Armenia boasts a strong IT sector, an active entrepreneurial community, and growing interest in digital assets. Interest in cryptocurrencies in Armenia is gradually translating into practical applications—ranging from international transfers to savings and payments. What opportunities does this create for the Armenian market? What hinders the wider adoption of digital assets? And what does Armenia need to become a regional hub for blockchain and financial technologies? We discussed these and other topics with Kirill Khomyakov, Binance’s Regional Head for Central Asia and Africa, touching upon regulation, the need for industry specialists, and prospects for collaboration with Armenian startups.
Armenia is experiencing rapid growth in the IT sector. Why is the Armenian market strategically interesting for Binance?
Armenia is interesting due to a combination of two factors: there is a strong technological environment here, and at the same time, public interest in new financial instruments is growing. For us, this is a crucial combination.
We recently conducted a survey among Binance users across various regions of Armenia. 77.1% of respondents noted that interest in cryptocurrencies is rising, while 57.3% have started using them more frequently over the past year. In other words, we are seeing not only interest in the technology but also a gradual shift toward its practical application.
How realistic is it for Armenia to become a regional hub for cryptocurrency and blockchain?
There is definitely potential. Armenia boasts a strong IT sector, an active entrepreneurial community, and growing interest in digital assets.
However, interest alone is not enough to become a regional hub. Clear regulations, infrastructure, skilled professionals, and—most importantly—tangible products and demand from both individuals and businesses are essential. Therefore, today I would like to focus on that significant potential, which has yet to be fully realized.
What role does Armenia play in Binance’s global expansion strategy?
For us, Armenia is an interesting market where we see growing demand and increasing opportunities for the practical application of digital assets.
However, our approach is consistent everywhere: we do not develop a market simply to establish a presence there. We analyze user needs, the local financial system, and the regulatory environment, and then determine our next steps based on those findings.
How do you envision Binance’s presence in Armenia in 5–10 years?
I would look at this question from a broader perspective. Globally, the line between traditional finance and digital assets is gradually blurring. Cryptocurrencies are no longer merely tools for investment or trading; they also facilitate payments, transfers, savings, and other everyday financial transactions.
Armenian users share this expectation: 83.3% of respondents believe that cryptocurrency adoption will become more widespread in the country in the coming years, while 34.4% view payments as the primary driver for their mass adoption in the future. Therefore, for me, the key question five to ten years from now will not be how many people “use cryptocurrencies,” but rather how naturally digital assets have become a part of their everyday financial lives.
How do Armenian users utilize cryptocurrencies today?
An interesting shift is evident here. Cryptocurrencies are gradually ceasing to be solely investment instruments.
56.3% of respondents use—or plan to use—them for international transfers; 55.2% for investments and trading; 45.8% for savings; and 42.7% for paying for goods and services.
When we asked them to select just one primary purpose, international transfers once again topped the list. This is a particularly telling result for Armenia. Practical application is becoming just as important a component of the market as investment.
What is hindering the wider adoption of cryptocurrencies today?
The biggest obstacle is quite simple: a lack of sufficient knowledge. This was the response given by 38.5% of survey participants. Another 27.1% cited risks and price volatility.
Therefore, the next phase of market development is not limited to new products alone. People need to understand how these technologies work, what the risks are, and how to use them safely. The more understandable the technology becomes, the easier it is to take that first step.
How important is the everyday use of cryptocurrency to Binance?
This is one of the most interesting areas of market development. For digital assets to achieve widespread adoption, they must solve everyday problems that people can relate to.
Already, 42.7% of our survey participants use—or plan to use—cryptocurrency to pay for goods and services. Looking ahead to the next five years, respondents most frequently cite payments as the most likely widespread use case.
In other words, the next phase largely involves shifting from an “I own cryptocurrency” mindset to an “I use it” mindset.
How is Binance’s dialogue with Armenia’s regulatory bodies structured?
We view regulation as a necessary component of a mature market and cooperate with government bodies within the framework of established procedures.
Our role here is quite clear: we do not set the rules, but we can share our experience. Binance operates in various regulated markets, so we have accumulated extensive practical experience regarding regulatory compliance, security, and risk management. If that experience proves useful for professional dialogue, we are ready to share it.
Which regulatory model allows for simultaneously supporting innovation and protecting investors?
I do not believe there is a single ideal model that can simply be copied from one country and applied in another.
However, the fundamental principles are clear: Rules must be transparent and consistent, users must be protected, and businesses need to understand what is required of them. At the same time, regulation must take into account the rapid pace of technological advancement.
It is also important to establish a comprehensive regulatory framework that encompasses not only spot trading but also other types of digital assets and products—such as futures, stablecoins, and tokenized assets. For international platforms, it is particularly crucial to understand the general principles and conditions governing various products from the outset, rather than focusing solely on rules applicable to a single market segment.
Therefore, the best results are usually achieved not by copying another country’s system, but by adopting a model tailored to the specific market—one that simultaneously ensures user protection and establishes clear conditions for the development of new financial products. 10. How does Binance ensure compliance with regulatory requirements?
For us, ensuring regulatory compliance—or “compliance”—has long since ceased to be merely a mandatory function; it is an integral part of our business infrastructure.
Binance invests hundreds of millions of dollars in this area. By early 2026, the dedicated compliance division employed over 600 staff members, while more than 950 additional specialists and contractors were performing compliance-related functions across technology, product, and customer service departments.
In total, this involves over 1,500 people—approximately one-quarter of Binance’s global workforce. This scale clearly demonstrates the seriousness with which we approach this aspect of our operations. 11. What international experience might be useful for Armenia?
I would look not at one specific country, but at various models. In one instance, the licensing approach is of interest; in another, the experience regarding consumer protection, information disclosure, or risk management.
The key is not to simply copy regulations mechanically. Financial systems and markets differ. International experience serves as a pool of solutions from which one can select what truly suits Armenia.
What kind of specialists will the sector need?
Not just blockchain developers—this is important to emphasize. The sector requires specialists in cybersecurity, data, financial technology, regulatory compliance, product development, and digital finance. Essentially, blockchain is increasingly becoming part of the broader technology and finance sectors. Consequently, the range of required skills is also expanding significantly.
Are you considering opportunities for collaboration with Armenian startups?
Certainly; we monitor the technology ecosystem and interesting projects. However, everything depends on the specific product, the team, alignment with requirements, and the tangible value the project can create.
We are open to dialogue and partnerships that are genuinely beneficial to users and contribute to the development of the ecosystem.
Can Armenia become a regional hub for development or innovation for Binance?
Armenia certainly possesses the technological foundation to develop professional capabilities in the fields of blockchain and financial technology. Future developments will depend on how the ecosystem evolves, what projects emerge, and what kind of talent is cultivated.
Therefore, we are closely monitoring the market, though at this stage, we would not want to commit to specific formats of presence that do not yet exist.
How important are technologically advanced small countries?
In the digital economy, a country’s size does not always determine its impact. Sometimes, a small market can advance more rapidly precisely because it has a strong tech community and entrepreneurial spirit, and because testing new solutions is easier. Therefore, for me, the combination of talent, infrastructure, entrepreneurship, and actual user demand is far more important than the size of the market.
Author: Roza Grigoryan
Photo: Coinhako / Unsplash
