In an interview with BMG Hovhannes Khachatryan, Deputy Head of the Central Bank of Armenia, delved into the complexities of regulating cryptocurrencies, describing it as a challenging area for regulators worldwide.
Khachatryan revealed that Armenia is currently in the process of drafting comprehensive regulation for cryptocurrencies, engaging with stakeholders in the financial sector to refine the proposed legislation.
The draft law aims to establish a regulatory framework for transactions involving cryptocurrencies, emphasizing the principle of "same risk, same regulation." This approach ensures that regardless of the technology used, transactions with cryptocurrencies will be subject to appropriate regulation, akin to traditional financial instruments like bonds or deposits.
Khachatryan highlighted key aspects of the proposed law, including provisions for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures, as well as requirements for disclosing the source of funds. The law also covers various types of crypto assets, with some exceptions such as Non-Fungible Tokens (NFTs).
The Deputy Head of the Central Bank emphasized the importance of open dialogue at the government and parliamentary levels to finalize the legislation, indicating a broader discussion on the horizon regarding Armenia's approach to regulating cryptocurrencies.
