Parliament Adopts Proposed Amendments to the Law on Crypto Assets

The Permanent Commission on Financial-Credit and Budgetary Issues of the National Assembly on December 17 discussed for the second reading the legislative package authored by the Government concerning amendments to the law on "Crypto Assets" and a supplemental addition to the law on "Cash Transactions." The proposal was presented by the Deputy Governor of the Central Bank of Armenia, Hovhannes Khachaturyan.

The package aims to address substantive and technical issues that have emerged since the enactment of the "Crypto Assets" law. Specifically, it suggests allowing cash transactions using crypto assets during a transitional period, provided that the transaction amount does not exceed 300,000 AMD and that the service provider properly identifies the client and maintains proper records of these transactions.

Simultaneously, the Central Bank will have the authority to monitor compliance with customer identification and transaction recording requirements.

The commission's head, Zovinar Vardanyan, presented several proposals that were accepted by the author. Hovhannes Khachaturyan answered questions from lawmakers. The commission has given a positive conclusion to the legislative package. Additionally, it is noteworthy that the bill was adopted in its entirety during the extraordinary session of the National Assembly on December 17.