Method 1. Through a P2P Platform
Suitable mainly for small amounts. The exchange is carried out online.
P2P is the exchange of cryptocurrency between users. Such services operate on many cryptocurrency exchanges, including Binance.
For example, a cryptocurrency owner posts an offer to sell the asset for Armenian drams. Another user accepts the offer and transfers the money to the seller's bank card or account. After receipt of payment is confirmed, the cryptocurrency is transferred to the buyer.
The P2P platform acts as an intermediary: for the duration of the transaction, it locks the seller's cryptocurrency and transfers it to the buyer after payment is confirmed.
Advantages of P2P
The main advantage is the ability to quickly exchange cryptocurrency online and receive Armenian drams directly to an Armenian bank card or account.
However, for the bank, such a transfer appears as a transaction between individuals. This in itself does not guarantee that the bank will not ask questions. Frequent transfers, transactions involving different senders, or amounts that are unusual for the client may lead to additional checks, requests for documents, temporary restrictions on transactions, or the blocking of the account.
Does the Receipt Need to Be Declared?
Under the universal income declaration system, certain receipts from individuals may be subject to reporting in the annual declaration.
At the same time, receiving money on a bank card does not in itself always constitute taxable income. The basis of the payment, the nature of the transaction, and the financial result obtained must be taken into account. Income received from individuals in amounts exceeding AMD 300,000 generally must be reported in the declaration unless an exception is provided by law.
Therefore, when regularly selling cryptocurrency through P2P, it is recommended to keep transaction history, bank statements, and proof of cryptocurrency purchases. For significant transaction volumes, it is advisable to consult an accountant or tax specialist. Additional clarifications are published on the website of the State Revenue Committee of Armenia.
Risks of P2P Exchange
The buyer may use someone else’s card, stolen funds, or money obtained fraudulently to make the payment. Subsequently, the account holder may contact the bank or the police and claim that they did not make the transfer.
As a result, the bank may request explanations and documents, temporarily restrict card transactions, or initiate a review of the origin of the funds.
To reduce the risks:
- conduct transactions only within the P2P platform;
- do not agree to continue communication or settlements outside the exchange;
- make sure that the sender’s name matches the name of the verified buyer;
- do not accept payments from third parties;
- do not transfer cryptocurrency until the funds have actually been credited to your account;
- keep the correspondence, receipt, and transaction details.
We discussed common fraudulent schemes in more detail here: Risks of P2P Exchange on Binance.
Method 2. Through Exchange Services in Yerevan
Suitable for exchanging both small and large amounts. The exchange can be carried out online or at an office.
A cryptocurrency exchange service is a convenient and versatile solution if you choose a reliable service that operates in accordance with Armenian law.
How to Check an Exchange Service
1. Check Its Legal Status
The Law of the Republic of Armenia “On Crypto-Assets” entered into force on July 4, 2025. Companies and individual entrepreneurs that were providing crypto-asset services at the time the law entered into force may continue their activities during the transitional period. By January 31, 2027, they must register and obtain a license from the Central Bank of the Republic of Armenia.
Only crypto-asset service providers included in a special list of the Central Bank of the Republic of Armenia may conduct cash transactions.
The amount of a single cash transaction must not exceed AMD 300,000. Regardless of the exchange amount, the provider is required to identify and verify the client’s identity.
The official list of providers authorized to conduct cash transactions involving crypto-assets is published on the website of the Central Bank of the Republic of Armenia.
2. Research the Reputation
Enter queries such as “cryptocurrency exchange service in Armenia” or “cryptocurrency exchange service in Yerevan” in Google or Yandex.
Review the company profile, the date it was created, its address, office photos, and customer reviews. Pay attention not only to the overall rating, but also to the content of the reviews, the company’s responses, and whether there are recurring complaints.
A high position in search results does not in itself confirm the reliability of an exchange service: search engines do not conduct legal or financial checks on companies.
3. Check the Website and Contact Details
A reliable exchange service generally has its own website, local contact numbers, an office address, exchange terms, and information about the company.
A high-quality website is a positive sign, but an attractive design alone does not guarantee security. Check whether the legal entity name, address, and other details provided on the website match the official information.
4. Evaluate the Office
If you are planning a cash exchange, check the office address and operating conditions in advance.
The premises should be suitable for providing customers with safe service. It is advisable to have video surveillance, a money-counting machine, a currency detector, and an equipped area for conducting transactions.
5. Look for Independent Reviews
Check what people write about the exchange service in relevant groups, on maps, forums, and independent platforms. At the same time, keep in mind that both positive and negative reviews may be unreliable.
Who You Should Avoid Dealing With
Be cautious with private individuals who offer a suspiciously favorable exchange rate and invite you to conduct the exchange in a café, car, apartment, or another random location.
With this type of exchange, there is a risk of receiving:
- counterfeit banknotes;
- fake cryptocurrency;
- crypto-assets associated with fraud, theft, sanctioned addresses, or other illegal sources;
- a transfer from a third party that may subsequently be disputed.
Suspicious crypto-assets may fail an AML check. An exchange or another service has the right to suspend the deposit, request documents, or restrict transactions until the review is completed.
Choosing an exchange service with a verified legal status, transparent terms, and a good reputation significantly reduces the risks when buying and selling cryptocurrency.
We wish you safe and profitable exchanges!