Central Bank of Armenia to initiate discussions on cryptoasset regulation

YEREVAN, February 16. /ARKA/. The Central Bank of Armenia plans to hold discussions on cryptoassets and their regulation with stakeholders.

According to a regulator's Facebook post, it is going to present general approaches to the regulation of this sector, as well as listen to stakeholders' opinions and suggestions

For effective regulation, the Central Bank said earlier it is going to adopt the "same activity, same risk, same regulation" principle, according to which virtual asset service providers offering services similar to traditional ones should be regulated in the same way.

The regulation is supposed to allow for an adequate response to existing and potential risks in the field of virtual assets along with providing a clear legal framework for the development of relating innovation and technology.

Earlier, the head of the regulator Martin Galstyan said that the Central Bank intends to submit to the Armenian Parliament a legislative initiative on cryptocurrencies, developed on the basis of the best global experiences. -0-