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Retail_Trading_Status

Allowed-Regulated Unknown
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Status Changed

Previous status: Allowed-UnRegulated

The primary difference between the two analyses lies in the **Current Status** assigned to retail cryptocurrency trading in Armenia and the timeline of regulatory developments. The **Previous Analysis (dated April 12, 2025)** assigned the status: `Allowed-UnRegulated (Transitioning towards Regulated)`. The **New Analysis (dated June 26, 2025)** assigned the status: `Allowed-Regulated`. **Justification for the Differences:** The change in status from "Allowed-UnRegulated (Transitioning towards Regulated)" to "Allowed-Regulated" is primarily due to the **progression and culmination of the legislative process** regarding the "On Crypto-Assets" law in Armenia between the dates of the two reports. 1. **Timing of Legislative Enactment:** * The **Previous Analysis** (April 12, 2025) correctly identified that the draft law "On Crypto-Assets" had been approved by the Armenian government in February 2025. However, it explicitly stated, "While the draft law has been approved by the government, it still needs to pass through parliament. Until the law is fully enacted and implemented... the status remains technically 'Allowed-UnRegulated,' but with the clear trajectory towards becoming 'Allowed-Regulated.'" This accurately reflected the situation where the final legislative step (parliamentary adoption and enactment) was pending. * The **New Analysis** (June 26, 2025) benefits from more recent information. It states, "In early 2025, a draft law 'On Crypto-Assets' was introduced and subsequently adopted by the Armenian parliament around June 2025." This is supported by a key piece of evidence cited in the new analysis: **CivilNet (June 3, 2025): "The Armenian parliament adopted a long-awaited bill regulating the cryptoasset sector last Thursday..."** This parliamentary adoption is the critical event that shifts the status from "transitioning" to "regulated." 2. **Reflection of New Legal Reality:** * The Previous Analysis was forward-looking, anticipating the regulatory changes based on government approval of the draft. * The New Analysis reflects the *actualization* of these changes. With the law reportedly adopted by parliament, the framework for regulation is no longer just a proposal but has become, or is imminently becoming, legally binding. This means that while implementation details and specific effective dates for all provisions might still be unfolding, the overarching legal status has changed to "Regulated" because the primary legislation establishing the regulatory regime is in place. 3. **Source Material Evolution:** * The Previous Analysis relied on sources up to March/early April 2025, which discussed the draft law and its government approval. * The New Analysis incorporates sources from late April, May, and crucially, early June 2025. These newer sources, particularly the CivilNet article, provide evidence of the parliamentary adoption of the law, which was not available or had not yet occurred at the time of the previous analysis. For instance, the Grigoryan Law Firm (May 27, 2025) and ArmBanks.am (May 19, 2025) sources in the new report also discuss the implications of the new regulatory environment as it solidifies. In essence, the difference in status is a direct consequence of the time elapsed between the two reports, during which a significant legislative milestone – the parliamentary adoption of the crypto-asset regulation law – occurred. The New Analysis captures this development, leading to the updated status of "Allowed-Regulated," signifying that the legal framework for regulating retail crypto trading is now established, even if full operationalization of all its aspects is ongoing.

Analysis ID
#413
Version
Latest
Created
2025-06-26 13:01
Workflow Stage
Live

Executive Summary

Armenia is in the process of establishing a robust regulatory ecosystem for crypto-assets. The recent passing of the "Law on Crypto-Assets" signifies a strategic move to formalize the sector, introducing clear rules for licensing, Initial Coin Offerings (ICOs), custody services, Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, and consumer protection. This legislative effort aims to align Armenia with international standards, particularly those of the European Union's Markets in Crypto-Assets (MiCA) regulation, thereby fostering a more predictable and secure environment for both businesses and retail investors.

Key Pillars

  • Licensing and Authorization: Crypto-asset service providers (CASPs) are now required to obtain licenses from the Central Bank of Armenia (CBA) to operate within the country. The law differentiates oversight levels based on the nature of services offered, with more stringent supervision for exchanges and stablecoin issuers, particularly when client funds are involved. Notably, banks wishing to offer crypto services must establish separate, licensed legal entities.

  • Public Offering of Crypto-Assets (ICOs): The law introduces regulations for the public offering of crypto-assets, ensuring transparency and investor protection in initial coin offerings.

  • Custody Services: Specific provisions regulate the custody of crypto-assets, mandating requirements for the protection of client funds and prohibiting the use of client funds for the service provider's own interests.

  • Anti-Money Laundering (AML) and Know Your Customer (KYC): The legislation strengthens AML/KYC requirements for crypto-asset transactions, aiming to prevent illicit financial activities given the inherent risks of anonymity and cross-border transactions in the crypto space. This includes implementing a specialized framework within the existing Anti-Money Laundering and Countering the Financing of Terrorism law. Armenia's Central Bank cooperates with international organizations like the Financial Action Task Force (FATF).

  • Consumer Protection: A core objective of the law is to safeguard the rights of crypto-asset purchasers and enhance public trust. This is achieved through stricter licensing requirements for reliable and transparent businesses, as well as provisions for clear reporting and prevention of market abuse.

  • Operational Requirements: The law outlines comprehensive operational rules for crypto trading and investment companies, covering aspects such as minimum capital thresholds, reporting obligations, and the requirement for separate accounting of client funds versus the provider's own funds.

Landmark Laws

Law on Crypto-Assets
- Authority: The law was adopted by the National Assembly of Armenia. The Central Bank of Armenia (CBA) is designated as the state authority responsible for enforcing the law, including licensing and ongoing supervision.
- Date: The Government of Armenia approved the draft law on February 27, 2025. The National Assembly adopted the "Law on Crypto-Assets" in its second reading in June 2025. The law officially entered into force on July 4, 2025. Full implementation, including adaptation for market participants and the finalization of by-laws by the CBA, is anticipated, with some sources indicating the law will effectively take effect on January 1, 2026.
- Summary: This law establishes Armenia's first comprehensive legal framework for the regulation of crypto-asset trading, offerings, and related services. Its adoption signifies Armenia's commitment to creating a predictable and safe environment for digital finance, aligning its standards with those of the European Union's MiCA regulation.

Civil Code of the Republic of Armenia
- Authority: Republic of Armenia
- Date: adopted in the first reading on June 13, 2024
- Summary: This foundational recognition paves the way for their legal treatment within the broader civil law framework.

Considerations

  • Asset Classification: Under recent amendments to the Civil Code, a crypto-asset is defined as property based on cryptography, which holds value or certifies a right, and can be transferred and stored exclusively electronically through decentralized ledger technology (DLT). The "Law on Crypto-Assets" specifies that it does not apply to securities, investment fund units, bank deposits, or insurance contracts that are already regulated by other specific laws. The Central Bank of Armenia also utilizes the Howey Test to determine if a virtual asset should be classified as a security.

  • Taxation: As of June 2025, the taxation of crypto-assets in Armenia presents some complexities and uncertainties. Non-entrepreneur individuals are generally exempt from income tax on gains derived from crypto-assets under the current Armenian tax code. However, for individual entrepreneurs and businesses, profits from crypto transactions are subject to standard income tax rates (10% for individuals operating as entrepreneurs, 18% for corporate income). The application of Value-Added Tax (VAT) at 20% on the disposal or provision of crypto-assets, if considered intangible assets, is a point of ongoing uncertainty. While the "Law on Crypto-Assets" includes amendments to the Tax Code, specific, clear tax bases or rates for crypto transactions are still evolving, leading to criticism from industry experts regarding the "incomprehensible, illogical" nature of the tax field and its practical implementation.

Notes

  • Armenia's transition is marked by its ambition to foster innovation while managing risks effectively. The adoption of the "same activity, same risk, same regulation" principle underscores an intent to apply consistent regulatory scrutiny to crypto services akin to traditional financial services.

  • Despite the clear legislative steps, there has been significant criticism from local industry players who express concerns that the new, strict regulations, particularly the licensing model with high compliance costs and the requirement for banks to create separate entities for crypto services, could deter legitimate operators and hinder the market's development. Concerns also exist regarding the Central Bank's role given its traditional banking oversight, and the lack of clarity on banking services for crypto companies, potentially creating a "de facto ban" on cash exchanges.

  • The Central Bank of Armenia is tasked with finalizing crucial by-laws within six months of the law's entry into force (July 4, 2025), which will detail procedures for registration, licensing, and public offerings of crypto-assets. Existing crypto businesses operating before July 4, 2025, will have one year from the effective date of these by-laws to obtain the necessary licenses. The Armenian government has also invested in Chainalysis software to monitor crypto-asset transactions, indicating a commitment to enforcing AML measures.

Detailed Explanation

Armenia is undergoing a significant transformation in its approach to crypto-asset regulation, moving from a largely unregulated space to a structured and legally defined environment as of June 2025. This pivot is primarily defined by the National Assembly's passing of the "Law on Crypto-Assets," a comprehensive piece of legislation designed to bring clarity and oversight to the burgeoning digital asset market. This law, which formally entered into force on July 4, 2025, establishes Armenia's first complete regulatory framework for the offering, trading, and provision of crypto-related services.The core of this new framework centers on ensuring market transparency, protecting consumers, and combating financial crime. To this end, the law mandates strict licensing requirements for all crypto-asset service providers (CASPs), with the Central Bank of Armenia (CBA) designated as the primary regulatory and supervisory authority. The level of oversight varies depending on the services offered, with a heavier regulatory burden placed on entities handling client funds, such as exchanges and stablecoin issuers. A notable provision requires traditional banks to establish distinct, licensed legal entities if they wish to engage in crypto services, reflecting a cautious approach to integrating crypto into the mainstream financial system. Consumer protection is a paramount concern, addressed through stringent entry requirements for businesses, safeguards for client funds, and mechanisms to prevent market abuse.Alongside the "Law on Crypto-Assets," foundational legal recognition for digital assets has been laid through recent amendments to the Civil Code, which now officially classify crypto-assets as a form of property. This legal definition underpins the regulatory framework, clarifying the nature of these assets within Armenian jurisprudence. While the new law aims to be comprehensive, areas such as taxation still present complexities. As of June 2025, non-entrepreneur individuals are generally exempt from income tax on crypto gains, but businesses and individual entrepreneurs are subject to general income tax rates. The application of VAT remains ambiguous, and industry stakeholders have voiced concerns about the lack of clarity and practicality in the existing tax provisions, calling for further refinement.The Armenian regulatory shift is largely influenced by the European Union's MiCA regulation, with officials emphasizing an alignment with international best practices. This strategic move is intended to enhance Armenia's competitiveness in the global digital finance arena and attract legitimate investment. However, the introduction of these robust regulations has not been without criticism. Industry participants have expressed worries about the potential for high compliance costs to stifle local innovation and deter foreign investment, describing certain aspects as potentially leading to a "de facto elimination" of some crypto activities. Concerns also linger regarding the Central Bank's expansive control over the sector and the ongoing challenges crypto firms face in accessing traditional banking services. The coming months are crucial as the CBA is expected to finalize critical by-laws, which will provide more granular details on licensing procedures and operational requirements, shaping the practical implementation of Armenia's evolving crypto-asset regulatory landscape.

Summary Points

Armenia is actively transitioning towards a comprehensive and structured regulatory framework for retail crypto trading, moving from a previously loosely regulated environment.

### I. Overall Regulatory Status

  • Status: Allowed-Regulated.
  • Transition: Moving from a loosely regulated environment to a comprehensive, structured framework.
  • Objective: To formalize the crypto sector, introduce clear rules, and align with international standards, particularly the EU's Markets in Crypto-Assets (MiCA) regulation.
  • Goal: Foster a predictable and secure environment for businesses and retail investors.

### II. Key Regulatory Bodies & Their Roles

  • Central Bank of Armenia (CBA):
  • Designated as the primary state authority for enforcing the "Law on Crypto-Assets."
  • Responsible for licensing, ongoing supervision, and finalizing crucial by-laws.
  • Cooperate with international organizations like the Financial Action Task Force (FATF) on AML/CFT.
  • National Assembly of Armenia:
  • Adopted the landmark "Law on Crypto-Assets."
  • Government of Armenia:
  • Approved the draft "Law on Crypto-Assets."

### III. Landmark Legislation & Framework

  • "Law on Crypto-Assets":
  • Authority: Adopted by the National Assembly of Armenia.
  • Timeline:
  • Draft approved by Government: February 27, 2025.
  • Adopted by National Assembly (second reading): June 2025.
  • Officially entered into force: July 4, 2025.
  • Full implementation (including by-laws and market adaptation): Anticipated January 1, 2026.
  • Impact: Establishes Armenia's first comprehensive legal framework for crypto-asset trading, offerings, and related services, aligning with EU MiCA.
  • Civil Code of the Republic of Armenia (Amendments):
  • Timeline: Amendments adopted in first reading on June 13, 2024.
  • Impact: Formally recognizes crypto-assets as a distinct type of property, providing foundational legal recognition.

### IV. Key Regulatory Pillars & Requirements for Compliance

  • Licensing and Authorization:
  • Crypto-asset service providers (CASPs) must obtain licenses from the CBA.
  • Oversight levels differentiate based on services, with stricter supervision for exchanges and stablecoin issuers, especially when client funds are involved.
  • Banks wishing to offer crypto services must establish separate, licensed legal entities.
  • Public Offering of Crypto-Assets (ICOs):
  • Regulations introduced to ensure transparency and investor protection.
  • Custody Services:
  • Specific provisions mandate requirements for the protection of client funds.
  • Prohibits the use of client funds for the service provider's own interests.
  • Anti-Money Laundering (AML) and Know Your Customer (KYC):
  • Strengthened requirements for crypto-asset transactions.
  • Includes a specialized framework within the existing Anti-Money Laundering and Countering the Financing of Terrorism law.
  • Government has invested in Chainalysis software to monitor crypto-asset transactions.
  • Consumer Protection:
  • A core objective to safeguard rights of crypto-asset purchasers and enhance public trust.
  • Achieved through stricter licensing, clear reporting, and prevention of market abuse.
  • Operational Requirements:
  • Comprehensive rules for crypto trading and investment companies.
  • Covers minimum capital thresholds, reporting obligations, and separate accounting of client funds versus provider's own funds.

### V. Asset Classification & Taxation

  • Asset Classification:
  • Civil Code: Defines a crypto-asset as property based on cryptography, holding value or certifying a right, transferable and stored electronically via Decentralized Ledger Technology (DLT).
  • "Law on Crypto-Assets": Does not apply to securities, investment fund units, bank deposits, or insurance contracts already regulated by other specific laws.
  • CBA: Utilizes the Howey Test to determine if a virtual asset should be classified as a security.
  • Taxation (as of June 2025):
  • Complexity: Presents complexities and uncertainties.
  • Non-entrepreneur Individuals: Generally exempt from income tax on gains derived from crypto-assets.
  • Individual Entrepreneurs & Businesses: Profits from crypto transactions are subject to standard income tax rates (10% for individual entrepreneurs, 18% for corporate income).
  • VAT (20%): Application on the disposal or provision of crypto-assets (if considered intangible assets) is a point of ongoing uncertainty.
  • Criticism: Industry experts criticize the "incomprehensible, illogical" nature of the tax field and its practical implementation, despite the "Law on Crypto-Assets" including amendments to the Tax Code.

### VI. Notable Restrictions & Limitations

  • Banking Sector Integration: Banks must establish separate, licensed legal entities to offer crypto services.
  • Client Fund Usage: Prohibition on using client funds for the service provider's own interests.
  • Industry Concerns:
  • High compliance costs and strict licensing could deter legitimate operators and hinder market development.
  • Concerns regarding the Central Bank's extensive control given its traditional banking oversight.
  • Lack of clarity on banking services for crypto companies, potentially creating a "de facto ban" on cash exchanges.

### VII. Recent Developments & Future Outlook

  • Regulatory Principle: Adoption of the "same activity, same risk, same regulation" principle.
  • By-laws Finalization: CBA is tasked with finalizing crucial by-laws within six months of the law's entry into force (by early January 2026). These will detail procedures for registration, licensing, and public offerings.
  • Transition Period for Existing Businesses: Crypto businesses operating before July 4, 2025, will have one year from the effective date of the by-laws to obtain necessary licenses.
  • Ongoing Challenges: Crypto firms still face challenges in accessing traditional banking services.
  • Taxation Refinement: Further refinement of tax provisions is anticipated to address current ambiguities.

Full Analysis Report

Report on Retail_Trading_Status in Armenia

Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

Retail_Trading_Status

Identified Status: Allowed-Regulated

Detailed Narrative Explanation:

As of June 2025, retail cryptocurrency trading is legally permitted in Armenia for individual citizens and residents. While historically operating in a legal gray area, recent legislative developments indicate a definitive move towards a regulated environment. The purchase, sale, and holding of cryptocurrencies by individuals are not prohibited.

The Armenian government, through the Central Bank of Armenia (CBA), has been actively working on a comprehensive regulatory framework for crypto-assets. A significant step was the introduction of amendments to the Civil Code, which recognized crypto-assets as a form of property that has value or certifies a right and can be transferred and stored electronically through decentralized ledger technology. This provided a foundational legal recognition for cryptocurrencies.

In early 2025, a draft law "On Crypto-Assets" was introduced and subsequently adopted by the Armenian parliament around June 2025. This law aims to regulate various crypto-related activities and services, including the public offering of crypto-assets (ICOs), the purchase and sale of crypto-assets, and the requirements for crypto-asset service providers (CASPs). The new legislation is largely based on the European Union's Markets in Crypto-Assets (MiCA) framework, signaling an intent to align with international standards.

Key aspects of the new regulatory environment include:

  • Licensing: CASPs, including exchanges and custodial services, will be required to obtain a license from the Central Bank of Armenia to operate. Banks wishing to offer crypto services must establish a separate licensed entity to do so.
  • KYC/AML Requirements: The new regulations emphasize Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations for all crypto-asset providers. The State Revenue Committee (SRC) announced in 2024 its intention to acquire software to monitor crypto transactions for AML purposes.
  • Taxation: While previously unclear, the new regulatory framework is expected to establish taxation mechanisms for crypto-assets. Currently, non-entrepreneur individuals are reportedly exempt from taxation on gains from crypto-assets under the existing tax code, but this may change with the full implementation of the new law. Income from the sale of property (which now includes crypto-assets) is generally subject to income tax.
  • Consumer Protection: A major goal of the new regulations is to enhance consumer protection in the crypto space. This includes ensuring transparency and providing mechanisms for dispute resolution.
  • Central Bank's Stance: The Central Bank of Armenia has historically maintained a cautious stance towards cryptocurrencies, issuing warnings about risks. However, with the new law, the CBA is taking a leading role in regulating the sector to balance innovation with risk mitigation. The focus of the regulation is on the financial aspects of crypto-assets rather than the underlying technology.

International crypto exchanges are accessible to Armenian residents, and peer-to-peer (P2P) trading is common. Crypto ATMs and terminals are also emerging in the country.

Despite these significant regulatory advancements, some industry representatives have expressed concerns that the new rules, particularly the licensing requirements, might be stringent and could potentially stifle the growth of smaller crypto businesses. Nevertheless, the overall direction is towards a clearly defined and regulated environment for retail cryptocurrency trading in Armenia.

Specific, Relevant Text Excerpts:

  • ICO Bench (June 1, 2025): "Armenia is in the process of establishing comprehensive crypto regulations. These regulations will likely include license requirements and taxation. But for now, there are no tax laws on crypto trading. So, is crypto trading legal in the country? The answer is yes. You can trade crypto safely in the country pending when extensive regulations are put in place."
  • ICO Bench (June 1, 2025): "As of this writing, Armenia recognizes crypto-assets, whether altcoins, meme coins, or other cryptocurrencies, as property that has value or certifies a right. We understand this as a crucial step towards creating a favorable and crypto-friendly environment. Other things to note about the upcoming regulations include the following: ✅ Crypto-asset providers will likely have to obtain licenses from the central bank as CASPs... ✅ Anti-money laundering and Know Your Customer policies will be mandatory for all crypto-asset providers."
  • Grigoryan Law Firm (May 27, 2025): "The purchase, sale, and holding of cryptocurrencies are legal for both individuals and legal entities. This means that citizens are allowed to buy, hold, and sell cryptocurrencies without facing administrative or criminal liability."
  • Grigoryan Law Firm (May 27, 2025): "Currently, there is no separate licensing requirement for blockchain or crypto-related activities in Armenia. However, if a business offers services related to the management or exchange of crypto assets, it must comply with general financial regulations, including Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements."
  • DLT Law (April 18, 2025): "Armenia currently lacks a dedicated legal framework specifically designed for cryptocurrencies and digital assets. However, recent amendments to the Civil Code have recognized crypto-assets as property that has value or certifies a right. This legal recognition represents a significant first step in creating a regulatory environment for digital assets in the country."
  • DLT Law (April 18, 2025): "The Central Bank of Armenia (CBA) has taken a leading role in developing regulations for the crypto sector. In late 2024, the CBA introduced a draft law "On Crypto-Assets" aimed at regulating various crypto-related activities and services within the country. This legislation is expected to come into effect in 2025 and will provide a more structured approach to cryptocurrency operations and taxation."
  • CivilNet (June 3, 2025): "The Armenian parliament adopted a long-awaited bill regulating the cryptoasset sector last Thursday... The law establishes operational rules for companies involved in crypto trading and investment."
  • CivilNet (June 3, 2025): "According to Central Bank Deputy Chairman Armen Nurbekyan, regulatory requirements will depend on the type of service provided. Thus, companies offering crypto investment advice will face lighter oversight, while those operating exchanges or issuing stablecoins (tokens pegged to other assets) will be more tightly controlled."
  • ArmBanks.am (May 19, 2025): "Banks and holdings wishing to provide services related to cryptocurrency will have to open separate companies and obtain a license. This was stated by Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan, presenting the amendments made to the draft law “On Crypto Assets” between the first and second readings."
  • bne IntelliNews (February 28, 2025): "Armenia is taking its first steps toward regulating the crypto sector, with the adoption of a new law on crypto assets as well as a package of amendments to existing legislation... Finance Minister Vahe Hovhannisyan said on February 27 that the legislative changes will “enable the crypto-asset sector to create a predictable environment with clearly defined rights and responsibilities of operators, sufficient mechanisms to protect customer interests and transparent market operations”."

Direct, Accessible URL Links to Sources:

  1. ICO Bench (June 1, 2025): https://icobench.com/blog/how-to-buy-crypto-in-armenia (Note: While ICOBench is a secondary source, it consolidates information relevant to the status as of early June 2025 and reflects the ongoing regulatory developments.)
  2. Grigoryan Law Firm (May 27, 2025): https://grigoryan.law/insights/cryptocurrency-and-financial-technologies-in-armenia-what-is-legal-and-what-is-not/
  3. DLT Law (April 18, 2025): https://dlt.law/insights/cryptocurrency-taxation-in-armenia-2025-compliance-guide-for-investors/
  4. SCHNEIDER GROUP (January 27, 2025): https://schneider-group.com/en/news/legal-regulation-of-cryptoassets-virtual-assets-in-armenia/
  5. MB Legal (February 5, 2025): https://mblegal.am/insights/new-crypto-regulations-in-armenia-in-2025/
  6. CivilNet (June 3, 2025): https://www.civilnet.am/news/775080/armenia-adopts-crypto-oversight-law-amid-industry-backlash/
  7. Armenian Reporter (April 14, 2025): https://armenian.reporter.am/armenian-government-plans-to-set-rules-for-cryptocurrencies/
  8. ArmBanks.am (May 19, 2025): https://armbanks.am/en/2025/05/19/108502/
  9. BMG (December 10, 2024, updated): https://bmg.ge/en/news/armenias-central-bank-tightens-rules-for-the-crypto-market-businesses-fear-investor-exodus/ (Provides context on the MiCA alignment and earlier CBA stance)
  10. bne IntelliNews (February 28, 2025): https://www.intellinews.com/armenia-introduces-first-crypto-regulation-framework-to-address-sector-risks-315055/
  11. Documan (March 28, 2025): https://documan.net/guides/the-crypto-business-landscape-in-armenia-opportunities-and-legal-aspects/ (Provides context on P2P and exchange accessibility)
  12. PaySpace Magazine (June 21, 2024, updated): https://payspacemagazine.com/payment-methods/can-you-pay-using-crypto-in-armenia/ (Provides context on historical stance and emerging infrastructure)
  13. V&P Law Firm (undated, referencing recent developments): https://www.linkedin.com/pulse/cryptocurrency-regulation-armenia-current-legal-vp-law-firm-llc-g8hvc (General overview, but the specific article cited appears to be from a LinkedIn pulse which may have limited direct verifiability compared to primary sources or established news/legal sites. The content is generally consistent with other sources.)

Web Sources (13)

Sources discovered via web search grounding

Search queries used (7)
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