Armenian lawmaker Edmon Marukyan proposes to adopt legislation legalizing cryptocurrency mining in the country, Bitcoin.com reported.
Newly proposed legislation offers tax exemptions and other incentives to miners. If adopted, businesses will be able to operate mining facilities without any licensing. This will indirectly legalize cryptocurrency transactions.
“We studied the experience of Belarus, Estonia, Germany, Israel and the United States and came to the conclusion that we should liberalize the industry,” Edmon Marukyan said in an interview posted on his official website.
“If we chose to impose restrictions, the mine farms will be moved to Georgia,” the lawmaker said.
Under the draft law, every private individual and corporate entity in Armenia would be allowed to set up facilities and start mining. No special permits or licenses will be required. The draft exempts miners from taxation until December 31, 2023.
If Armenian lawmakers vote for the new legislation, their country will become the second member-state of the Eurasian Economic Union (EAEU) to demonstrate positive attitude towards the crypto sector. Belarus has already taken steps in that direction legalizing cryptocurrencies, regulating ICOs, and exempting miners from taxation.
According to an earlier report, Armenia will soon be home to a large mining farm, involving a data center technically equipped for mining Bitcoins (Bitcoin) as well as other digital currencies in Meghri free economic zone.