Draft Regulations Introduced for the Crypto-Assets Sector
The Central Bank of Armenia has released a new set of draft regulations to ensure the implementation of the Law “On Crypto-Assets”.
The drafts set out procedures for the registration and licensing of crypto-asset service providers, registration of managers, minimum capital requirements, and obtaining prior consent for significant shareholding.
The package includes three draft regulations:
- “Procedure for the registration of managers of crypto-asset service providers and branches of foreign crypto-asset service providers” regulation 7/05,
- “Minimum capital requirements for crypto-asset service providers: calculation methodology, included and excluded components” regulation 7/02,
- “Regulation and licensing of crypto-asset service providers, permits for branches and representatives of foreign crypto-asset service providers, procedure for obtaining prior consent for significant shareholding in the charter capital of crypto-asset service providers” Regulation 7/01.
Find more here.
Deadline Extended for Registration of Unauthorized Structures
During an extraordinary session of the National Assembly held this year, the draft law on making amendments to the Law of December 16, 2021, No. HO-397-N, “On Making Additions and Amendments to the Civil Code of the Republic of Armenia,” was discussed and adopted at the first passing. As a result of the adoption of the draft law, it will become possible to register existing unauthorized structures until December 31, 2026.
Under the currently applicable regulations, the deadline for the registration of unauthorized structures had been set no later than January 1, 2025.
Labour Code Amended to Introduce a Digital System for Employment Contracts
From January 1, 2026, all new employment contracts must be concluded exclusively through the digital system, while a deadline for the digitalization of existing employment contracts has been set until December 31 of the following year.
The digitalization process requires the completion of mandatory fields that reflect the essential terms of an employment contract as defined by the Labor Code. By completing these fields, the employment contract is formed. At the same time, other terms of the contract may also be set out in a separate annex.
Clients are advised to take the necessary preparatory steps in advance to ensure compliance with legislative requirements. The introduction of the digital system has resulted in a number of amendments to the Labor Code.
For more details, please follow the link.
New Legislative Regulations Adopted in the Field of Cybersecurity
Notice on New Legislative Regulations in the Field of Cybersecurity
The National Assembly of Armenia has adopted, at second reading, the package of amendments to the Law “On Cybersecurity,” as well as to the Laws “On Public Information” and “On the Information Systems Regulation Authority,” along with amendments to a number of related laws.
The Law regulates relations related to ensuring the cybersecurity of critical information infrastructure and information systems in sectors of vital importance, including the detection, notification, prevention, and resolution of cyber incidents.
The scope of the Law extends to legal entities, individual entrepreneurs, as well as state administration and local self-government bodies. In addition, bodies carrying out operational-investigative activities are obliged, upon the request of the Information Systems Regulation Commission, to provide assistance in the prevention or detection of violations in the field of cybersecurity.
Further details are available via the following link.