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Draft law regulating cryptocurrency mining proposed for Armenia

Draft law regulating cryptocurrency mining proposed for Armenia

PanARMENIAN.Net - Opposition lawmaker from Yelq bloc of the Armenian National Assembly Edmon Marukyan has unveiled a draft law about digital technologies which seeks to regulate cryptocurrency mining in the country.

Under the new law, individuals - both physical and legal entities - above the age of 18 will be eligible to start cryptocurrency mining.

No license or preliminary authorization will be required for mining in Armenia, the proposal says.

Also, according to the draft document, the process is not taxable before the law comes into force, as well as by December 31, 2023 after it takes effect.

Furthermore, tax, customs or other privileges can be established by law on condition that equal economic competition is not disrupted for those engaged in digital currency mining.

Prime minister Karen Karapetyan said at the international forum Digital Agenda in the Era of Globalization in Almaty, Kazakhstan on Friday, February 2 that the sector of information technologies in Armenia has been growing by 25% per annum in the past several years.

Although the results of 2017 have yet to be summarized, the PM said the country is expected to see a 28-30% growth in the IT industry in 2017.

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