The Tax Service of Armenia demands to start regulating the crypto industry

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Chairman of the Committeestate revenues of Armenia (KGD) Rustam Badasyan believes that due to the increase in crypto-crimes, legislation is required to regulate the digital asset industry.

Head of the Tax Service Rustam Badasyan June 1,During parliamentary hearings on the implementation of the 2021 state budget, he reported that his department appealed to the Central Bank of Armenia to ensure strict supervision of the digital asset market:

“By not regulating this area, we allow shady transactions to take place, and there is already experience of both tax evasion and money laundering using cryptocurrencies.”

Badasyan said that an incident was recordedconducting an investigation into the purchase of digital assets for a large sum of money, but the activities of law enforcement agencies were stopped because a regulatory framework for regulating cryptocurrencies has not yet been developed.

Previously, General Director of the Union of BanksIn Armenia, Seyran Sargsyan said that credit organizations with digital assets do not work and do not provide cryptocurrency services. According to Sargsyan, to effectively regulate cryptocurrencies, it is necessary to solve the problem of user identification. And also to clarify the rules for combating money laundering and terrorist financing through cryptocurrencies (AML).

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Back in 2018, the Armenian opposition bloc proposed a project for consideration
on the legalization of cryptocurrencies.&nbsp; In the same year, New York-based blockchain company Blocktech and the French University of Armenia (UFAR) announced the launch of the first academic blockchain laboratory. The Central Bank of Armenia repeatedly warned in 2018 and 2020
citizens about the high risks of using cryptocurrencies.