Country overview

#77
Armenia

Country stats

Rating Points
184
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
1.7%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
45 900
Total amount of crypto users out of the country's total population based on public data.
Taxation points
28
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
96
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
No info
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No info
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Safe place
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No data
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
None
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
intro

Armenia has a relatively high level of development in the mining industry and a large cryptocurrency exchange market for the CIS. Therefore, this country is included in the rating, and it can be considered a cryptocurrency hub among the CIS countries. Moreover, Armenia has good economic relations with CIS countries, Europe and Asia.

At the same time, the domestic cryptocurrency market is small, and there is still no crypto regulation in the country.

Security level

According to our rating, Armenia has a safe place security level. The jurisdiction has 78.4 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 2.2 per 100,000 inhabitants a year.

Crypto Payments

No crypto regulation in Armenia includes this topic. At the same time, crypto payments are unofficially used. Contact us if you have more feedback about this topic.

Crypto Salaries

No crypto regulation in Armenia includes this topic. At the same time, crypto payments are unofficially used. Contact us if you have more feedback about this topic.

Legal

According to Freeman Law (3), Armenia has no crypto regulation regime. Cryptocurrencies are currently mentioned only in the criminal code of Armenian legislation and are not defined in the civil code.

A short and straightforward overview of crypto regulations in the country has been provided by the Minister of Finance in an interview (4) with Russian media Kommersant:

“There is no regulation now, which means that everything is possible. In Armenia, you can cash in cryptocurrency, fund your account, and carry out all transactions. Mining is also not regulated in any way now. We are working on this issue to create a legislative basis for regulating cryptocurrency transactions”.

In 2022, the Armenian Tax Service publicly asked (5) the Central Bank of Armenia to create a cryptocurrency regulation system so that residents would not evade taxes by using cryptocurrencies. However, the country still has no crypto regulation in December 2023.

In the CIS, Armenia is one of the leaders in the number of cryptocurrency exchange points. The exchange of cryptocurrencies here is a gray area, but at the same time, it is not prohibited. Based on CoinATM Radar (6), there are 13 crypto ATMs in Yerevan. The amount of crypto exchange points is much bigger, and the exchange fee is about 1%.

Taxation
Tax nameIndex
PIT tax Min10%
PIT tax Max20%
Corporate tax (CIT)18%
Min Individual CGT (for crypto)10%
Max Individual CGT (for crypto)20%

No crypto taxation framework has been implemented in Armenia yet. According to PWC tax summaries (7), the country's tax rates are PIT -20 %, CGT -10 -20 %, and CIT 20%.

Links