Armenia to Regulate the Crypto Market

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The Tax Service and the Central Bank of Armenia have decided to accelerate the creation of a legal framework to regulate the cryptocurrency market.

Rustam Badasyan, head of the State Revenue Committee of Armenia, has said the government and the Central Bank are interested in legalizing the industry as soon as possible.

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.

Badasyan has stressed 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.

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