Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Representatives of both the government and the financial sector argue that regulation is necessary to stop the illicit use of cryptocurrency.
Crypto Regulations are needed by Armenian Bankers and Tax Officials
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Rustam Basayan, head of the agency spoke to the Armenian parliament.
This area is not regulated and we permit shady transactions. There have been instances of tax evasion as well as money laundering by using cryptocurrency.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks.am reported on Wednesday. This committee is closely associated with the CBA. It oversees both the Customs Service (small South Caucasus country) and Tax Service (smaller nation).
Badasyan pointed out that digital asset transactions are not being investigated by authorities. Badasyan cited a case in which a large sum of fiat money was exchanged for cryptocurrency. An investigation into this matter failed due to lack of legal guidance.
Seyran Sargsyan, the Union of Banks of Armenia Executive Director, made similar comments. He stated that issues related to the identification of cryptocurrency users as well as transparency of crypto transactions must be resolved. He stressed that Armenian financial institutions do not accept digital currencies and don’t provide any related services.
According to a report by Forklog, Armenia and other Eurasian Economic Union members (EAEU), they failed to reach a consensus on how rules should be adopted for crypto-economy in their respective jurisdictions in March 2021. As ongoing Russian discussions continue on this matter, the calls for Armenian crypto regulation are delayed.
What do you think Armenians will do to adopt cryptocurrency regulations quickly? Comment below.
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