There is a need to introduce single 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 amendments to the Law on Crypto-Assets and related laws at Thursday’s session of the National Assembly (NA).

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

Companies engaged in the issuance and trading of crypto-assets in Armenia will be required to disclose information about their owners and comply with minimum capital requirements. Also, the procedures for issuing cryptocurrencies will be simplified in the country, and this will help to avoid a number of risks.

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

The NA passed the aforesaid legislative amendments proposed by the Armenian government.