Government initiates first steps to regulate cryptocurrency sector

PanARMENIAN.Net - Finance Minister Vahe Hovhannisyan presented a draft proposal at a government meeting aimed at regulating the cryptocurrency sector.

Prime Minister Nikol Pashinyan emphasized that this is Armenia’s first attempt at establishing rules for the industry. He added that the state governance system must gradually acquire knowledge about cryptocurrency, reports Radar.am .

“We have never had such regulations. This regulation will not be perfect. And for years, we avoided making a move in this direction, thinking it wouldn’t be perfect and trying to refine it further. Yet, it never became perfect and never will, but we must proceed with regulating the sector.

The issue here is that the public administration system must gradually acquire knowledge about cryptocurrency because, at present, it lacks systematic understanding. We only engage with this topic incidentally, in various random situations,” Pashinyan stressed.

He highlighted that technological advancements cannot happen without clear regulations.

“There is no place in the world where technology progresses without regulations. Only in our country can you walk down the street and see a box labeled ‘cryptocurrency’,” he remarked, reports Radar.am .

Pashinyan expressed surprise that such a situation has been tolerated for years without a proper regulatory framework.

“How is this even possible? Is there any other country where technology develops without regulation? The absence of regulation is the biggest obstacle to technological progress. Imagine people from abroad finding out that in our capital, you can walk down the street, spot a window, and just ask, ‘Do you have any crypto? Give me four.’ And we’ve been watching this happen for years,” he said.