Co-founder of the non-profit fund "Web3 Armenia," Artem Arutyunyan, expressed the opinion that the European model of regulating the cryptosphere does not correspond to Armenia's interests and does not contribute to its development.
He emphasized the difference between the approach to regulating cryptocurrencies in the world's largest countries such as the USA, Singapore, and the UAE, and the approach adopted by the European Union. Unlike the former, where cryptocurrencies are recognized as a legal means of investment, taxation is supported, and money laundering risks are minimized, the bill approved by the EU implies the cessation of activities of major crypto companies on its territory.
Arutyunyan expressed concern about the possible negative consequences for Armenia from adopting legislation similar to the European one. He suggested that this could lead to capital outflow from the country, closure of crypto exchanges, and growth of the shadow economy.
According to the expert, laws similar to those adopted in the USA, Singapore, and the UAE are more suitable models for Armenia. He urged the Armenian government to conduct broader discussions and consider the pros and cons of different models of regulating the cryptosphere.
Earlier, BMG reported that the Armenian government approved a bill aimed at introducing exclusively non-cash transactions with crypto assets at a meeting on April 25.
Deputy Minister of Internal Affairs Arpine Sarkisyan, who presented the bill, noted that this project is of great importance for regulating the cryptocurrency sphere. She emphasized that many crimes related to cryptocurrencies occur due to cash transactions, which complicates their detection and investigation.
The head of the Central Bank of Armenia, Martin Galstyan, announced the imminent consideration of a new bill on cryptocurrencies, which is intended to ensure transparency of transactions at the level of traditional banking operations.
