The Central Bank of Armenia says it regulates digital and virtual assets according to the principle of “same risk, same regulation.” Deputy Chairman of the CBA Hovhannes Khachatryan made the statement at the 4Future Banking forum in Yerevan.
He said the regulator seeks to oversee fast-changing sectors through broad risk-control principles rather than overly detailed rules.
Khachatryan added that this approach is also applied to crypto-asset activities, including issuance, exchanges and other related services.
Regulation and risks
According to the deputy chairman, the regulator is sometimes criticized because regulation can slow innovation.
At the same time, he stressed that risks tied to the capital adequacy of large financial institutions, operational risks and cybersecurity risks can undermine the financial system and, in turn, innovation itself.
Khachatryan also underscored the importance of a stable macroeconomic environment and proper management of operational and cybersecurity risks within companies.
