At the Doing Digital 2024 forum on April 3, Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan presented the program for regulating the crypto sphere. Its main goal is to achieve a balance between the advantages and risks of Distributed Ledger Technology (DLT).
Nurbekyan emphasized that the main task of the Central Bank is to ensure a stable and fair market for all companies, promoting innovation, and protecting the interests of users and investors.
He also announced the introduction of licensing for companies providing crypto services, while preferring the term "crypto assets" instead of "cryptocurrencies". Nurbekyan noted that the Central Bank's goal is not to restrict the use of technologies but to strive for equal regulatory rules for all technologies.
At the same time, he acknowledged that the Central Bank's regulatory decisions are based on the adopted EU law on the regulation of crypto assets (MiCA), which is planned to be implemented in 2025 and has not yet been tested in practice.
The Deputy Head of the Central Bank of Armenia stated that central bank digital currencies (CBDCs), non-fungible tokens (NFTs), and non-convertible crypto assets will not be subject to regulation. At the same time, services for the sale of crypto assets will be regulated.
