Armenia seems to follow the footsteps of countries like Belarus in crypto regulations. The newly introduced bill deals with the legalization and regulation of cryptocurrency mining transactions within the country.. It will also offer tax exemptions and incentives for miners.. If the bill is passed, businesses will not need any licenses or permits to mine.. This will indirectly legalize the transactions of cryptocurrencies.
Keep Up With The Times
Bitcoin The law that will regulate mining of cryptocurrencies such as Yerevan’ also presented to parliament. If Armenian statesmen approve this new bill, Armenia will become the second Eurasian Economic Union (EAEU) member to take a positive step towards the crypto industry.. As the first member, Belarus has already made some progress in this direction by legalizing cryptocurrencies, issuing ICOs and exempting miners from taxes.
As a matter of fact, these changes are quite liberal.. According to Eurasia Daily, one of the articles states that every individual and company in Armenia is free to start mining by installing their own plant equipment.. And it doesn’t require any special permissions or licenses.. In addition, this bill exempts miners from taxes until 31 December 2023. For mining companies, it provides some benefits, such as creating exclusive special tariffs.
The attempt to legalize mining of cryptocurrencies is behind Edmon Marukyan.. As for what motivates him, Marukyan says he feels he has to do it because of his “need to keep up with the times”.. Even if there are some who oppose his initiatives, Marukyan seems to have his law on digital technologies accepted.. Especially considering some recent developments in this direction in the region.
Armenia’s neighbor Georgia is a real pioneer among the South Caucasus countries in the legalization of cryptocurrencies.. The implementation of blockchain technology in the private and public sector has been an emerging topic over the past few years.. And the first bitcoin mining facility in Transcaucasia is located in Georgia. In addition, the country’s land registry transactions have been provided via Blockchain since 2016.
Winds of Change in Eurasia
There are some questions about how appropriate it would be for the Armenian government to legalize cryptocurrencies. they voiced their doubts in Yerevan. The central bank, on the other hand, issued a statement 3 years ago before Bitcoin was issued, warning about the use of Bitcoin:
“According to the law, virtual money units are not electronic money.”
In addition, the Central bank promised that it would work on the issuance and circulation of cryptocurrencies, as well as take care of the security of users.
Eurasia Daily, Armenian authorities are cautious about this issue because they are aware that the control mechanisms they currently have are insufficient.. The weakness of public institutions and their location in a tense region close to conflicts increase the risk of cryptocurrencies being used in illegal activities such as money laundering and financing terrorism.
However, Armenia is slowing down its cryptophobia. seems to be running slow. Recently, a think tank working for the government came up with an idea to implement the Blockchain in different ways, zone by zone.. The plan to create a free economic space for start-ups developing distributed ledger applications was announced last January.
The winds of change have blown over Eurasia, changing the crypto climate in the Eurasian Economic Union. making it milder. Belarus, which is a leader in accepting cryptocurrencies, is preparing to take the necessary steps to legalize any Bitcoin-based transaction.. The presidential decree on cryptos, ICOs and smart contracts is expected to be implemented by the end of March.
In Russia, the Ministry of Finance “Digital Financial Assets” He had published a bill on. Despite its reservations about cryptocurrencies, the central bank said in a statement that it has no objections to the legalization of cryptocurrency mining and ICOs.. Russian Prime Minister Dmitry Medvedev recently stated that they should combine their efforts with other EAEU countries.. And urged countries to take a joint approach to cryptocurrency regulations. Kazakhstan and another EAEU member Kyrgyzstan, which had a meeting between the leaders last week, have already started to take the necessary steps to be on the global crypto map.
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