The Government of Armenia has allocated over 583.5 million drams (equivalent to more than $1.2 million) to the Revenue Committee to acquire a program aimed at enhancing control over cryptocurrency operations. This decision was made at a cabinet meeting on May 6th.
It is reported that this software tool allows establishing a connection between cryptocurrency transactions and real-world entities, which ensures the collection of relevant data and the identification of real participants in transactions.
The program is also intended to combat criminal activities such as money laundering and to track legitimate operations, including fast loans and NFT transfers.
The government's decision emphasizes the increasing importance of ensuring effective control in this area due to the growing volume of cryptocurrency operations.
Earlier, in an interview with BMG, Hovhannes Khachatryan, Deputy Chairman of the Central Bank of Armenia, 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."
