The Central Bank of Armenia has introduced a new draft law, “On Crypto Assets,” for discussion

The Central Bank of Armenia has proposed a new draft law titled “On Cryptoassets.” The purpose of this legislation is to regulate the cryptoassets market, protect consumer rights, and mitigate systemic risks. This initiative aims to enhance the stability of Armenia’s financial market and safeguard the rights of citizens in the cryptoassets sector.

The draft law includes the following key provisions:

• Public Offering and Trading of Cryptoassets: The draft law establishes rules governing the public offering and trading of cryptoassets. The public offering of cryptoassets is subject to registration with the Central Bank, and the announcement of the public offering must contain complete and accurate information.
• Types of Cryptoasset Services: The draft law specifies that only certain services are permissible in the cryptoassets market, including the custody, exchange, sale, and brokerage services of cryptoassets.
• Regulatory Role of the Central Bank: The Central Bank assumes the role of regulator and supervisor of the market, ensuring that individuals and entities operating in the cryptoassets market comply with the legislation. The Bank is authorized to conduct ongoing monitoring, inspections, and impose sanctions for violations.
• Exemptions: The draft law provides for exemptions related to securities and banking activities, which are regulated by other laws.
• Information Requirements and Transparency: Entities operating in the cryptoassets market are required to publish periodic reports and provide necessary information to the Central Bank to ensure market transparency.
• Registration of Cryptoasset Providers and Exchanges: Cryptoasset providers and exchanges must register with the Central Bank to obtain authorization to operate.
• Sanctions for Violations: The draft law establishes sanctions for violations, including fines and suspension of activities.

For more detailed information on the draft law, you can follow this link: Draft Law on Cryptoassets and related amendments to other laws – e-draft.am.