The State Revenue Committee uncovered several cases of unlicensed and unregistered activity, as well as tax violations, during large-scale operations conducted in the cryptoasset market.

Extensive search measures were carried out targeting individuals engaged in cryptoasset trading and those providing cryptoasset-related services.

The operations aimed to identify cases of activities subject to licensing being conducted without the required license, as well as instances of illegal entrepreneurial activity carried out by individuals without state registration.

“The measures produced tangible results. In particular, it was established that two business entities had engaged in cryptoasset trading activities without the appropriate license. Reports compiled on these cases were sent to the SRC legal department to consider administrative liability,” the statement said.

Another investigation found that 14 individuals had engaged in cryptoasset trading without state registration, while some of them had also provided cryptoasset-related services. Based on the factual findings, reports were submitted to the legal department of Armenia’s State Revenue Committee to consider administrative liability for illegal activity. In addition, one suspected case of an economic crime was identified in the sector. In connection with this, a crime report was submitted to Armenia’s Investigative Committee to consider opening criminal proceedings.

Measures carried out against seven taxpayers also uncovered cases of underreporting turnover. They were instructed to submit revised calculations declaring previously underreported turnover.

The committee also stated that information obtained regarding persons engaged in cryptoasset trading and related services had been forwarded to the Central Bank of Armenia for further action.

To ensure legality in the sector, the State Revenue Committee said it had introduced strengthened oversight over persons operating in the cryptoasset market.

The committee urged individuals engaged in cryptoasset trading or related services to strictly comply with the requirements of Armenia’s laws “On Cryptoassets,” “On Licensing,” and other legal acts regulating the sector.

Notice: A person suspected or accused of a crime is presumed innocent until proven guilty by a court verdict that has entered into legal force in accordance with Armenia’s Criminal Procedure Code.