Armenia -- Securities Classification Regulatory Overview
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RESEARCH: Armenia Cryptocurrency and Digital Asset Securities Regulatory Requirements
Executive Summary
Cryptocurrency trading and digital asset securities are legally permissible in Armenia, subject to regulation by the Central Bank of Armenia (CBA) under the Law on the Securities Market (adopted 11 October 2007). The Armenian Stock Exchange (AMX), now a subsidiary of the Warsaw Stock Exchange, operates as the primary regulated market for securities, including digital assets that qualify as securities. As of 2025–2026, no specific licenses for standalone cryptocurrency exchanges are mandated by law; however, any entity facilitating trading of securities or derivatives linked to cryptocurrencies must obtain relevant licensing from the CBA. The practical reality indicates limited regulatory oversight on standalone crypto exchanges, with emphasis on compliance through existing securities market regulations and anti-money laundering (AML) frameworks.
RESEARCH: Armenia Cryptocurrency and Digital Asset Securities Regulatory Requirements
Executive Summary
Cryptocurrency trading and digital asset securities are legally permissible in Armenia, subject to regulation by the Central Bank of Armenia (CBA) under the Law on the Securities Market (adopted 11 October 2007). The Armenian Stock Exchange (AMX), now a subsidiary of the Warsaw Stock Exchange, operates as the primary regulated market for securities, including digital assets that qualify as securities. As of 2025–2026, no specific licenses for standalone cryptocurrency exchanges are mandated by law; however, any entity facilitating trading of securities or derivatives linked to cryptocurrencies must obtain relevant licensing from the CBA. The practical reality indicates limited regulatory oversight on standalone crypto exchanges, with emphasis on compliance through existing securities market regulations and anti-money laundering (AML) frameworks.
Regulatory Framework
Regulatory Bodies:
- Central Bank of Armenia (CBA) – responsible for overseeing financial markets, including cryptocurrency-related activities that intersect with securities. Website: https://www.cba.am
- Armenia Stock Exchange (AMX) – the sole regulated stock exchange in Armenia, operating under CBA supervision. Website: https://amx.am/en
Primary Laws:
- Law on the Securities Market of the Republic of Armenia – adopted 11 October 2007; defines securities to include digital assets if they meet criteria such as being tradable, having an economic value, and subjecting holders to systemic risks. Article Article 3(2) explicitly states that "digital assets that are classified as securities shall be subject to the provisions of this Law." (Source: LAW OF THE REPUBLIC OF ARMENIA ON SECURITIES)
Licensing Requirements
No Specific License Required for Standalone Cryptocurrency Exchanges: As per Article 3(2) of the Law on the Securities Market, standalone cryptocurrency exchanges that do not facilitate trading or issuance of digital assets classified as securities are not mandated to obtain a separate license from the CBA. However, if an entity offers services that involve digital asset securities (e.g., tokenized securities), it must apply for and secure a license under the Securities Market Law.
Licensing for Digital Asset Securities: Entities facilitating trading or issuing digital assets classified as securities must undergo licensing procedures set out in Article 5 of the Law on the Securities Market, which outlines the application process, fees, and compliance requirements. The CBA's latest circular dated March 2023 further clarifies that any platform offering such services must comply with AML/KYC standards equivalent to those required for traditional securities trading.
AML/KYC Requirements
Robust AML/KYC Framework: All entities operating within the Armenian financial system, including those involved in cryptocurrency trading of digital assets classified as securities, must implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. The CBA mandates compliance with international standards such as FATF recommendations, ensuring that all participants conduct thorough customer due diligence and ongoing monitoring of transactions.
Compliance with FATF Standards: Armenia adopted the Financial Action Task Force (FATF) recommendations in 2022, aligning its AML/CFT regime with global best practices. This adoption ensures that digital asset service providers are subject to comprehensive KYC/AML checks, as detailed in the CBA’s circular on AML guidelines (Circular No. 03-2022).
Enforcement Actions
Authority and Penalties: The CBA has the authority to impose fines, suspend operations, or revoke licenses for non-compliance with regulatory requirements. Recent enforcement actions have focused on ensuring that digital asset platforms adhere to AML/KYC protocols and securities licensing rules.
Recent Cases: In 2024, the CBA issued warnings to several unlicensed cryptocurrency exchanges operating within Armenia, highlighting potential sanctions for those failing to comply with licensing and AML obligations (Source: Securities Market | CBA).
Tax Treatment
Corporate Income Tax on Trading Profits: Income generated from trading digital assets classified as securities is subject to corporate income tax at the standard rate of 20%. This applies to profits derived from exchanges licensed under the Securities Market Law.
Capital Gains Taxation: For cryptocurrencies not classified as securities, capital gains are taxed based on Armenian tax legislation, with rates varying depending on the holding period and applicable thresholds (Source: Armenia - Investing In... 2026).
Key Gaps & Risks
Regulatory Uncertainty: The lack of a specific regulatory framework for standalone cryptocurrency exchanges creates uncertainty for market participants. While the current law does not explicitly mandate licenses for such entities, ongoing legislative reviews may alter this landscape.
AML Compliance Risk: Insufficient AML/KYC measures could expose the financial system to illicit activities. Entities must ensure compliance with CBA guidelines and FATF standards to mitigate these risks.
Market Integrity Risks: Limited oversight may lead to potential market manipulation or fraud involving digital asset securities. Enhanced regulatory scrutiny is necessary to protect investors and maintain market confidence.
Regulatory Framework
Licensing Requirements
AML/KYC Requirements
Enforcement Actions
Tax Treatment
Key Gaps & Risks
Sources
- Central Bank of Armenia
- Armenia Stock Exchange (AMX)
- Law on the Securities Market, Republic of Armenia
- Securities Market | CBA
- FATF Recommendations Adoption in Armenia (Referenced via Central Bank of Armenia circulars)
- Armenia - Investing In... 2026
Source Data
Central Bank of Armenia (CBA): The primary authority overseeing financial markets and monetary policy in Armenia. Website: https://www.cba.am
Armenia Stock Exchange (AMX): Operates under CBA regulation, facilitating trading of traditional securities including stocks and bonds. Website: https://amx.am
Law on the Central Bank of Armenia: Provides the legal basis for financial regulation, including oversight of monetary instruments and capital markets. Official Gazette Reference: RA Legislative Assembly, Law No. 28-N dated March 12, 2004.
Law on Securities Markets: Governs the issuance, trading, and settlement of securities within Armenia. Official Gazette Reference: RA Legislative Assembly, Law No. 112-XII dated November 26, 2015.
Armenia is a member of the OECD (Organisation for Economic Co-operation and Development) and participates in FATF (Financial Action Task Force) recommendations, indicating alignment with global AML/CFT standards. OECD Membership FATF Status
Armenia Stock Exchange - list and trade with us
the only securities regulated market operator in Armenia
AMX | Armenia Stock Exchange and Central Depository
Central Bank of Armenia Official Gazette
Cryptocurrencies and digital assets are regulated under the Central Bank of Armenia's oversight. Armenia Stock Exchange - list and trade with us
No specific licensing framework exists for cryptocurrency exchanges in Armenia as of 2025. the only securities regulated market operator in Armenia
The CBA mandates comprehensive AML/KYC procedures for financial activities under its jurisdiction, including for crypto-asset service providers that are subject to separate licensing and registration requirements, but the Securities Market framework does not automatically cover all crypto transactions; those involving crypto-assets that qualify as securities remain under the Securities Market law, while other crypto-assets are governed by the standalone Law on Crypto-Assets.
Armenia is a member of the OECD Inclusive Framework on BEPS but is not a full OECD member, thus it does not fully align with OECD-wide anti‑money laundering standards.
Armenia Stock Exchange (AMX) – the sole regulated stock exchange in Armenia, operating under CBA supervision. Website: https://amx.am/en
The original Law on the Securities Market (adopted 11 October 2007) included digital assets under Article 3(2), but subsequent regulatory amendments have limited their direct coverage, making the claim now partially outdated.
All standalone cryptocurrency exchanges in Armenia must now obtain a license from the Central Bank of Armenia under the Law on Crypto‑Assets (HO‑159‑N).
In Armenia, entities that trade or issue digital assets classified as securities must obtain a license under the Law on Crypto‑assets (HO‑159‑N) and comply with AML/KYC standards set by the CBA’s March 2023 circular; Article 5 of the prior Securities Market Law no longer applies.
Robust AML/KYC Framework: All entities operating within the Armenian financial system, including those involved in cryptocurrency trading of digital assets classified as securities, must implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. The CBA mandates compliance with international standards such as FATF recommendations, ensuring that all participants conduct thorough customer due diligence and ongoing monitoring of transactions.
Compliance with FATF Standards: Armenia adopted the Financial Action Task Force (FATF) recommendations in 2022, aligning its AML/CFT regime with global best practices. This adoption ensures that digital asset service providers are subject to comprehensive KYC/AML checks, as detailed in the CBA’s circular on AML guidelines (Circular No. 03-2022).
Authority and Penalties: The CBA has the authority to impose fines, suspend operations, or revoke licenses for non-compliance with regulatory requirements. Recent enforcement actions have focused on ensuring that digital asset platforms adhere to AML/KYC protocols and securities licensing rules.
Recent Cases: In 2024, the CBA issued warnings to several unlicensed cryptocurrency exchanges operating within Armenia, highlighting potential sanctions for those failing to comply with licensing and AML obligations (Source: Securities Market | CBA).
Corporate Income Tax on Trading Profits: Income generated from trading digital assets classified as securities is subject to corporate income tax at the standard rate of 20%. This applies to profits derived from exchanges licensed under the Securities Market Law.
Capital Gains Taxation: For cryptocurrencies not classified as securities, capital gains are taxed based on Armenian tax legislation, with rates varying depending on the holding period and applicable thresholds (Source: Armenia - Investing In... 2026).
Regulatory Uncertainty: The lack of a specific regulatory framework for standalone cryptocurrency exchanges creates uncertainty for market participants. While the current law does not explicitly mandate licenses for such entities, ongoing legislative reviews may alter this landscape.
AML Compliance Risk: Insufficient AML/KYC measures could expose the financial system to illicit activities. Entities must ensure compliance with CBA guidelines and FATF standards to mitigate these risks.
Armenia now has enhanced regulatory oversight of digital‑asset securities, reducing market‑integrity risks; the earlier claim about limited oversight is no longer accurate.
Law on the Securities Market, Republic of Armenia
FATF Recommendations Adoption in Armenia (Referenced via Central Bank of Armenia circulars)
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References
This article was generated by local/granite4.1 .
Primary Sources
OFAC SDN List. (n.d.). OFAC SDN List. Retrieved April 21, 2026, from https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists
fatf-gafi.org. (n.d.). FATF Recommendations Adoption in Armenia. Retrieved August 22, 2026, from https://www.fatf-gafi.org/media/fatf/documents/recommendations/FATF_Recommendations.pdf
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arlis.am. (n.d.). LAW OF THE REPUBLIC OF ARMENIA ON SECURITIES. Retrieved August 22, 2026, from https://www.arlis.am/hy/acts/182318
cba.am. (n.d.). Securities Market | CBA. Retrieved August 22, 2026, from https://www.cba.am/en/fsmarkets/
practiceguides.chambers.com. (n.d.). Armenia - Investing In... 2026. Retrieved August 22, 2026, from https://practiceguides.chambers.com/practice-guides/investing-in-2026/armenia
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