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– Armenia is preparing to introduce comprehensive regulation of cryptocurrencies.

– New crypto regulations will allow Armenian banks to provide bitcoin-related services.

Yerevan will require crypto-companies to disclose information about their owners and capital.

The Armenian government is taking steps to adopt consistent rules for the Transcaucasian country’s cryptocurrency market and is currently considering necessary legislative changes, according to a senior Central Bank official in Yerevan.

Armenian authorities hope that the new framework will regulate relations in the crypto space, introduce “financial hygiene” regarding the ownership and capital of companies, and allow traditional financial institutions to provide services related to cryptocurrencies, as they have already shown interest.

The Armenian government plans to introduce unified rules for crypto-assets, local media reported, citing Armen Nurbekyan, deputy chairman of the Central Bank of Armenia (CBA), which is the country’s main financial regulator.

Nurbekyan took part in the discussion of a package of draft laws and amendments to the existing legislation aimed at regulating cryptocurrency transactions. On Monday, the Standing Committee on Financial-Credit and Budgetary Affairs held a session at the National Assembly of Armenia.

The current rules in this sphere are limited to setting requirements for cryptocurrency exchanges, the head of the Central Bank said, as quoted by News.am news agency.

The new rules will apply to a wider range of entities involved in crypto-business, the CBA representative emphasized. He also emphasized that the upcoming rules will not deal with the technological side of cryptocurrencies, but will focus only on financial aspects.

In the future, companies issuing and trading crypto-assets in Armenia will be required to disclose information about their owners and meet minimum capital requirements.

The procedures for issuing digital coins will be simplified, and Armenian regulators believe that this will help avoid a number of risks.

In addition, Armenia will introduce a financial hygiene mechanism. In essence, it means supervision over the founders of cryptocompanies, as well as over the sources of capital, the report says.

Armenian monetary authorities are confident that this approach will significantly reduce the risks associated with money laundering in the country.

With unified rules, Armenian banks, which have been interested in this sphere for a long time, will also be able to officially offer cryptocurrency services, Armen Nurbekyan insists.

The legislative initiative was approved by the parliamentary committee and will be sent to the deputies of the Armenian legislature for further consideration and adoption.

Armenia, a country of about 3 million people located in the South Caucasus, has only recently started regulating its crypto industry. In late February, Finance Minister Vahe Hovhannisyan announced legislative efforts in this area and emphasized the risks associated with the growing activity and opportunities in this field. Hovhannisyan emphasized that the government’s main goal will be to protect the rights and legitimate interests of digital asset holders and customers in Armenia’s cryptocurrency market while ensuring its fair and transparent functioning.

He added that the proposed draft laws are also aimed at reducing systemic risks for the country’s financial stability arising from the ongoing growth of cryptocurrency circulation in Armenia and said that the amendments will allow the Central Bank to receive detailed information about cryptocurrency-related activities.