Armenian Government Officials Declare $1.5 Million Worth of Cryptocurrency

Photo Credit: Hetq.am

A growing number of Armenian government officials are embracing digital assets, with official declarations showing a total of $1,456,400 worth of cryptocurrency owned by 72 officials in 2024, according to an investigation by Hetq.

The officials’ favorite digital currency is Bitcoin, valued at $744,300, followed by Fasttoken with $484,000, Ethereum with $130,000, Ton with $14,000, Solana with $5,100, and several other cryptocurrencies worth $79,000 in total.

Officials holding these digital assets told Hetq that the growing regulation of cryptocurrencies in Armenia makes them more appealing and reliable as investments.

Cryptocurrency is a form of virtual money that operates using blockchain technology, which secures transactions through encryption rather than traditional banking systems. Unlike national currencies, it is not controlled by any government or central authority.

Among the officials, Aram Jivanyan, Chairperson of the Military Industry Committee of the Ministry of High-Tech Industry, reported the largest holding—worth $711,000.

Gurgen Arsenyan, Armenia’s Ambassador to Russia, declared $250,050, while Davit Khachatryan, Deputy Minister of Labor and Social Affairs, reported $159,000 in cryptocurrency.

Jivanyan explained to Hetq that he has worked in cryptography since 2010 and built Armenia’s first startup in the field. His cryptographic algorithms were sold to Samsung, and in 2015 his company launched a data encryption product in France. Later, he became chief scientist and co-founder of a cryptocurrency firm.

“Whatever crypto I have now is acquired with crypto I created. In other words, I have replaced the crypto I created with another crypto, specifically Bitcoin. I have seven Bitcoins, which I acquired with Firo, and I was the creator of Firo’s technology. I am not a fan of cryptocurrencies, but rather a cryptographer and scientist and have been a businessperson, creating products or algorithms based on cryptography since 2010,” Jivanyan told Hetq.

He also said that Armenia has now taken steps to legally regulate the crypto sector, which he believes makes it more stable and transparent.

On May 25, 2025, Armenia adopted the Law on Cryptoassets, which regulates the country’s crypto market. The new law defines the public offer and sale of crypto-assets, sets out service types, procedures, and the Central Bank’s authority in oversight and regulation. It also outlines penalties for violations.

The introduction of this law is the country’s first major step in establishing a legal framework for cryptocurrencies.

Deputy Minister Davit Khachatryan, who has owned crypto since 2022, told Hetq that he views the technology as part of the global trend of innovation.

“Given that I am an economist by profession, I have certain ideas about any future transformation, especially in terms of innovative technological assets. I think that cryptocurrency technology is quite interesting and is rapidly gaining application. Many countries have begun to consider blockchain technology as secure and apply it in various systems. I think that the demand for it will grow significantly in the coming years, which will lead to an increase in the price of assets,” Khachatryan said.

He explained that cryptocurrencies like Bitcoin have a limited supply, making them more predictable and less prone to inflation. For instance, only 21 million Bitcoins will ever exist.

Khachatryan estimated that 5–6% of Armenia’s population already owns cryptocurrency—comparable to the early global adoption of Google in the late 1990s.

When asked about recent volatility in crypto markets, Khachatryan admitted that fluctuations affect all financial markets, not just crypto. He pointed out that U.S. tariffs on Chinese goods caused turbulence across global markets, including crypto assets.

“There is concern, but there are solutions to it. You diversify, turn it into cash. But in the long term, crypto is an interesting asset for me, that is, to increase, to hold, and I am not afraid of such fluctuations,” Khachatryan told Hetq.

In May 2025, Armenia amended its Law on Public Service to include crypto-assets among the financial properties that public officials must declare.

This move shows the Armenian government’s growing recognition of cryptocurrency as part of the country’s formal economic and financial systems.

Although Ambassador Gurgen Arsenyan only declared ownership of Fasttoken, Hetq was unable to obtain further details from him.

With increasing transparency requirements and legal oversight, Armenia is entering a new phase in its relationship with digital currencies—one where public officials are not only investing in the future of crypto but are also shaping how it will be managed and regulated nationwide.

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