The Armenian government plans to introduce a ban on cash payments for online betting and gambling operators.
Last week, the National Assembly of Armenia called on all departments to adopt new rules for managing gambling accounts aimed at strengthening the fight against gambling addiction.
In 2022, the Assembly approved new restrictions preventing consumers across the country from making transactions using electronic money and payment terminals to fund their online gambling accounts.
These new directives provide for a complete ban on all cash transactions. As a result, Armenian consumers will not be able to deposit or withdraw funds in Dram.
According to the directive sent to the relevant institutions, online gambling accounts can only be topped up through banks that have a national license to provide the relevant services.
Although measures to ban cash were approved in 2022, the restrictions required consideration by the Finance Committee of the National Assembly as they would have changed existing rules related to the management of financial, credit and budgetary issues in Armenia.
Through regulatory processes in 2022 and 2023, Armenia strengthened its gambling laws, bringing them in line with the strict standards of other Eastern European countries, including Georgia, Latvia, Estonia and the Czech Republic.
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