The government wants to introduce uniform rules for cryptocurrencies in Armenia. This was stated by Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia (CBA), during the debates on the package of draft laws on crypto-assets and amendments to the accompanying laws at the meeting of the National Assembly Standing Committee on Financial-Credit and Budgetary Affairs on Monday.

Earlier, according to Nurbekyan, the respective regulation in Armenia was limited only to the requirements for exchangers. But now the regulations will cover a wider range of crypto-business participants in the country. Moreover, the new order will not affect the technological side of cryptocurrencies, but will focus only on the financial aspects.

Accordingly, companies issuing and trading crypto assets will be required to disclose information about their owners and meet minimum capital requirements in Armenia. Also, the procedures for issuing cryptocurrencies will be simplified, and this will help avoid a number of risks.

In addition, a “financial hygiene” mechanism will be introduced in Armenia. In essence, this means overseeing the founders of companies working with cryptocurrency, as well as sources of capital. According to the CBA, this will significantly reduce the risks in Armenia associated with money laundering.

“In the presence of uniform rules, Armenian banks, which have long been interested in this domain, can also officially offer cryptocurrency services,” Nurbekyan said.

After the debates, the aforesaid law initiative was approved by the aforementioned parliamentary committee.