Armenia promotes the legalization of cryptocurrencies mining

nBankruptcy comment: Russian Prime Minister Medvedev has called on the Eurasian Economic Union member countries to unify the currency policy, but in fact, Georgia and other countries have already made great policy efforts in support of cryptocurrencies mining and trading. Armenia has also recently followed the trend in these countries. Once the draft is approved, the country’s enterprises and individual entities will be able to dispense with the process of applying for a license and directly build mining facilities. Although the general tendency to legalize, but concerns about illegal activities still exist. However, Armenia’s accession may follow the same path of the Union.n
nTranslation: Annie_Xun
Armenia may follow the footsteps of other countries such as Belarus in the area of ​​cryptocurrency regulation. The new legislative proposals lay the foundation for the legalization and regulation of the country’s cryptocurrencies mining. Duty-free and other incentives for miners will be provided. If the bill is passed, the mining operation of the enterprise can be exempt from the application for a license. It also indirectly makes encrypted currency transactions legalized.n
The moment of advancing with the timesn
The parliament in Yerevan, the capital of Armenia, proposed a bill to regulate mining of cryptocurrencies, such as bitcoin. If lawmakers voted to pass the bill, Armenia would be the second member of the European Economic and Economic Association (EAEU) that has shown a positive attitude towards the cryptocurrency industry. Belarus has made efforts in the legalization of cryptocurrencies, ICO regulation, and tax exemption for miners.n
Eurasia Daily reported that the proposed amendment to the law is quite forgiving and that all private and private Armenian entities and business entities can set up facilities to start mining. And do not need special permission or license. By December 31, 2023, the draft provided tax relief to miners, and the incentive was traceable. Mining companies may also enjoy the benefits of tariff concessions.n
The man behind the cryptocurrency mining legalization initiative is Edmon Marukyan, a member of the parliamentary minority, who at the time claimed that his motivation was “the need to keep pace with the times.” Despite his association with the opposition, Marukyan may be able to successfully promote his “laws in digital technology” because the entire region has made positive progress in the same direction.n
Georgia, neighboring Armenia, is the vanguard of the legalization of cryptocurrencies in the southern Caucasus. The blockchain technology implementation here has achieved years of expansion, including the private and public sectors. The first Bitcoin mine in the Transcaucasia was built in Georgia, and the country’s land registry has been kept on the blockchain since 2016.n
Eurasian style of changen
The Armenian government is also skeptical about the expediency of legalizing cryptocurrencies, and the Yerevan Parliament shares its own concerns. The central bank issued a statement opposing the lack of regulation of bitcoin. Three years ago, the central bank said that “by law, the virtual currency is not an electronic currency.” And promised to study the “issue and circulation” of cryptocurrencies and user protection measures. The ubiquitous “absence of a clear international policy” was also mentioned.n
Eurasia Daily quoted experts as saying that the Armenian authorities are also worried as the authorities are aware of the inadequate control mechanisms in place. The weakness of government agencies and the neighboring areas of conflict have increased the risk of cryptocurrencies for illicit activities such as money laundering and terrorist financing.n
However, it appears that Armenia is emerging from cryptocurrency. A recent government think tank has proposed moving the state registries to the blockchain. In January, plans were also announced to create a free-economy zone for start-ups to develop distributed ledger applications.n
The winds of change have been set in the Eurasian region to heat up the cryptocurrency climate in the Eurasian Economic Union region. Vanguard of Encrypted Currency – Belarus is ready to take full legalization of Bitcoin related activities. Decree on cryptocurrencies, ICO and smart contracts will come into force by the end of March.n
The Russian Ministry of Finance has released the draft On Digital Financial Assets. Despite reservations about cryptocurrencies, the central bank has said it will not mind the legalization of cryptocurrencies mining and tokens issuance. Russian Prime Minister Medvedev recently stressed the need to synchronize with other Eurasian economic union countries and called for common cryptocurrency regulatory initiatives. Also in the coalition, Kazakhstan and Kyrgyzstan, both government officials meeting last week, have taken steps to join the global cryptocurrency map.n

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