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Armenia may legalize cryptocurrency mining

Edmon Manukyan, the Deputy of the Republic of Armenia, has prepared a draft law on cryptocurrency mining legalization. If approved, this draft law will mark the second instance of legalizing cryptocurrency-related initiatives within the EEU space, the first one being the Decree “On Development of Digital Economics” signed by the President of Belarus.

The cryptocurrency mining legalization initiative came from Edmon Marukyan, the “Elq” (“Way Out”) parliamentary opposition party member. The draft law “On Digital Technologies” outlines the rationale for submitting this initiative and describes the regulatory mechanism applicable to the field as well. It suggests, in particular, to allow all legal entities and individuals over 18 years of age to participate in cryptocurrency mining activities without getting any state’s permits or licenses in order to be able to do so. The draft law provides for exempting miners from taxation prior to its coming into force and until December 31, 2023.

“The adoption of cryptocurrency mining-related legislation is driven by the need for moving forward and walking in step with the times,” – Marukyan believes.

Back in 2015, the Central Bank of Armenia came up with the official statement warning Armenians against using bitcoin before the introduction of dedicated regulatory norms.

“In accordance with the law, virtual currencies, including bitcoins, are not recognized as payment means in Armenia, and the regulator thereby calls upon the citizens to abstain from using them, given the fact that at the moment there are no clearly defined approaches to the matter on an international scale,” – the document read.