Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks.am reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
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