy Chairman of the Central Bank of Armenia Hovhannes Khachatryan.
According to him, the document is being drafted with a focus on European directives and is aimed at adapting the country’s financial system to the growth of instant payments and real-time settlements.
“The updated regulatory framework is designed to strengthen corporate governance and oversight mechanisms, as well as enhance consumer protection,” Khachatryan said at the annual Fintech 360 forum in Yerevan.
He noted that the new law will facilitate market entry for new participants and introduce risk-based regulation. This, he added, will help ensure a balance between the development of innovation and the maintenance of financial stability.
“The development of the fintech ecosystem requires the creation of a flexible regulatory environment capable of supporting experimentation and new business models while maintaining trust in the financial system,” Khachatryan said.
He also stated that the regulator is continuing to develop a regulatory framework for cryptoassets. Specifically, following the adoption of legislation in 2025 that classifies stablecoins as a separate category, secondary regulations are being developed covering their entire circulation cycle—from issuance to reserve requirements.
Furthermore, Khachatryan noted that technological advances, including artificial intelligence, could potentially change the approach to oversight, making it more responsive and based on real-time data analysis.
The Fintech 360 conference is taking place in Yerevan on Tuesday and brings together representatives of the financial sector, technology companies, and regulators to discuss key areas of industry transformation.
ARKA News Agency is the media partner of the FINTECH360 conference.
