The Chairman of the NA Standing Committee on Financial, Credit and Budgetary Issues, Tsovinar Vardanyan, wrote on her social media page:
"On December 17 of this year, an extraordinary session of the Standing Committee on Financial, Credit and Budgetary Issues was held.
The committee gave a positive conclusion to the draft on making amendments and additions to the Law "On Cryptoassets", according to which it is planned to provide a transitional period for organizations providing services with cryptoassets:
- To recognize the activities of organizations that have applied to the Central Bank within one year before licensing,
- to lift the ban on cash withdrawals up to 300.00 drams for a period of up to 2 years,
- to allow cash transactions only with an identification document, without requiring a residence address,
- to enable the installation of ATMs and ATM transactions, while maintaining the cash withdrawal limit of 300,000 drams.
"I consider it important to note that the focus of the committee will remain on the development of the sector and the implementation of the law, to fill possible legislative gaps and ensure balanced regulations for the sector's activities."
