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The Law

The Law 'On Crypto-Assets' (HO-159-N) entered into force on July 4, 2025. This Law establishes the first comprehensive legal framework for the crypto-asset market in Armenia. The main provisions of the Law are presented below.

  1. Objective of Regulation and Competent Authority Objective: The main objectives of the Law are the protection of investor and client rights, ensuring market transparency, and mitigating risks. Regulatory Authority: The Central Bank of the Republic of Armenia is the main competent authority in the field of regulation and oversight of the crypto-asset market.

  2. What Does the Law Regulate and What Does It Not Apply To The Law regulates: The public offering, sale, and purchase of crypto-assets. The activities and licensing of entities providing crypto-asset services (exchanges, exchange offices, custodians, etc.). The Law DOES NOT apply to: Those crypto-assets which by their nature are securities, investment fund units, bank deposits, or insurance contracts (these are regulated by the laws of their respective sectors). Unique and non-fungible crypto-assets (e.g., most NFTs), provided they are not fractionalized. Central Bank Digital Currencies (CBDCs) issued by central banks.

  3. Issuance and Public Offering of Crypto-Assets "Whitepaper": For a public offering of crypto-assets, the issuer is obliged to draw up and publish an "Offering Document" containing detailed information about the issuer and the crypto-asset. It must be submitted to the Central Bank in advance. Advertising Requirements: Any advertisement must be accurate, not misleading, and consistent with the "Offering Document".

  4. Crypto-Asset Service Providers (CASP) Licensing is Mandatory: To provide crypto-asset services in Armenia, it is necessary to obtain an appropriate license from the Central Bank. The main services subject to licensing are: Operation of a crypto-asset trading platform (exchange), Crypto-asset custody (custody), Execution of buy and sell transactions on its own account or on account of the client, Placement, advice, portfolio management of crypto-assets, etc. Name Restriction: Only licensed companies can use words such as "crypto-exchange", "crypto-broker", "crypto-interchange", and other similar words in their names. Participation of Existing Companies: Banks, investment companies, and other financial institutions can also provide crypto-asset services with the permission of the Central Bank․

    Prohibition of Market Abuse and Investor Protection Insider Information and Price Abuse: The Law explicitly prohibits market abuse, including the use of inside (insider) information and artificial price manipulation. Protection of Client Property: Service providers are obliged to hold crypto-assets and monetary funds belonging to clients separately from their own assets. These funds are protected in the event of the company's bankruptcy. Transitional Provisions Persons who were already providing crypto-asset services before the entry into force of the Law must obtain a license within one year after the adoption of the relevant sub-legislative acts by the Central Bank in order to continue their activities. The Central Bank will adopt the necessary regulatory acts based on the Law within the next six months.