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This material was prepared by Karen Petrosyan (Armenian State University of Economics in Gyumri) for the Ethics & Finance course within the project Localizing Economic Education for V4 Countries and Beyond. The project was co-financed by the governments of Czechia, Hungary, Poland and Slovakia through Visegrad Grants from the International Visegrad Fund. The mission of the fund is to advance ideas for sustainable regional cooperation in Central Europe. See https://visegrad.webflow.io/ for more information.
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Financial innovation and crypto-industry in ARMENIAData source
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Size of the crypto-industry in Armenia:
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Do you have some measures available? This revenue is projected to grow at an annual growth rate of -4.94% (CAGR 2024-2025), resulting in a total revenue of US$1,116.0k by 2025.https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/armenia
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How is the sector growing?The Cryptocurrencies market in Armenia is expected to generate a revenue of US$1,174.0k in 2024.
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What are the main market participants?For exactly in Armenia, the number of users in the Cryptocurrencies market is expected to reach 120.00k users by 2025.
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Is it possible to invest in crypto-ETFs in Armenia?There is no information
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Main crypto-activities in Armenia:
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TradingCryptocurrency Mining
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MiningBlockchain Development and Innovation
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OthersCrypto Exchanges and Trading, Crypto Investment, Regulatory Framework and Legal Environment
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Regulation of crypto in Armenia:
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Is this sector regulated? If so, how and since when?Taxation of Cryptocurrencies
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Fiscal lawsRegulatory Developments (Cryptocurrency Law)
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Financial regulationsNot available
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Other regulationsNot available
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What is the definition of crypto-currencies/assets? Blockchain Technology, Peer-to-Peer Transactions
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Sanctions involving cryptos in Armenia (Y/N)No
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Description of the sanctions: numbers, years, breaches, parties at stake, set by who, verdictsNot available
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What is the "reputation" of the crypto-industry in Armenia?The reputation of the crypto industry in Armenia is generally positive, but it is still evolving.
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Are crypto-currencies used in Armenia to circumvent international sanctions?There is no widespread evidence or indication that the crypto industry in Armenia is being used for this purpose on a large scale. However, the potential for cryptocurrencies to be used in this way exists due to their decentralized and nature.
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