What’s New on the Armenian Security Market?

The stock market brings together, interacts with, and transacts with many market makers. Stock market allows for the price discovery of corporate shares and serve as an economic barometer. The Armenia Securities Exchange (AMX) is the only regulated security market operator in Armenia. Here are some recent developments on the stock market:

  • Standard & Poor’s (S&P) Global Ratings assigns “B+” long-term foreign – and local-currency sovereign credit ratings to Armenia.
  • For the second consecutive year, AMX has been recognized as the “Best Securities Exchange in South Caucasus 2021”by Global Banking and Finance Review.
  • AMX has developed and for the first time in the region introduced corporate bond exchange indices on a daily basis. Indices can be used by investors to get information on the overall market picture, for risk and portfolio analysis, fund performance evaluation, as well as comparative analysis.
  • For the first time ever, the bonds listed on the AMX have been cross listed on the Moscow Exchange Market (MOEX).
  • The income earned from the listed bonds are tax-free. As a result of the tax reform, the corporate bond market has been developed significantly. In terms of both the quantity of listed bonds and the volume of transactions the bond market becomes active than ever.


Leading Expert in International Business Law (Armenia) – 2022

We are thrilled to announce that the Global Law Experts’ (GLE) research department has selected Redbridge’s Managing Partner, Gevorg Tumanov as a Leading Expert in International Business Law for Armenia.

Global Law Experts is the premier guide to leading attorneys throughout the world. GLE is the only organisation to recommend just one legal expert in each key practice area and country.

Full text: GLE Leading Expert in International Business Law (Armenia) – 2022


Redbridge is recognized by The Lawyers Global Award 2022 – Legal Excellence and Recommended Law Firm

Dear Redbridge clients, partners and friends,

With great pride and an increased sense of responsibility, we are writing to let you know that Redbridge is recognized by The Lawyers Global Award 2022 – Legal Excellence and Recommended Law Firm.

This award is further recognition of our continuing focus on professional excellence and on providing high quality services. Clients recognized Redbridge’s ability to understand their businesses, its business-oriented mentality, and its commercial drive and common sense, as well as the permanent availability of Redbridge’s advisers, as the outstanding characteristics of our firm.

We are fully conscious of the responsibility that this trust creates and we will do everything we can to maintain and improve the service standards that are our hallmark.

Thank you very much to you all!

iGaming regulatory overview

The Covid-19 pandemic has resulted in a slew of new restrictions for land-based gaming activity, one of the consequences of which was the significant growth of the remote gaming market in 2021. The necessity for legislative control of iGaming becomes more pressing. Different jurisdictions follow different principles when it comes to the regulations.


Malta’s success in the iGaming field is undeniable, as the first EU jurisdiction to launch regulated remote gaming, with an average of a hundred new applications per year, and as the largest EU iGaming jurisdiction. B2C licenses are designed for organizers of online or land-based casinos, betting, and other games, whereas B2B licenses are meant for licensing software used by B2C license holders.

The B2B license, also referred to as a Critical Gaming Supply License, is required to offer from Malta or to any person in Malta services which are deemed to be indispensable in determining the outcome of a game and/or an indispensable component in the processing and/or management of essential regulatory data. Thus, there are two types of B2B licenses which the MGA may issue. Game providers license: supply and management of material elements of a game, and Full platform license: supply and management of software, whether as a stand-alone or as part of a system, to generate, capture, control or otherwise process any essential regulatory record and/or the supply and management of the control system itself on which such software resides


In the UK, remote gambling software license allows to develop, supply, install or adapt gambling software by means of remote communication. Regardless of where the company is based, license from Gambling Commission is needed if:

    • it provides facilities for gambling to consumers in Great Britain online (or through any other means of remote communication),
    • any part of remote gambling equipment is based in Great Britain.

There is a remote operating license for each type of gambling activity.


Alderney, a small non-EU island in the English Channel, is now widely regarded as the largest hub for iGaming services in the world and transmits more internet gambling traffic than any other location in the world. The Alderney Gambling Control Commission (AGCC) is recognized worldwide as one of the world’s leading regulators of digital gambling. The openness and innovative decisions of the commission allow the formation of a loyal attitude towards licensees, and the commission’s approach to regulation and supervision was borrowed by many other jurisdictions.

Although an Alderney license allows to operate in other jurisdictions, some countries, such as the United Kingdom, will require a local license.


This is a European license that enables to offer and trade gaming software in Romania. A developer’s license is a type of class II gaming license that can be awarded to both international and Romanian companies. Suppliers and distributors with Class II licenses can supply gaming solutions, administer platforms, and provide hosting services in the regulated Romanian market.


Developers of gambling software are required to obtain a class E-license in Belgium. This license is quite simple to obtain and can be issued to a European company. There is no separation of land-based and online software in the legislation, therefore, developers who wish to supply their games to online casinos with a Belgian license (A + license) are required to obtain a full Class E license.


A corresponding license or B2C license is necessary to carry out activities in the field of iGaming in Armenia. At the same time, prize e-games are considered to be organized in Armenia if the organizer’s servers are based physically in Armenia, have the address of Armenia’s corresponding Internet system (IP) (Internet Protocol Address-Internet communication address), and information resources are in the “AM” domain. After all of the relevant paperwork is submitted, the license is given within 23 working days. It can be extended for another 23 working days by the decision of the authorized State body.

Supply and management of gambling software is not subject to licensing in Armenia, and no permission is required for the B2B activity. As a result, no permission is required for gambling software solutions, their trade, or routine maintenance in Armenia.

Mining in Armenia: overview

The mining sector is one of the largest contributors to GDP and exports in Armenia. Armenia’s industrial-scale metal production began in the early 19th century with the opening of the Alaverdi and Kapan copper mines. Economic development began to rely more on mining in the early 1950s with the development of the Zangezur Copper Molybdenum Combine, which exploited the world-class Kajaran deposit (among the ten largest in the world), and produced around 3% of the world’s annual molybdenum output.

The main metals mined are copper, molybdenum and gold. The main deposits are copper, gold, molybdenum and polymetallic (lead and zinc). Currently the biggest mine is operated by the Zangezur Copper-Molybdenum Combine, CJSC (ZCMC), located in Kajaran (Syunik province).

ZCMC is a copper-molybdenum deposit that started operations in the middle of the 20th century and, currently, represents more than half of the total output of the sector in the country.

Teghut (a copper-molybdenum mine in Lori province) began operation in 2014 with volumes that is less than the production of Kajaran․

Lydian Armenia, a geological exploration firm registered in Armenia that claims to exploit the gold deposit of the same name on the land of Amulsar in Vayots Dzor region with the consent of the country’s government, is also a key participant in the sphere. More than 90 million US dollars were invested in geological exploration as part of the program, and 370 million US dollars were spent on construction. The company has committed itself to be guided by economic principles, executive standards and requirements of the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

In total, currently about 30 metal mining licenses have been identified as valid but not many of them are active in production. The non-metal mining sector is significant in terms of the number of operations (more than 400 permits), but the vast majority are low volume quarries. Production is much less than during the Soviet period, as it mainly focuses on meeting local demand for construction materials, and there is little export.

It’s worth mentioning, that in 2017, Armenia became the 52nd country to join the EITI – Extractive Industries Transparency Initiative as a candidate country. EITI promotes open and accountable management of oil, gas, and mineral resources. The Mining Agency within the Ministry of Territorial Administration and Infrastructure is responsible for administering the sector, issuing licenses, monitoring exploration and production operations. The license covers the exploration and production phases of a project.  License holders must submit work programs to the Ministry for approval, and licenses can be withdrawn if minimum work requirements are not met. 

The government derives economic benefits in the form of received taxes, royalties and other payments, including royalties for the extraction of metals.

Recent developments

The Armenian government has adopted draft legislative changes that propose transferring 2% of subsurface users’ royalties to affected communities.

According to statistics released in Armenia’s EITI reports, royalties in the amounts of 23.5 billion, 37.6 billion, 34.6 billion, and 37.4 billion drams were paid to the Republic of Armenia’s State budget from 2016 to 2019. As a result, about 700-800 million AMD will be dispersed among the affected communities, and in the event that metal prices continue to rise, the estimated royalties, and therefore the deducted amounts, will also rise. If the National Assembly passes a bill package, it will take effect on January 1, 2023.

Simultaneously, debating the draft bill on revisions and additions to the Tax Code, which seeks to implement a new method of calculating royalties, with the goal of generating additional revenues and ensuring a good working environment for businesses. The royalty rate for differential formulas is intended to be determined by the values of these metals on the global market.



1 3 4 5 6 7 9