🇦🇲Armenia

Detailed overview

Armenia at a glance

Armenia (population approximately 2.8 million) has positioned itself as a regional crypto vanguard with a MiCA-modelled standalone statute and a free-economic-zone incentive ecosystem. Online casinos in Armenia recorded deposits exceeding AMD 811 billion (about USD 2.2 billion) in 2024.

Crypto regime: the Law on Crypto-Assets was adopted by the National Assembly on 29 May 2025 and entered into force on 4 July 2025 — Armenia's first comprehensive legal act dedicated to crypto-assets. Legislative and regulatory sequence:

• December 2024: CBA Chairman Martin Galstyan announced the MiCA-modelled draft (three years of research, FATF-aligned)
• 29 May 2025: National Assembly adopted the Law on Crypto-Assets
• 4 July 2025: Law entered into force
• 30 December 2025: CBA adopted Regulation 7/01 (Resolution No. 227-N) on registration and licensing of CASPs, foreign-CASP branch/representative-office permits, and prior consent for qualifying-holding acquisitions
• Licensing enforcement effective; pre-existing providers (operating before 4 July 2025) must obtain a CBA licence by 31 January 2027

Key features:

• CBA is the sole licensing and supervisory authority (ensures financial stability, sets licensing procedure, required documents, minimum charter capital by activity type)
• MiCA-modelled, FATF-aligned
• Minimum capital: approximately USD 30,000 to USD 530,000 depending on the business type
• Banks must establish a separate licensed legal entity to offer crypto services (changed from earlier draft allowing direct bank operation under CBA approval)
• Regulates public offering and public purchase/sale of crypto-assets; defines crypto-asset service types and provision procedures
• Exclusions: assets qualifying as securities, derivatives, investment-fund units, bank deposits, or insurance products; issuers being the Republic of Armenia, the CBA, a municipality, or an international organization; unique/non-transferable/central-bank-issued assets
• Tax: non-entrepreneur crypto gains tax-free (0%); the ECOS Free Economic Zone offers incentives for blockchain startups
• Industry pushback: critics argue the separate-entity bank requirement and compliance burden amount to a de facto barrier

Gambling regime: currently governed by the laws "On Winning Games, Online Winning Games, and Casinos" and "On Lotteries". These are being repealed and replaced by the consolidated Law on Regulation of Gambling Activity, set to enter into force by end-2026. Oversight shifted to the State Revenue Committee (supervisory authority) and the Ministry of Finance (competent authority); the Ministry of Economy was the legacy competent authority. Internet gambling is permitted only for RA-registered commercial entities licensed by the Ministry of Finance.

Key gambling parameters:

• Land-based casinos restricted to four zones: Tsaghkadzor, Jermuk, Sevan, Meghri (with very limited exceptions, historically including high-end Yerevan venues)
• Minimum casino project investment: about USD 83.5 million for a casino construction/operation licence (one licence per consortium if bid by a group)
• Online gambling: .am domain, servers within Armenia, connection to the central state monitoring system; aggressive geo-blocking of unlicensed offshore sites; cash payments banned (bank cards/online payments only); 90% return-to-player (RTP) rule
• High-roller monitoring: customers wagering more than ~USD 2,000 placed in a special database with closely monitored transactions (effective 1 June 2025; earlier reporting cited a 2017-era and a 2025 update)
• Quota system for gambling licences introduced to limit operator numbers
• Advertising ban introduced in 2025; licence fees doubled from 1 April 2025, with further multipliers scheduled through 2028
• Tax: 10% turnover tax on all gambling (land-based and online) effective 1 July 2025; gambling winnings above AMD 5 million (about USD 13,550) subject to taxation (introduced 2024); a proposed shift from turnover tax to a duty on gambling operations (doubling lottery duty 0.1%→0.2% and online winning-game duty 0.175%→0.35%) was under second reading in March 2025
• Two new bodies — the Gaming Sector Monitor and Gaming Operator Institute — being established

Last verified: May 2026. Reference rate: AMD 369 = USD 1.

Armenia has a fully in-force MiCA-modelled crypto statute (4 July 2025) with CBA licensing and a 0% personal crypto-gains tax. Gambling is heavily zoned, capital-intensive, and tightening, with a consolidated new law due by end-2026.

Is there a crypto licence in Armenia?

Yes. The Law on Crypto-Assets is in force from 4 July 2025. The Central Bank of Armenia is the sole licensing authority. CBA Regulation 7/01 (Resolution 227-N) sets registration and licensing procedures.

The legal foundation:

• Law on Crypto-Assets — adopted by the National Assembly 29 May 2025; in force 4 July 2025; first comprehensive standalone crypto statute in Armenia; MiCA-modelled, FATF-aligned
• CBA Regulation 7/01 — Resolution No. 227-N, adopted 30 December 2025: "Registration and Licensing of Crypto Assets Service Providers; Issuance of Branch and Representative Office Operation Permits for Foreign Crypto Assets Service Providers; Procedure for Obtaining Prior Consent for the Acquisition of a Qualifying Holding"
• Central Bank of Armenia (CBA) — sole licensing and supervisory authority; sets licensing procedure, required documents, and minimum charter capital by activity type

Scope and structure:

• Legal entities may provide crypto-asset services in Armenia only if registered and licensed by the CBA
• Regulates public offering and public purchase/sale of crypto-assets; defines crypto-asset service types and provision procedures
• Banks must establish a separate, licensed legal entity to offer crypto services
• Foreign CASPs may operate via CBA-permitted branches or representative offices
• Qualifying-holding acquisitions require prior CBA consent
• Exclusions: assets that qualify as securities, derivatives, investment-fund units, bank deposits, or insurance products; issuers that are the Republic of Armenia, the CBA, a municipality, or an international organization; assets that are unique, non-transferable, or central/national-bank-issued

Capital, tax, and transition:

• Minimum charter capital: approximately USD 30,000 to USD 530,000 depending on activity type (set by CBA)
• Tax: non-entrepreneur crypto gains tax-free (0%); ECOS Free Economic Zone incentives for blockchain startups
• Transition: providers operating before 4 July 2025 must obtain a CBA licence by 31 January 2027 or be barred from operating
• Industry stakeholders argue the framework (separate bank entity, compliance burden) functions as a de facto barrier; the CBA frames it as consumer protection and clarity

Crypto-Asset Service Provider (CASP) Licence (CBA)

Best for crypto exchanges, custodians, and crypto-service businesses willing to incorporate and license in Armenia.

What it is: Licence under the Law on Crypto-Assets and CBA Regulation 7/01, issued and supervised by the Central Bank of Armenia.

Who it suits: Crypto exchanges, custodians, brokers, and crypto-service providers; bank groups via a separate licensed entity; foreign CASPs via branch/representative office.

Covers: Crypto-asset services as defined by the Law (exchange, custody, operation of trading platforms, related services), and participation in public offerings/sales subject to CBA conduct requirements.

Operational requirement: CBA registration and licence. Minimum charter capital per activity type (approx. USD 30,000–530,000). Required documentation per Regulation 7/01. Fit-and-proper and qualifying-holding prior-consent requirements. AML/CFT (FATF-aligned). Banks must use a separate licensed legal entity. Pre-4-July-2025 providers must be licensed by 31 January 2027.

Headline figures

• Minimum charter capital: ~USD 30,000–530,000 (by activity type)
• Regulator: Central Bank of Armenia (sole)
• Personal (non-entrepreneur) crypto-gains tax: 0%
• Transition deadline (pre-existing providers): 31 January 2027
• Bank participation: separate licensed entity required
• Implementing regulation: CBA Regulation 7/01 (Resolution 227-N, 30 December 2025)

Crypto-Asset Public Offering Authorisation (CBA)

Best for token issuers and entities conducting public offerings of crypto-assets.

What it is: Authorisation under the Law on Crypto-Assets for the public offering and public purchase/sale of crypto-assets.

Who it suits: Token issuers and platforms conducting public crypto-asset offerings to Armenian investors.

Covers: Public offering and public purchase/sale of crypto-assets, subject to CBA disclosure and conduct requirements. Excludes assets qualifying as securities, derivatives, fund units, deposits, or insurance products, and central-bank/sovereign/municipal/international-organization issuers.

Operational requirement: CBA authorisation and disclosure compliance. AML/CFT (FATF-aligned). Coordination with CASP licensing where the offeror also provides services.

Headline figures

• Regulator: CBA
• Scope: public offering + public purchase/sale
• Key exclusions: securities/derivatives/fund units/deposits/insurance; sovereign/CBA/municipal/international-org issuers; unique/non-transferable assets

Foreign CASP Branch / Representative Office Permit (CBA)

Best for foreign crypto-asset service providers entering Armenia without local incorporation.

What it is: Permit under CBA Regulation 7/01 for branches and representative offices of foreign CASPs.

Who it suits: Established foreign CASPs seeking an Armenian presence via branch/representative office rather than a new local entity.

Covers: Branch or representative-office operation of a foreign crypto-asset service provider, subject to CBA permit conditions.

Operational requirement: CBA branch/representative-office permit per Regulation 7/01. Compliance with Armenian AML/CFT and conduct requirements. Qualifying-holding prior-consent rules where applicable.

Headline figures

• Regulator: CBA
• Instrument: Regulation 7/01 (Resolution 227-N)
• Structure: branch or representative office of a foreign CASP

Is there a gambling licence in Armenia?

Yes. Gambling is licensed by the Ministry of Finance (competent authority) with State Revenue Committee supervision. Land-based casinos are restricted to four zones. A consolidated Law on Regulation of Gambling Activity is set to enter force by end-2026.

The legal foundation:

• Law "On Winning Games, Online Winning Games, and Casinos" and Law "On Lotteries" — current framework; gambling is bifurcated into "winning games" and "lotteries"
• Law on Regulation of Gambling Activity — consolidated replacement, set to enter into force by end-2026 (repealing the above)
• Article 4 of the Law on Games of Chance — internet gambling permitted only for RA-registered commercial entities holding a Ministry of Finance licence; non-RA-registered platforms prohibited
• Oversight: State Revenue Committee (supervisory authority) and Ministry of Finance (competent authority); Ministry of Economy was the legacy competent authority
• 2024 government gambling law targeting foreign online operators (prohibiting Armenian participation in foreign-organised gambling and .am-domain advertising of it; site-blocking powers)

Licence categories: online casino (internet games of chance), bookmaker (land-based + online sports betting), land-based casino, totalizator (pari-mutuel), and lottery.

Key parameters and reforms:

• Land-based casinos restricted to four zones: Tsaghkadzor, Jermuk, Sevan, Meghri (very limited exceptions)
• Minimum casino project investment: ~USD 83.5 million for a casino construction/operation licence; if a consortium bids, the licence issues to one participant
• Online gambling requirements: .am domain; servers within Armenia; connection to the central state monitoring system; cash payments banned (bank cards/online only); 90% RTP rule; aggressive geo-blocking of unlicensed offshore sites; player identification and bank-card/game-balance verification
• High-roller monitoring: customers wagering more than ~USD 2,000 entered into a special monitored database (effective 1 June 2025)
• Quota system limiting the number of gambling licences
• Advertising ban (2025); licence fees doubled from 1 April 2025, with further multipliers scheduled through 2028
• Tax: 10% turnover tax on all gambling (land-based + online) effective 1 July 2025; winnings above AMD 5 million (about USD 13,550) taxable (2024); a March 2025 second-reading proposal would shift turnover tax to a duty on gambling operations (lottery duty 0.1%→0.2%; online winning-game duty 0.175%→0.35%)
• New bodies: Gaming Sector Monitor and Gaming Operator Institute being established

Online Casino (Internet Games of Chance) Licence (Ministry of Finance)

Best for online casino operators willing to localise infrastructure in Armenia.

What it is: Licence under the Law on Games of Chance (Article 4) for internet gambling, issued by the Ministry of Finance.

Who it suits: Online casino operators that are RA-registered commercial entities willing to localise infrastructure and connect to the state monitoring system.

Covers: Internet games of chance offered to Armenian players via a licensed, locally-infrastructured platform.

Operational requirement: RA-registered commercial entity. Ministry of Finance licence. .am domain; servers within Armenia; connection to the central state monitoring system. Cash payments banned (bank cards/online payments only). 90% RTP rule. Player identification; bank-card and game-balance verification. Quota-system constraint. Advertising ban compliance. Doubled licence fees (from 1 April 2025), further multipliers through 2028. 10% turnover tax (from 1 July 2025).

Headline figures

• Eligibility: RA-registered commercial entities only
• Infrastructure: .am domain + Armenia-based servers + state monitoring connection
• Payments: cash banned; bank cards/online only
• RTP: 90% minimum
• Turnover tax: 10% (from 1 July 2025)
• Licence fees: doubled from 1 April 2025; further multipliers to 2028
• 2024 online deposits (market): AMD 811bn (about USD 2.2bn)

Land-Based Casino Licence (Ministry of Finance)

Best for capital-intensive integrated casino developments in designated zones.

What it is: Licence for casino construction/operation, restricted to four designated zones, issued by the Ministry of Finance.

Who it suits: Large investors developing casino projects in Tsaghkadzor, Jermuk, Sevan, or Meghri.

Covers: Casino construction and operation within a designated zone, subject to investment, monitoring, and conduct requirements.

Operational requirement: Minimum project investment ~USD 83.5 million. Location within a designated zone (Tsaghkadzor, Jermuk, Sevan, Meghri; very limited exceptions). If a consortium bids, the licence issues to a single participant. High-roller monitoring (>~USD 2,000 wagers into a special database). Quota-system constraint. Advertising ban compliance. 10% turnover tax (from 1 July 2025). Doubled licence fees with multipliers to 2028.

Headline figures

• Minimum project investment: ~USD 83.5 million
• Zones: Tsaghkadzor, Jermuk, Sevan, Meghri
• High-roller threshold: ~USD 2,000 (special monitored database)
• Turnover tax: 10%
• Winnings tax threshold: AMD 5m (about USD 13,550)

Bookmaker / Totalizator / Lottery Licences (Ministry of Finance)

Best for sports betting, pari-mutuel, and lottery operators.

What it is: Ministry of Finance licences for bookmaking (land-based + online sports betting), totalizator (pari-mutuel), and lottery operations.

Who it suits: Sports betting operators, pari-mutuel operators, and lottery operators (with a state-run lottery operator already serving local customers).

Covers: Land-based and online sports betting (bookmaker), pari-mutuel/totalizator betting, and lottery products (regulated under the Law on Lotteries).

Operational requirement: RA-registered commercial entity; Ministry of Finance licence; online operations subject to the same .am/servers/state-monitoring/cash-ban/RTP requirements; quota-system constraint; advertising-ban compliance; 10% turnover tax (from 1 July 2025); high-roller monitoring.

Headline figures

• Bookmaker: land-based + online sports betting
• Totalizator: pari-mutuel
• Lottery: state-run operator serves local customers
• Turnover tax: 10% (from 1 July 2025)
• Consolidated new law: Law on Regulation of Gambling Activity, in force by end-2026

Costs and timelines at a glance

• Crypto law: Law on Crypto-Assets adopted 29 May 2025; in force 4 July 2025
• Crypto implementing regulation: CBA Regulation 7/01 (Resolution 227-N), 30 December 2025
• Crypto regulator: Central Bank of Armenia (sole)
• Crypto minimum capital: ~USD 30,000–530,000 (by activity)
• Personal crypto-gains tax: 0% (non-entrepreneur)
• Bank crypto participation: separate licensed entity required
• Pre-existing CASP transition deadline: 31 January 2027
• Foreign CASPs: branch/representative-office permit available
• Gambling competent authority: Ministry of Finance; supervisory: State Revenue Committee
• Land-based casino zones: Tsaghkadzor, Jermuk, Sevan, Meghri
• Minimum casino project investment: ~USD 83.5 million
• Online gambling: .am domain + Armenia servers + state monitoring; cash banned; 90% RTP
• High-roller monitoring threshold: ~USD 2,000
• Gambling turnover tax: 10% (from 1 July 2025)
• Winnings tax threshold: AMD 5m (about USD 13,550)
• Licence fees: doubled from 1 April 2025; multipliers through 2028
• Advertising: banned (2025)
• Consolidated gambling law: in force by end-2026
• 2024 online gambling deposits (market): AMD 811bn (about USD 2.2bn)

Who Armenia suits and who it does not

Suitable for

• Crypto exchanges, custodians, and brokers willing to obtain a CBA CASP licence and meet the ~USD 30,000–530,000 capital range
• Token issuers conducting public offerings willing to meet CBA disclosure and conduct requirements
• Foreign CASPs preferring a CBA branch/representative-office permit over local incorporation
• Bank groups willing to establish a separate licensed entity for crypto services
• Blockchain startups able to leverage the ECOS Free Economic Zone and the 0% personal crypto-gains tax
• Pre-existing crypto providers willing to regularise under the 31 January 2027 transition deadline
• Large casino investors able to commit ~USD 83.5 million for a zoned integrated development (Tsaghkadzor, Jermuk, Sevan, Meghri)
• Online casino, bookmaker, totalizator, and lottery operators willing to be RA-registered, localise infrastructure (.am + Armenia servers + state monitoring), and absorb the 10% turnover tax
• Operators aligned with strict KYC, RTP, geo-blocking, and high-roller-monitoring requirements

Not suitable for

• Crypto businesses expecting bank-integrated operation without a separate licensed entity — prohibited
• Operators unwilling to meet CBA capital, documentation, and qualifying-holding prior-consent requirements
• Pre-existing crypto providers unwilling to license by 31 January 2027 — they will be barred from operating
• Issuers of assets that qualify as securities, derivatives, fund units, deposits, or insurance — outside the crypto-law perimeter
• Operators expecting low compliance burden — industry itself describes the framework as a de facto barrier
• Online gambling operators unwilling to register in Armenia, use a .am domain, host servers locally, or connect to the central monitoring system — non-RA platforms are prohibited
• Operators relying on cash payments for online gambling — banned (bank cards/online only)
• Casino developers below the ~USD 83.5 million minimum project investment, or seeking sites outside the four designated zones
• Operators relying on gambling advertising — banned (2025)
• Operators unable to absorb the 10% turnover tax (from 1 July 2025) and scheduled licence-fee multipliers through 2028
• Offshore operators targeting Armenian players from abroad — geo-blocking and 2024 anti-foreign-operator measures apply