Armenia’s Central Bank Intends to Develop Crypto Regulation

The State Revenue Committee of Armenia has tasked the Central Bank of the country to develop a regulation of the cryptocurrency sector, the head of the department, Rustam Badasyan, has said.

According to him, the absence of clear rules allows the increase of shady transactions with digital assets. He has added:

“There is already experience of both tax evasion and money laundering using cryptocurrencies.”

Rustam Badasyan has said a crypto-centered legislation would allow investigating crimes related to the circulation of cryptocurrency, as such cases have not been developed yet.

He has stated the country’s financial structures do not work with cryptocurrencies and do not service these assets.

According to him, it is necessary to introduce “identification of clients working with electronic currency” and prevent money laundering using cryptocurrencies.