The Central Bank of Armenia has announced the development of a draft law regarding the regulation of cryptocurrencies, taking into account the risks associated with this area. This was stated by the deputy chairman of the regulator Ovannes Khachatryan.
He reported that after internal discussions and consultations with colleagues from the government, a comprehensive draft law on regulating virtual assets has been developed.
"We are conducting consultations in a narrow circle, collecting questions from industry representatives, and also plan to hold separate discussions with the financial sector, after which the project will be presented to the public," he noted at the Capital Markets Armenia conference organized by Cbonds on March 15. Khachatryan emphasized that the principle of "same risk, same regulation" underlies the developed draft law, as reported by the Arka agency.
"This is an extremely sensitive issue with significant risks. Although I wouldn't say that the world will turn upside down if the Central Bank takes a firm position on this issue. However, there are risks that need to be taken into account. The Central Bank's work is about managing risks, including compliance with regulatory requirements and ensuring financial stability," emphasized Khachatryan.
He also added that detailed discussions would be possible after the draft law is put up for public discussion.
The Central Bank of Armenia has initiated efforts to develop and implement an effective model for comprehensive control and regulation of virtual assets.
As previously stated by the head of the Central Bank, Martin Galstyan, for effective regulation, the Central Bank will follow the principle of "same types of activities, same risks, same regulation," according to which virtual asset service providers must be regulated in the same way as traditional financial operations.
