72 Officials of the Executive Body Own Cryptocurrency Equivalent to 578 Million Drams

72 officials from the Executive Body, including the Government and agencies under the Prime Minister, have declared cryptocurrency worth approximately 578 million drams as of 2024. Their preferred cryptocurrency is Bitcoin, totaling about 295 million drams, followed by Fasttoken at 192 million drams.

Officials who hold cryptocurrency claim that this currency is becoming more regulated at a legislative level in Armenia, increasing its attractiveness. This was reported by Hetq.am.

Cryptocurrency is a form of 'virtual' money based on technology known as blockchain. It uses encryption methods to ensure the security of transactions. Unlike traditional currencies, cryptocurrency is not managed by banks or governments but is created through computer programs.

In 2024, the officials with the highest declared cryptocurrency values include Aram Djivanyan, the head of the Defense Industry Committee of the Ministry of High-Tech Industry, Gurgen Arsenyan, the Armenian Ambassador to the Russian Federation, and David Khachatryan, the Deputy Minister of Labor and Social Affairs.

Notably, in May 2025, amendments and changes were made to the Law on Public Service, which require the declaration of crypto assets as well. For crypto assets, annual declarations must include the name of the crypto asset, the date of acquisition, the value, the currency, and details of the counterparty involved in transactions, including their name, surname, patronymic, and address. In cases where the transaction was made on a trading platform for crypto assets, the name of the platform operator must also be included. Previously, such declarations were not mandatory and appeared to be left to the discretion of officials or individuals linked to them.

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