Central Bank head disagrees that MiCA-like regulation of cryptocurrencies could scare away potential investors

YEREVAN, 10 December. /ARKA/.The head of the Central Bank of Armenia Martin Galstyan disagrees with claims that MiCA-style cryptocurrency regulation could scare away potential investors.

The Central Bank is a risk management organisation and it is important for us that crypto-assets first get their legal reflection in the financial system. Why did we choose the European model rather than, for example, the El Salvador model? Because it is most in line with internationally recognised standards. Firstly, the travelling rules and other approaches required by the FATF must be reflected in ours, as we cannot be indifferent to the processes taking place in the world. Secondly, the Europeans were able to arrive at such a benchmark law after three years of research. In our opinion, their experience is quite consonant with the world processes,’ Galstyan said at the press conference.

At the same time, he disagreed with the opinion that such regulation will scare away investors.

I don't think that both European and our regulation will create any problems for bona fide investors. On the contrary, we believe that bona fide investors will have an opportunity to work through the Armenian banking system, the questions arising in this sphere will get quite simple answers, and people will be able to make investments in crypto-assets,’ Galstyan said.

The Central Bank Chairman also said that the draft law on regulation of this sphere has been sent to the government. 'It is planned to hold another meeting on it, after which it will be sent to the Parliament for consideration and approval,’ Galstyan said.-0-