YEREVAN, May 14. /ARКА/. The State Revenue Committee of Armenia has identified a number of violations in the sphere of the purchase and sale of cryptoassets and the provision of related services, the agency reports.
According to the State Revenue Committee, the inspections were aimed at identifying cases of unlicensed operations, as well as business activities without state registration.
In particular, it was established that two business entities were engaged in the purchase and sale of cryptoassets without the appropriate license. The materials have been sent to the State Revenue Committee’s legal department for consideration of administrative liability.
Furthermore, according to the agency, 14 individuals conducted cryptoasset transactions without state registration, and some of them also provided services in this sector. The compiled materials have been sent to the State Revenue Committee’s legal department for a decision on administrative liability.
The State Revenue Committee also reported one case with elements of an economic crime. In this regard, a notification has been sent to the Investigative Committee of Armenia to consider initiating criminal proceedings.
Seven taxpayers were found to have understated their sales turnover. They have been ordered to submit revised calculations and declare previously unreported turnover. Information on individuals engaged in the purchase and sale of cryptoassets and the provision of related services has also been submitted to the Central Bank of Armenia.
The State Revenue Committee announced that it is strengthening oversight of cryptoasset market participants and urged compliance with the laws of Armenia “On Cryptoassets,” “On Licensing,” and other regulatory acts.
A suspect or accused of an alleged crime is presumed innocent until proven guilty by a final court decision, in accordance with the procedure established by the Criminal Procedure Code of Armenia.
