Armenia enacted the Law on Crypto-Assets (HO-159-N) on May 29, 2025, and it entered into force on July 4, 2025, establishing the country's first comprehensive regulatory framework for digital assets. The law is modeled on the European Union's Markets in Crypto-Assets Regulation (MiCA) and establishes the Central Bank of Armenia as the sole regulator.
Stablecoin types explicitly regulated:
Asset-Referenced Tokens (ARTs): Crypto-assets designed to maintain stable value through reference to fiat currencies, currency baskets, or other assets (to be defined by Central Bank regulation). ARTs require licensing for issuers; mandatory white papers with Central Bank review (minimum 30 days for ARTs); 100% asset backing via segregated reserves; monthly disclosure; redemption at par value; no interest payments to holders.
Electronic Money Tokens (EMTs): Tokens pegged to the Armenian dram, exclusively issuable by banks and payment/settlement organizations. EMTs have exemptions from certain ART requirements (e.g., some white paper rules) but must be redeemable at nominal value.
Applicable Laws:
Law on Crypto-Assets (HO-159-N) - https://www.arlis.am/hy/acts/210999
