- Armenia’s Finance Minister has presented the country’s first-ever cryptocurrency regulatory framework proposal.
- Prime Minister Pashinyan acknowledged the regulations won’t be perfect but emphasized the need to establish some rules after years of delay.
- The government aims to develop systematic knowledge about cryptocurrency, which officials currently lack.
Armenia has initiated its first steps toward regulating its growing cryptocurrency sector, as Finance Minister Vahe Hovhannisyan unveiled a draft regulatory proposal during a recent government meeting. The move comes after years of unchecked cryptocurrency operations in the country, with officials acknowledging they’ve fallen behind on establishing proper oversight.
During the February 27 meeting, Prime Minister Nikol Pashinyan emphasized this represents Armenia’s inaugural attempt to bring order to the digital asset industry. He stressed that government officials must develop deeper expertise about cryptocurrency technologies and markets.
“We have never had such regulations. This regulation will not be perfect. And for years, we avoided making a move in this direction, thinking it wouldn’t be perfect and trying to refine it further. Yet, it never became perfect and never will, but we must proceed with regulating the sector,” Pashinyan stated according to Radar.am.
The Prime Minister highlighted a critical knowledge gap within Armenia’s public administration regarding cryptocurrencies. Officials currently have only incidental or random exposure to digital asset concepts rather than a comprehensive understanding of the technology and its implications.
“The issue here is that the public administration system must gradually acquire knowledge about cryptocurrency because, at present, it lacks systematic understanding. We only engage with this topic incidentally, in various random situations,” he added.
Pashinyan pointed to visible signs of Armenia’s unregulated cryptocurrency environment, expressing disbelief that impromptu cryptocurrency exchange services operate openly on city streets without oversight. He noted this situation would be unimaginable in countries with established regulatory frameworks.
“There is no place in the world where technology progresses without regulations. Only in our country can you walk down the street and see a box labeled ‘cryptocurrency,'” the Prime Minister remarked, expressing particular concern about the impression this creates for foreign visitors or investors.
While specific details of the proposed regulations weren’t disclosed in the announcement, the initiative represents a significant shift in Armenia’s approach to digital assets after years of regulatory inaction. The government appears to recognize that establishing clear rules is essential for legitimate technological advancement and development in the cryptocurrency sector.
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