The Government of Armenia approved a bill during its meeting on April 25 aimed at exclusively introducing non-cash transactions for crypto asset operations.
Arpine Sarkisyan, Deputy Minister of Internal Affairs, who presented the draft law, emphasized its significance in regulating the cryptocurrency sphere. She highlighted that many crimes related to cryptocurrencies occur through cash transactions, which complicates their detection and investigation.
According to the deputy minister, numerous companies in Armenia use cash for cryptocurrency transactions. This, she said, creates significant obstacles for tracing and identifying transaction participants.
The proposed bill stipulates that the registration of ownership rights for crypto assets, as well as their sale and payment, must be carried out only through non-cash means, regardless of the transaction amount. This step aims to enhance transparency and combat financial crimes in the cryptocurrency sphere.
Armenian Prime Minister Nikol Pashinyan also stressed the importance of regulating the cryptocurrency sphere in the country. He underscored the need to address this issue and take appropriate measures for regulation.
Martin Galstyan, the head of the Central Bank of Armenia, announced the imminent consideration of a new cryptocurrency bill aimed at ensuring transaction transparency at the level of traditional banking operations.
BMG reminds that Armenia is currently in the process of developing comprehensive cryptocurrency regulation, interacting with stakeholders in the financial sector to refine the proposed legislation.
The bill aims to create a regulatory framework for cryptocurrency operations, highlighting the principle of "equal risk, equal regulation."
