For anyone building a crypto business in or through Armenia, the era of ambiguity has given way to a clear — and mandatory — licensing regime. Anyone intending to provide crypto-asset services must obtain a CBA license before starting operations — there is no longer a lawful route to operate first and formalize later. Some regulated financial institutions, such as investment firms and fund managers, may offer specific crypto services under CBA authorization rather than a standalone license. The CBA maintains a public register of licensed providers and conducts inspections, and it can suspend or reject applications where statutory conditions aren’t met. For founders, the practical implication is simple: Armenia is a serious, credible jurisdiction for a licensed crypto operation, but only for those prepared to meet the CBA’s standards.