Amendments to the Law on Cashless Transactions

The National Assembly of the Republic of Armenia has adopted, in the second reading, amendments to the Law on Cashless Transactions that introduce new provisions regulating the use of crypto-assets.

According to the adopted amendments, crypto-assets must generally be used via cashless payment methods, regardless of the transaction amount. The legislation also defines specific exceptions and conditions for limited cash transactions.

Key provisions of the amendments:

• Transactions involving crypto-assets are primarily required to be conducted through cashless methods (such as bank cards or electronic wallets), irrespective of the amount.
• Cash transactions are permitted only for small-value operations not exceeding AMD 300,000.
• Such cash transactions may be carried out exclusively through a person providing crypto-asset-related services.
• The service provider is obligated to properly identify the customer using official identification documents.
• Service providers must maintain records of all transactions to enable oversight by the Central Bank of Armenia.
  
  

These regulations will apply during a transitional period valid until January 1, 2028.

The law will enter into force on January 1, 2026. Regulatory supervision will be exercised by the Central Bank of Armenia.

The amendments are aimed at increasing financial transparency and strengthening oversight of crypto-asset-related transactions.