The Central Bank of Armenia continues the process of developing and publicly discussing regulations required for the implementation of the Law on Crypto-Assets.
According to the Central Bank, various interested individuals and organizations have already actively participated in discussions concerning regulatory drafts for the sector. As part of the ongoing process, the Central Bank has presented another draft regulation for public discussion, this time concerning the delegation of certain functions by crypto-asset service providers.
What Does the Draft Regulation Cover?
The draft concerns the procedure, conditions, and deadlines for obtaining the Central Bank's prior consent for the delegation of functions by a crypto-asset service provider, as well as the grounds for refusing such consent.
The proposed regulation addresses situations in which a crypto-asset service provider intends to delegate certain functions to another person or organization.
The process for obtaining prior consent from the Central Bank would be carried out according to the procedures, conditions, and deadlines established by the relevant regulation.
Purpose of the Public Discussion
The Central Bank continues to take into account comments and recommendations from market participants and other interested parties while developing regulations for the crypto-asset sector.
The Central Bank has also expressed appreciation to individuals and organizations that participated in previous public discussions and submitted their recommendations.
Interested parties were invited to submit their comments and proposals regarding the new draft as well.
Deadline for Submitting Comments
According to the B24 publication, interested parties were invited to submit their comments and proposals regarding the draft by October 1, 2026.
The proposals were to be sent to the email address specified by the Central Bank, with "Crypto-Asset Regulation" indicated in the subject line.
The submission was also expected to include the name and surname of the person submitting the proposal. If the submission was made on behalf of an organization, the organization's name and relevant contact information were also required.
What Happens After the Comments Are Received?
The Central Bank stated that the submitted proposals would first be summarized and reviewed.
Following this process, a meeting was planned with representatives of the individuals and organizations that had submitted comments.
The purpose of the meeting would be to discuss the submitted proposals and the Central Bank's position regarding them.
The Central Bank also indicated that the comments received and its positions regarding those comments would be published.
Why Is This Important for Armenia's Crypto Market?
The regulation of crypto-assets in Armenia is gradually creating a clearer legal and supervisory framework for the sector.
The development of such regulations is particularly important for companies providing crypto-asset services because these rules establish requirements and procedures related to operating in the market.
The development of a separate regulation concerning the delegation of functions also demonstrates that the regulatory framework covers not only licensing but also organizational and supervisory aspects of crypto-asset service providers' activities.
What Does This Mean for Crypto-Asset Service Providers?
Companies operating in Armenia's crypto-asset sector will need to follow regulations and updates published by the Central Bank of Armenia.
Particular attention should be paid to requirements related to licensing, delegation of functions, risk management, and the conditions for providing crypto-asset services.
As the regulatory framework develops, market participants will have a clearer understanding of the requirements they need to meet when providing crypto-asset services in Armenia.
The Next Stage of Crypto Regulation in Armenia
The development of secondary regulations required to implement the Law on Crypto-Assets remains an ongoing process.
Public consultations allow market participants to provide comments and recommendations before relevant regulations are finalized.
For companies operating in the crypto sector, following these developments can be important for understanding future compliance requirements and preparing their operations accordingly.
OurExchangeClub will continue covering important developments in Armenia's crypto-asset regulatory environment and providing readers with clear and accessible information about changes affecting the digital-asset market.
Disclaimer: This article is provided for informational and educational purposes only and does not constitute legal, financial, or investment advice. Crypto-asset regulations may change. Before making legal or business decisions, readers should review the latest requirements published by the Central Bank of Armenia and other official sources.
Source: B24.am — Central Bank of Armenia's draft regulation concerning crypto-asset service providers
