Armenia will regulate crypto market leaning on international experience

by in Cryptocurrency News

Armenia

Over the past few years, the Armenian authorities have been eyeing other states developing cryptocurrency legislation.

The Tax Service and the Central Bank decided to accelerate the creation of a regulatory framework to bring the cryptosphere out of the shadows.

Rustam Badasyan, who heads the State Revenue Committee of Armenia, said in parliament that the government and the Central Bank are interested in the soonest legalization of the industry.

The legislation does not define digital currency as an asset class. Therefore, it is very difficult for law enforcement agencies to bring charges against those who use such tools to legalize criminal proceeds.

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Badasyan emphasized that there are companies in Armenia that evade paying taxes with the help of cryptocurrencies. This issue needs to be resolved so that the state can apply sanctions against individuals and legal entities using digital assets in dubious schemes.

The State Revenue Committee appealed to the Central Bank with a call to speed up the legalization of the crypto market. The regulator is discussing several options for the regulatory framework and is studying foreign experience.

Note that in Armenia, cryptocurrencies are not allowed, but not prohibited by the authorities. It is legally impossible to make transactions with such instruments, but in practice, the scale of their use in the country is growing.