Update: Crypto Asset Law to Take Effect Next Week
On 23rd June 2025, the Law on Crypto Assets and amendments to associated laws were signed by the President and will enter into force on 4th July 2025.
ALERT UPDATE: THE LAW ON CRYPTO ASSETS WILL ENTER INTO FORCE NEXT WEEK
On 23rd June 2025, the Law on Crypto Assets and amendments to associated laws were signed by the President and will enter into force on 4th July 2025.
KEY DEVELOPMENTS AND AMENDMENTS
As elaborated in our Client Note published in the drafting stage, the Law introduces a comprehensive regulatory framework for crypto assets in Armenia. Its objectives include:
· Defining the legal status of crypto assets and market participants;
· Regulating the issuance, circulation, custody, and related services;
· Mitigating sector-specific risks;
· Supporting the development of the crypto asset industry.
Please refer to our publication for detailed analysis on the main aspects of the Law.
Please also note that the Draft underwent development during the legislative process. A difference between the adopted Law and the initial draft concerns the role of banks in the crypto sector. Unlike the proposed regulations in the drafting stage, pursuant to the redacted and adopted Law, the banks are now prohibited from directly providing crypto-asset-related services based on their banking license. Instead, if a bank intends to engage in such activities, it must do so through a separate legal entity and obtain a bespoke license.
Having regard to this, and in addition to the aforementioned Law, the Central Bank of the Republic of Armenia has commenced the development of a comprehensive regulatory framework governing the circulation of crypto-assets, which is expected to be completed within the next year, as noted during the Parliament’s second reading.
If you are involved in the provision of crypto asset services and need to assess compliance with Armenia’s new regulatory framework, please contact:
Larisa Gevorgyan
Financial Practice Lead Counsel, Andersen Legal
📞 +374 99 234482 | ✉️ larisa.gevorgyan@am.andersen.com
Dayana Muradyan
Junior Associate
📞 +374 94 452235 | ✉️ dayana.muradyan@am.andersen.com