Armenia has amended its law on cryptocurrencies and the licensing of crypto services

Key points:

• The Armenian Parliament has granted crypto companies a transition period to adapt to the mandatory licensing requirements.
• Amid contradictions in the legislation, the authorities have temporarily allowed cash payments for cryptocurrency transactions within the established limit.

The Armenian parliament has amended the recently adopted law on cryptocurrencies, giving market participants additional time to adapt to the new requirements. The amendments concern the licensing of crypto services and the procedure for cash settlements.

The decisions were approved by the National Assembly at an extraordinary meeting and affect the laws “On Crypto Assets” and “On Non-Cash Transactions,” according to Armenian media reports. The changes were adopted in the second and final reading.

According to the current version of the law “On Crypto Assets,” which came into force on July 4, 2025, all companies providing services in the field of digital assets are required to obtain a license from the Central Bank of Armenia. At the same time, the law “On Non-Cash Transactions” provides for a complete ban on cash payments for cryptocurrency transactions from January 1, 2026.

Transition period for crypto businesses

As explained by Central Bank Deputy Governor Hovhannes Khachatryan, there is a contradiction between the two laws. On the one hand, crypto platforms need time to obtain a license, and on the other hand, they will already have to operate exclusively in a cashless format, which complicates interaction with banks.

To resolve this conflict, the authorities decided to introduce a transition period. Within a year after the subordinate legislation comes into force, companies will be able to complete the licensing process. In addition, from January 2026 to January 2027, cash transactions involving cryptocurrencies will be permitted, provided that the amount of a single transaction does not exceed 300 000 drams (approximately $790).

At the same time, the requirements for customer identification and recording of all transactions remain in place regardless of the payment method. Central Bank Chairman Martin Galstyan stressed that the relaxation is a compromise and will only be effective if there is full control over the participants in such transactions.

The authorities expect that the updated regulations will simplify the work of conscientious companies, strengthen market supervision, and increase investor confidence. The law on crypto assets provides for the admission to the market of only transparent and verified platforms, which should strengthen the protection of user rights.