Proper oversight is key to the successful development of the cryptosphere in Armenia, says AMX CEO

YEREVAN, October 8. /ARKA/. The key issue in the context of implementing Armenia's "Crypto Assets" law is the ability to oversee it, given the potential for major risks, said AMX CEO Hayk Yeganyan in an interview with ARKA news agency.

"For example, if fraud occurs, will the regulatory body have the capacity and skills to oversee it? Will the Central Bank oversee it, or will a separate body be created? I don't know, but I believe the most important thing is oversight," he emphasized.

In this regard, Yeganyan stated that if a new sector lacks the skills, knowledge, experience, and human capital for oversight, it's a failing sector from the start.

"If you have a law but lack the skills to properly implement it and attract interest, then either the law is bad, or you're not doing a good job of generating interest," he explained.
He also noted that Armenia has smart people, especially in the crypto sector.

"I don't know who will regulate and oversee the field in the long term, but I'm confident that if we mobilize the potential of smart people, we can create a very good regulatory structure," he said.

Responding to a question about the extent to which the European model, on which Armenia's "Law on Cryptoassets" is based, is adapted to the Armenian market, Yeganyan called this approach appropriate.

"The Central Bank has chosen the right path. Why reinvent the wheel if it already exists?" he said.

About the Law on Cryptoassets

The Law on Cryptoassets entered into force in Armenia on July 4, 2025. The document establishes rules for cryptoasset trading, service provision, and market oversight. The established regulatory mechanisms allow only proven and transparent companies to enter the market, which should protect the rights of cryptoasset buyers and increase trust in the market. Andranik Togramajyan, head of the digital finance division at the Cilicia business club, previously expressed concern in an interview with ARKA news agency that current regulations are too strict, noting that many international players will think twice before entering the Armenian market.