Armenia Passes Key Crypto Legislation Amendments, Introduces Licensing Regime
Armenia's National Assembly has approved significant amendments to its cryptocurrency legislation, marking a pivotal step in regulating the country's digital asset market. The revised laws introduce a mandatory licensing regime for crypto service providers and phase out cash transactions in crypto trading.
The Central Bank of Armenia will oversee the new licensing framework, which takes effect alongside the updated Law on crypto Assets. Existing operators have been granted a one-year grace period to comply with the new requirements after subsidiary regulations come into force.
Notably, the legislative package contains inconsistencies between the non-cash transactions mandate and the crypto asset regulations. Deputy Governor Hovhannes Khachatryan highlighted these discrepancies, suggesting potential challenges in implementation.
