Armenia to Move into the FinTech Future and Legalize Cryptocurrency Mining

Edmon Marukyan, an Armenian lawyer and member of the National Assembly, plans to pass a law that legalizes cryptocurrency mining in the region. Miners will obtain the privilege of tax exemptions and other stimuli. If the legislative proposal is passed, it will enable business enterprises to mine cryptocurrency on the financial market without any restrictions.

Edmon Marukyan said in an interview posted on his official website:

“We studied the experience of Belarus, Estonia, Germany, Israel and the United States and came to the conclusion that we should liberalize the industry. If we chose to impose restrictions, the mine farms will be moved to Georgia.”

According to this new draft law, every individual and business entity of Armenia will get an opportunity to place facilities and begin to mine. They won’t need any special licenses or permissions. The bill will make miners free from tax assessment until December 31, 2023.

If Armenian parliamentarians pass this draft, their country will become the second member-state of the Eurasian Economic Union (EAEU) to show a positive attitude towards the cryptocurrency financial market. Measures have already been taken in Belarus. The government there legalized fintech cryptocurrencies, put regulations on ICOs, and exempted miners from taxation.

The draft law on “Development of Digital Technologies” aims to exclude unnecessary bureaucracy rather than regulate the field, Mane Tandilyan, a supporter of cryptocurrency legislation, told Public Radio of Armenia.

Insider.pro reported earlier that Armenia will soon become a host country for a large mining farm with efficient technical equipment for mining digital currencies, including the blockchain-based trading coin Bitcoin, in the Meghri free economic zone.