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Alatau City Cryptocity Concept Discussed at Digital Kazakhstan

Tue, 16 Dec 2025 16:55:42 +0300

The Alatau City project provides for building CryptoCity. The next-generation city will become the platform for the country's first legal crypto transactions. This is a large-scale national project that Kazakhstan has been implementing for several years.

This article by Fintech & AI Center CEO Dias Savetkanov and Deputy Head of Board of Trustees Arman Assakayev, is based on the findings of “The Alatau City Cryptocity Concept” study conducted by the Fintech & AI Center. This project received wide coverage at the International PLUS-Forum “Digital Kazakhstan” held in Almaty on November 26.

Pictured: Dias Savetkanov

CryptoCity is a pilot zone for crypto payments and digital assets under state control.

Key features to be implemented as part of the project:

• Permission to use cryptocurrencies and stablecoins to pay for goods and services.

• Implementation of asset tokenization technologies.

• Development of DeFi and Web3 — next-generation decentralized finance and web technologies.

• Use of AI and machine learning to regulate and implement smart technologies in the urban ecosystem.

As part of the Alatau City project, the cryptocity infrastructure will be developed to form a new hub for the digital economy. “Alatau will become our new center of business activity and innovation,” noted President of the Republic of Kazakhstan Kassym-Jomart K. Tokayev.

International Transport and Logistics Hub

The concept of the new city of Alatau is an international transport and logistics hub based on the current infrastructure and ongoing projects in the Almaty region. Alatau is located along the A3 highway (Almaty – Ust-Kamenogorsk) between the cities of Almaty and Konayev, making it a link in the transport chain leading to a key border hub—the International Center for Border Cooperation (ICBC) “Khorgos”. The 293 km distance from Alatau to Altynkol (Khorgos) stationallows the city to serve as an intermediate logistics hub for freight traffic between China and Kazakhstan.

The Alatau Special Economic Zone (SEZ) of a total area of 97,930.98 hectares is established in the city of Alatau. The SEZ is categorized as a port zone and includes the cities of Konayev, Alatau, and the Talgar district. Free customs zone procedures effective within the SEZ or part of it mean that goods imported into the SEZ under such customs procedure are considered staying beyond the customs territory of the Eurasian Economic Union (EAEU) for the purposes of customs duties, taxes, and non-tariff regulation. SEZ participants can also enjoy a 0% rate on import customs duties. Goods, raw materials, construction materials, and equipment imported into the SEZ are exempt from VAT and customs duties.

The Alatau International Airport is planned to be built at a landfill near the village of Zhanaarna, on the western boundary of the new city.

Innovation Cluster

President Tokayev positions Alatau as the first fully digital city in Central Asia. This means that all aspects of urban life must be integrated into a single digital ecosystem.

5G and IoT technologies will form the basis for the smart city. 5G provides fast and reliable connectivity for all elements of the urban environment integrated into the smart city concept. The rollout of IoT devices, sensors, and transmitters throughout the city will allow monitoring of all aspects of urban life and enable the implementation of M2M communications solutions.

The city's IoT infrastructure will be integrated with the blockchain to create autonomous micropayment systems. Within this model, IoT devices facilitate automatic microtransactions between municipal services users and the infrastructure without the involvement of intermediaries.

CryptoCity

The CryptoCity project, a pilot zone for crypto payments, will also be implemented to become the first one in the Alatau region. CryptoCity is positioned as a regulatory sandbox that allows transactions with digital assets under state supervision.

According to the Decree “On Certain Issues Related to the Development of Alatau City”, the constitutional law must provide for the following areas of special regulation of digital assets:

• specifics of regulating the digital assets circulation and implementing digital financial services based on them, including the options of payments for goods, work, and services using crypto-fiat rails and regulated stablecoins;

• specifics of regulating the application of tokenization technology;

• the functioning of decentralized finance (DeFi) and internet technologies (Web3);

• specifics of regulating the use of artificial intelligence and machine learning technologies.

Pictured: Arman Assakaev

International Practices

A cryptocity is an urban space featuring progressive regulation of cryptocurrencies and blockchain technologies, where these technologies are widely integrated into the economy, everyday life, and governance.

Over the past decade, various countries have unveiled cryptocity projects varying in scope and origins. Most of them were often initiated by crypto enthusiasts and private companies, while national projects are present as well. Currently, all these cities are knit together by common challenges of implementing high-profile projects after their announcements. Therefore, the Alatau cryptocity could become not only the first project of this kind in Central Asia, but also the first implemented cryptocity project.

What lessons can be learned from the Alatau project?

The cryptocity in Kazakhstan is based on studies of similar projects worldwide, including:

• Bitcoin City – an ambitious smart city project announced by El Salvador President Nayib Bukele in 2021;

• Akon City in West Africa;

• Satoshi Island, a project initiated by entrepreneurs and blockchain experts, is an international platform for cryptocurrency professionals and enthusiasts;

• Prospera, an experimental “charter city” and special economic zone on the Caribbean island of Roatan in Honduras;

• And many more.

Real-life examples of crypto city projects allow us to draw several conclusions:

1. Critical dependence of the projects on cryptocurrencies. In the abovementioned cities, the cryptocurrency component was not just a tool, but the fundamental basis of the concepts and the main proposition that the founders “we selling” to governments and investors.

2. Speculative nature of financing. The projects demonstrated a dangerous dependence on investments in crypto assets. In particular, Bitcoin City planned to invest half of the bond proceeds in Bitcoin in expectation of its growth, which turned urban planning into crypto speculation.

3. Shaky legal framework. Progressive cryptocurrency laws have become a key prerequisite for the creation of cryptocity projects. For example, the Bitcoin Law for Bitcoin City.

4. Lack of a long-term vision when creating progressive laws. Many governments acted under the influence of populists in power or on the spur of the moment (the cryptocurrency mania of 2021), having no clear long-term strategy. As a result, progressive laws were quickly amended to become more stringent.

5. Conflicts with national and international institutions. The example of El Salvador and the IMF shows how national cryptocurrency initiatives can conflict with the requirements of international financial institutions, which also creates risks for projects. Meanwhile, the example of Honduras demonstrates how autonomous cryptocities can come into conflict with local populations and the state itself.

Global crypto-city practices demonstrate systemic problems with the concept: excessive reliance on volatile crypto assets and critical vulnerability to legislative changes. None of the projects reviewed achieved their stated goals, highlighting the need for a more balanced approach, where crypto technologies serve as a tool rather than a foundation for urban development.

Cybersecurity

It is planned to utilize cutting-edge security technologies. Traditional cybersecurity approaches with centralized servers and perimeter protection will be taken.

Below is a number of proposed measures and examples of how they could be implemented in practice.

National cryptographic certificates and encryption standards are used. Digital identification is linked to the ID system. Cyberattacks are investigated by government agencies.

In the city's cultural sphere, a centralized NFT platform is being created to register creators' rights to their works. Digital objects are cataloged on a centralized blockchain. The city is implementing basic blockchain elements for copyright verification and license tracking.

Cybersecurity is not built on government servers alone, but also on independent (partially decentralized) nodes, which may be owned by the community or external partners. Primary responsibility for verifying the correct operation of the system and the validity of protocols rests with the government. It remains the primary operator, even if some of the infrastructure is distributed.

Public cryptographic algorithms are used, but government security services have a backdoor (closed access) that allows them to obtain information bypassing the general system in emergency or for control purposes.

City of the Future

An analysis of the application of distributed ledger technology, blockchain, Web3, cryptographic protection, and decentralized control, as well as the experience of their use in cryptocity and cryptodistrict projects, offers five metrics and the questions they answer:

• Decentralization and urban management. To what extent can decision-making be decentralized for private companies and the management of urban systems?

• Payment rails. Where and how can cryptocurrencies be used in the city?

• Interaction with the real sector. How will the cryptocity's infrastructure impact reality: investment in real assets and interaction with the Smart City?

• Regulation and government relations. How much autonomy should a cryptocity have as regards determining development policy and regulatory initiatives, and how will participants interact with the government, including receiving public services?

• Culture and security. How can a cryptocity influence cultural life and unlock creative potential? How can decentralized technologies improve the security of a digital city?

Residents pay in their preferred way: via mobile app, in cash, with usual cards, or digital currencies. The system converts payments instantly, and no one notices the difference. Stablecoins are used where they are truly convenient – for large transactions, investments, and settlements between companies.

When entrepreneurs intend to invest in the construction of a residential complex, they buy project tokens through a special centralized platform instead of going through a long chain of documents. A house, a plot of land, an office, a park – everything can be tokenized.

Residents themselves make decisions on non-critical issues (such as park decoration or events to be organized in the district) through digital voting. This fosters engagement and strengthens the connection between the municipality and the people. Key strategic issues remain under the purview of the state, making city management sustainable and predictable.

Advantages of Alatau City

Alatau City can function as a global financial center, rivaling Dubai, Singapore, and Zurich. With its liberal conditions and advanced infrastructure, the city attracts heavy investments, talent, and projects from all over the world.

Foreign investors can acquire a company, real estate, or city stocks online in just a few clicks. Tokenized assets are traded like shares on a stock exchange. Assets are automatically tracked by IoT sensors, with revenues distributed through smart contracts. In the event of changes in token ownership, the company's founder is replaced automatically —there are no bureaucracy or delays. Businesspeople from different countries can seamlessly establish companies, develop projects, and expand them internationally.

The city intensively uses cryptocurrencies and stablecoins. Foreign investors can purchase assets, pay taxes, salaries, and pay for services in cryptocurrency, without the need for conversion. This gives the city a competitive advantage: companies and investors save on fees and payment deadlines, and can instantly transfer funds to other countries.

Digital Infrastructure

Kazakhstan already has a mature e-government system. Currently, 92% of public services are available digitally on the eGov.kz portal, which integrates 157 government information systems. The number of eGov Mobile app users exceeds 11 million

Since 2020, Kazakhstan has been actively implementing blockchain in public services: real estate mortgage agreements are registered onchain, reducing the time length from three days to one. Also in 2020, the Identification Data Exchange Center (IDEC) was launched to facilitate centralized exchange and ID verification for financial market participants, including through integration with government databases.

In 2025, at the Astana Finance Days and Digital Bridge forums, officials from Ministry of Artificial Intelligence and Digital Development announced the proof-of-concept and prototype development phase of a project to build systems for information delivery from government databases for the purpose of RWA tokenization. The Central Depository announced the creation of record-keeping systems for tokenized assets and their owners.

Summary

The official concept of a cryptocity as part of Alatau City is currently under development. According to Zhaslan Madiyev, Deputy Prime minister – minister of Artificial Intelligence and Digital Development of the Republic of Kazakhstan , Alatau City has already prepared all necessary documents for the use of cryptocurrency in its ecosystem. A full-fledged legislative and regulatory framework for the crypto industry is expected to be ready by 2026.

Researchers believe that the project's success is subject to several conditions: a balanced approach where it is technology that serves the city's development, not the other way around; phased implementation through testing of specific initiatives; the creation of a full-fledged infrastructure concurrently with regulatory changes; ongoing trilateral dialogue between the government, business, and society; a willingness to learn from the mistakes of other projects and adapt the strategy in the course of gaining practical experience.

FinnoWay Armenia 2025 – Day One. The first International PLUS-Forum in the South Caucasus shows impressive results!

Thu, 11 Dec 2025 12:33:36 +0300

FinnoWay Armenia 2025, the first International PLUS-Forum in the South Caucasus region, was held at the Meridian Expo Center in Yerevan on November 11–12, 2025. The event was supported by the Central Bank of the Republic of Armenia. Over 2,000 delegates participated in the Forum, and companies from more than 30 countries presented their innovative solutions.

Contents:

The PLUS Forum was organized by PLUS Group with the Armenian Card national payment system as co-organizer.

• +Video summary of the event

• A full photo report on the PLUS- Forum FinnoWay 2025.

• You can see an overview of Armenian market trends here.

The FinnoWay Armenia International PLUS-Forum highlighted the current state and pressing issues of digitalization in the country's public infrastructure, the retail financial services segment, the IT and telecom industries, as well as retail and e-commerce sectors.

The strategic objectives of the PLUS-Forum include additional impetus to be given to the development of the economy ща the Republic of Armenia, support of the international cooperation and the development of new promising large-scale projects.

The new platform has brought together under the same roof government officials and regulators, top managers from fintech companies, IT parks and accelerators, banks and payment systems, stock exchanges, venture capital companies, IT and telecom firms, insurance companies, investment brokers, cryptocurrency businesses, retail chains and e-commerce, investors and business angels from Armenia, the South Caucasus, Central Asia, and other regions.

In just two November days, FinnoWay Armenia proved to be one of the most attended events in the industry, both in terms of its audience size and the composition – business owners, top managers, and key specialists. FinnoWay Armenia 2025 attracted over 2,000 delegates from 12 countries.

Over 130 contributors spoke at the event, while some 65 exhibitors from more than 30 countries including Armenia, Albania, Russia, France, Finland, the UAE, Uzbekistan, China, Kazakhstan, Germany, Georgia, the UK, Latvia, India, Spain, Canada, the Netherlands, Senegal, Serbia, the USA, Tajikistan, Turkmenistan, Turkey, Sweden, Sri Lanka, Estonia, and more, presented their products, technologies, and services at the exhibition.

Key sponsors of FinnoWay Armenia 2025:

General Sponsor

• Nobel

Platinum Sponsor:

• Future Payments Systems LLC

Registration Sponsor:

• International Bank of Tajikistan

The full list of the Forum sponsors, partners and media partners can be found here

The Forum program covered a wide range of topics, including digitalization of the financial sector and retail, the use of AI platforms in public administration, business, and everyday life, the present and future of the cryptocurrency industry, the further development of e-commerce, and many more.

Alexander Grizov

When opening the event, PLUS-Forum Steering Committee Chairman Alexander Grizov highlighted its key role in the development of dialogue between regulators and business: “I welcome the participants of our International PLUS-Forum FinnoWay Armenia! As you know, it is one of the largest events in Central Asia, which we are organizing in Yerevan and the South Caucuses region for the first time.

Meanwhile, the strategic mission of the FinnoWay Armenia PLUS-Forum is to create a communications platform for constructive dialogue between representatives of government agencies and the business community, who believe the time has come for Armenia to energetically advance towards its digital future.

This is precisely why we have brought together, for these two days, representatives of government agencies and regulators, heads of leading banks and fintech companies, accelerators, stock exchanges, venture capital and investment institutions, insurers, telecom operators, as well as e-commerce and cryptocurrency businesses. And not only from Armenia, but also from other countries in the South Caucasus, Central Asia, and a number of regions worldwide.

What will our dialogue focus on during the various sessions and discussions? Naturally, it will focus on promoting digital transformation, stimulating innovative economic growth, strengthening international cooperation, and developing new promising projects.

In other words, it will focus on all initiatives aimed at higher efficiency and better sustainability of government, financial, and technological ecosystems.

We are confident that our Forum will allow us to join forces and work together to create Armenia's digital future.

I wish us all engaging discussions, new knowledge, and inspiration! Welcome to FinnoWay Armenia!”

Konstantin Grizov

Co-Chairman of the Steering Committee and CEO of PLUS Group, Konstantin Grizov, emphasized the practical importance of the platform and its international dimensions: “Our team is energetically expanding the geography of our international PLUS-Forums, which we have been holding for as long as 16 years now. FinnoWay Armenia was organized jointly with the Armenian Card national payment system and supported by the Central Bank of the Republic of Armenia. This year, FinnoWay Armenia became the first intersectoral professional platform of this caliber in the South Caucasus region.

On behalf of the Steering Committee, I would like to thank all participants for their interest and involvement in this truly grand event. We are creating not just a pioneer intersectoral platform of this scale in the South Caucasus region, but a center of knowledge, experience, and contacts that will grow stronger with each passing year.

The PLUS-Forum is one of the most interesting events in the region in terms of its speaker lineup. The conference will feature presentations prepared by the heads of relevant regulators and other government agencies of the Republic of Armenia directly responsible for digitalization processes in the country. The Forum is aimed to create a hub for expertise, competencies and partnerships that will develop and strengthen year after year.”

Martin Galstyan

Martin Galstyan, Governor of the Central Bank of Armenia, also addressed the audience with a welcoming speech, noting the high status and international level of FinnoWay Armenia 2025.

Hovhannes Khachatryan

Hovhannes Khachatryan, Deputy Chairman of the Central Bank of, thanked the organizers for their professional and high-quality work in preparing and holding the event and expressed hope for continued collaboration.

The FinnoWay Armenia 2025 PLUS Forum demonstrated its importance for the industry – agreements directly influencing the further development of the market were signed at the first international inter-industry platform in the South Caucasus region.

PLUS Group, the organizer of the PLUS Forum, signed memorandums of cooperation with the European Business Association and the Matena International Leadership School. The partnerships are aimed at sharing expertise and implementing projects that strengthen the business environment and professional ecosystem in Armenia.

FinnoWay Armenia 2025 was organized with the support of the Arca National Payment System, whose stand hosted a series of business meetings dedicated to the development of the payment system and international cooperation. As a result, key strategic memorandums and agreements were signed, including partnerships with the following market participants:

NPCI (India) – ArcaPay

• NPCI (India) – a cooperation agreement to facilitate instant transfers from Armenia to India via ArcaPay;

• Bank of Georgia and Ameriabank: a trilateral cooperation agreement to expand Arca card services and facilitate instant transfers between Armenia and Georgia, with Ameriabank as the settlement bank;

• Elcard: cooperation within the ArcaPay system;

• Mastercard: issuance of co-badged cards;

• UnionPay International: issuance of co-badged cards;

• HayotBank: mutual integration of the ArcaQR and HayotBank QR systems.

PLUS Group – with the European Business Association

All these initiatives are aimed at strengthening Armenia's position on the regional payment infrastructure map, ensuring faster, more convenient, and friendly transactions, as well as integrating the national Arca payment system into the international market.

PLUS Group – with the Matena International Leadership School

PLUS Group, the PLUS-Forum Organizer, signed memorandums of cooperation with the European Business Association and the Matena International Leadership School. These partnerships are aimed at exchanging expertise and implementing projects that strengthen the business environment and professional ecosystem in Armenia.

Elina Tikhonova

The plenary session “Digital states and economies. Armenia – a movement towards a modern digital society. GovTech and electronic services in public administration” was moderated by Elina Tikhonova, Head of investment programs department, RBC TV, and a recognized professional in business journalism and innovation. It should be noted that inviting prominent media figures as moderators has become a tradition in the 16-year history of the PLUS-Forums in Russia and the CIS countries.

Gevorg Mantashyan

According to Gevorg Mantashyan, First Deputy Minister, the Ministry of High-Tech Industry of the Republic of Armenia, the region has certain competitive advantages, including the development of fintech. Today, the government is doing everything possible to support and enhance the competitiveness of Armenia's financial ecosystem. This means significant investments in infrastructure development, personnel training, ensuring cybersecurity, and much more.

Gevorg Mantashyan noted the need for long-term and systemic support for the industry: “We have prepared a comprehensive program for the development of a technological ecosystem that includes fintech. It is intended to last seven years with the total support volume of c.$500 million. It’s about creating a sustainable infrastructure: training personnel, stimulating innovation, supporting research, and creating digital services. This is not a one-time project, but a strategic cycle.”

The speaker also emphasized the importance of the national payment system: “The ArCa system remains the foundation of our financial sovereignty. We see its potential not only within the country but also in terms of expanding interaction beyond its borders.” Limiting it to the national market alone would be artificial.”

Alla Bakina

Turning to the payment infrastructure architecture, Alla Bakina, Director of the National Payment System Department at the Bank of Russia, emphasized: “Payments are a fundamental element of the economy. Today, we are witnessing the development of new tools: faster payments, apps, biometrics, and central bank digital currencies. Digital infrastructure must ensure service availability, cost reduction, and personalization of services. This is a key benchmark for regulators and the market.”

Nerses Yeritsyan

In his turn, Nerses Yeritsyan, Director of the Information Systems Agency of Armenia (ISAA), spoke about creating a reliable digital foundation for innovation and growth in Armenia.

Dmitry Dubynin

Dmitriy Dubynin, CEO of the National Payment Card System (NSPK, PS Mir) said: “Payment systems are the infrastructure rails. True value is created in the services that lie “above” them: social benefits, transportation services, loyalty programs. It's important that people could access services conveniently, quickly, and through a single interface—regardless of the tool they use.”

Karen Mkoyan

Karen Mkoyan, PhD, CEO of imID, noted: “Digital trusted services are the infrastructure that ensures identity verification, consent, and data invariableness in electronic processes. Essentially, they are the digital equivalent of a notary, registrar, and compliance officer. Without trust at this level, digital services are limited in their applicability. For example, Mobile ID technology is already used by over 300,000 people, and we are expanding its use—both in the public sector and in commercial services. Our goal is to make digital signatures and digital identification commonplace tools for everyday use.”

Shinyi Saw

The technological part of the discussion was complemented by Shinyi Saw, Business Development Director at Tencent Cloud International, who presented the Palm Recognition solution: “The system allows identification and payment with a palm swipe—no phone, card, or physical contact required. We utilize multiple levels of biometrics: palm pattern, hand shape, and venous structure, which is read using infrared light. This ensures accuracy and protection against counterfeiting.”

Mikayel Margaryan

Mikayel Margaryan, Chief Executive Officer, Cube Invest, reported on “Bonds as a Key to Success in Capital Markets.” The speaker presented the first bond issue in the region by Dalan Technopark—an unprecedented initiative, which is, he believes, a step toward transforming Armenia into an international technology hub. Cube Invest is the underwriter for this project.

Key trends in the financial sector digitalization were discussed at the session “Payment Infrastructure. Current State, Development, Transformation. From Traditional areas to AI and a Universal Country-wide QR Code. Goals and Objectives of Banking in Modern Digital Business.”

Viktor Dostov

The session was moderated by Victor Dostov, an international expert in the digital financial services regulation and infrastructure at IFC, professor at RUDN University.

Ruben Saghoyan

Ruben Saghoyan, Chief Development Officer at Armenian Card (Arсa), discussed how Armenia provides a clear example of how regulators, government, and businesses can effectively interact. In 2022, Armenia adopted a law on cashless payments, which helped speed up financial processes, but the cost of merchant acquiring steadily grew. However, a unified QR code payment system was launched in Armenia in October 2025 to significantly reduce such costs. Furthermore, this is an open technology that guarantees the independence of the national economy.

Konstantin Saroyan

Konstantin Saroyan, Secretary General of the Federation of Euro-Asian Capital Markets, spoke in detail about the various forms of tip acceptance at POS terminals.

Dmitrii Zlodiv

Dmitrii Zlodiv, Head of innovative financial technologies and services at PSB Bank, discussed how payment services are evolving in Russia given the introduction of CBDC. The speaker informed about the concept of the digital ruble project, the results of the pilot project, preparations for launch, and shared his project participation experience and the advantages of his own development work. Also in October 2025, PSB and the National Payment Card System (NSPK) signed an agreement to develop and scale innovative payment technologies, including biometric payments.

Denis Abakshin

Denis Abakshin, Sales Director at Nobel, discussed the prospects for using bank cards made from recycled plastic.

Andrii Bahriienko

Andrii Bahriienko, Head of CRM practice, Edenlab, used a specific case study to describe the digital transformation at one of Moldova's largest banks. A no-code platform was chosen, meaning prospective listing on the London Stock Exchange.

Eugene Bova, Alexander Seldemirov

Eugene Bova, Account Executive Finserv, Creatio, spoke about the use of innovative technologies. The speaker believes the combination of AI and no-code is the most promising, calling it “the backbone of a new vibe economy” that significantly reduces costs while dramatically increasing business results.

Alexander Seldemirov, CEO of ITQuick, discussed the dominance of AI technologies globally and outlined the key characteristics of a leading digital bank, including:

• Real-time hyper-personalization.

• Autonomous operations that involve humans acting as controllers only, the rest is AI-based.

• An ecosystem centered around customer data, not products.

Ashot Gabrielyan

Ashot Gabrielyan, Head of the Payment Services and Data Management Center at the Central Bank of the Republic of Armenia, focused on the transformation of the Central Bank's payment ecosystem.

Victor Dostov, outlining global trends in modern finance, highlighted key aspects of the payments industry:

• The growing role of the state (SBP, UBS, CBDC).

• Banks are becoming infrastructure, like retail.

• Ideal competition, declining business margins.

• Platforms as a dedicated resource.

In conclusion, the speaker noted a crisis in real demand for retail technologies.

Ara Chalabyan

The session “Arca. Development of the National Payment System in the Country” was moderated by Ara Chalabyan, President, IIA Armenia. Audit Committee Chairman, AraratBank.

David Zgudadze

David Zgudadze, Country Manager for Mastercard in Georgia and Armenia, discussed how restrictions imposed by the regulator on cash payments in the region accelerated the adoption of digital financial services. Mastercard, in turn, continuously monitors consumer demand to offer customers the most appropriate product.

Denis Paramonov

Denis Paramonov, Business Development Director, CIS region, UnionPay International, shared his experience in developing the payments business in national markets, noting the role of implementing new technologies.

Vardan Khachatryan

Vardan Khachatryan, Chief Executive Officer of Armenian Card, said that all Armenian banks will be integrated onto the Arca platform in 3-4 months. The speaker also noted the importance of implementing a unified QR code technology in the republic, which guarantees instant transfers from any payment instrument.

Ritesh Shukla

Ritesh Shukla, Managing Director & Chief Executive Officer, NPCI International Payments Limited (NIPL), discussed how the company created conditions for instant international transfers within the past five years, particularly between India and countries such as the UAE, Qatar, France, Sri Lanka, Bhutan, Bangladesh, and the United States. The company is now preparing to build a similar service for Singapore and Bahrain.

Elina Tikhonova, Head of investment programs department, RBC TV, moderated the session “HR. The Role of Human Potential in the Second Quarter of the 21st Century. A New Era of Relevance for the Tasks to Solve”.

Elena Tyatenkova

Elena Tyatenkova, SVP, Head of Branch Management Department, Alfa-Bank, emphasized that fears regarding “machines displacing people” are based on a misconception about the nature of technology: “Artificial intelligence cannot be developed without human intelligence. Algorithms learn from data created and interpreted by humans. And the more advanced the technology – the more intense the competition for flexible, trainable, and thoughtful specialists. Today, the battle is for those who can learn—quickly and continuously.”

Mariam Hambardzumyan

In her turn, Mariam Hambardzumyan, Co-founder of TCF Armenia, noted that large-scale changes lie ahead, which are currently only being felt in fragments: “We are living within a revolution, so the latter seems unnoticeable. But in a few years, it will be obvious that AI is not replacing people in general. It is replacing those who have refused to learn how to work with it.” Everything will boil down to the ability to adapt and master new things — this is the fundamental skill of the 21st century.”

Arshavir Minasaryan

Manufacturing confirms: there won't be fewer people—those who can work will change. In practice, this transformation is particularly evident in the real sector.

Arshavir Minasaryan, Matena Business School, General Director of one of the largest chocolate & confectionery factories in Eurasia, Wellar Group, shared his experience: “The factory has about 25 production lines, with 17 of them already equipped with machine vision systems, predictive analytics, and automated quality control. Automation reduces the number of routine operations. But the need for people remains—we just need different people: engineers, mechanics, technologists. Humans who understand the logic of the system and know how to manage it. It's a mistake to think that AI will cut human jobs. It requires stronger people. The key personnel training model is 70% experienced core + 30% young employees who learn through mentorship.”

Sevada Baghdyan

According to Sevada Baghdyan, Partner at Boyden (Executive Search and Leadership Consulting), the labor market has ceased to be a “position- centered” market to become “skills-centered” one: “Today, companies are looking for people capable of transforming processes, rather than mere executors. Careers are built around a set of skills, not a job title. The demand for digital transformation managers and product leaders keeps growing, and so do salaries.”

Mariana Edilyan

HR Director at Viva Mariana Edilyan noted: “Employees should see not just a workplace, but a space where they can become more than they are now. HR is no longer a “formalization” department; it is becoming one that designs an environment where people can grow. This initiative is intermutual: the company creates the conditions, and the individual invests in development. This is the only way the new labor market works.”

The speaker emphasized that the focus is now shifting from control to support, from job descriptions to potential development. This is modern HR—not a guardian of processes, but a partner in change.

Ultimately, the dialogue participants agreed that the future doesn't belong to machines—it belongs to the people who know how to operate them.

Among other session participants:

Ramilya Yarullina

Ramilya Yarullina, mentor, IT Association IN'HUB, lecturer at IT Academy IPWK

Ishkhan Margaryan

Ishkhan Margaryan, Deputy Director, HR Director, DataArt Armenia

Vahan Melkumyan

Vahan Melkumyan, Product Owner of the People Platform, Ameriabank

HR. The role of human potential in the second quarter of the 21st century. New era of relevance for the tasks to be solved

What are the key trends in the global crypto industry? This was the question posed by participants in the session “Crypto industry 2025. A new place in the economy and financial system”

Rafal Trepka

The session was moderated by Rafal Trepka, Vice President, Customer Solutions in CIS & Caucasus, Mastercard. He invited participants to share their insights into the current state of the crypto industry, trends and forecasts, as well as new goals and challenges facing crypto businesses.

Karen Babayan

Karen Babayan, Director, Financial Stability and Regulation, Central Bank of Armenia, discussed the regulatory framework for trust and responsible innovation.

Vasili Kulesh

Vasili Kulesh, member of the Council of the Belarus Blockchain Association, focused on the borderless economy. He discussed, in particular, the role of blockchain in the era of global economy fragmentation and shared Belarus’ best practices in regulating the crypto industry, with its total turnover figures for the year end estimated at $3 billion.

Andrey Mikhaylishin

Andrey Mikhaylishin, Chairman of the BRIСS Payments & Fintech Task Force FSWR of the BRICS Business Council,

Chairman of the Commission on Payment Systems and Cross-Border Settlements of the Russian CCI, discussed in detail the Genius Bill (S.1582) adopted in the United States in June 2025, and its negative impact on the global stablecoin market and crypto industry due to its extraterritorial nature.

Mariya Spartalis

Mariya Spartalis, International Private Banker, Financial Strategist, Founder of Spartalis Capital (Switzerland), outlined the key stages of the digital transformation of global finance: from private banking to the crypto economy, and shared her working experience at the first crypto bank in Switzerland.

Bogdan Kuznecov

Bogdan Kuznetcov, Consulting Lead, Cointelegraph, shared his vision of how banks can earn from crypto products.

Vardan Khachatryan

Vardan Khachatryan, Chief Legal Officer at Fastex, dedicated his presentation to the coexistence of TradFi and DeFi: from competition to cooperation.

“Crypto industry 2025. A new place in the economy and financial system”

Andranik Togramadzhian, CEO Payin. Co-founder of the National Center for Digital Technologies of Armenia, moderated the session “Blockchain and smart contracts. Tokenization. Crypto assets”.

Andranik Togramadzhian

Opening the discussion, which was, perhaps, one of the liveliest ones at the FinnoWay Armenia PLUS-Forum, he noted that the cryptocurrency industry in Armenia is undergoing a period of active reshaping: “For the last 5-6 months, we've been working with digital assets at the corporate level. Those are transactions with large companies and national organizations. Actually, we're moving the crypto market out of a purely trading logic towards practical financial applications. We're currently developing a crypto-equivalent mechanism for real estate transactions. The idea is to officially allow real estate purchases with cryptocurrency. This changes the very essence of the crypto assets presence in the economy—they're becoming a tool for real-world transactions.”

According to Andranik Togramadzhian, the Armenian cryptocurrency market has grown organically for a long time. Now the country is moving toward strict regulation copying the European model in fact. He believes the new mode may create a too high barrier to entry.

Denis Kazymaev

Denis Kazymaev, Director, DAIP Company, emphasized that the development of tokenization today is constrained not only by technological capabilities but also by the readiness of the state to legally recognize digital records as equivalent to traditional property related documents. According to the speaker, the market is undergoing a phase similar to the transition from paper receipts to securities, and today – to digital tokens: “Tokenization is not a mere digitalization of an object. It is important that a record of ownership in a digital system could legally replace a paper document. Only then does the asset become truly mobile.”

Denis Kazymaev explained that tokenized assets offer new advantages to the market: transactions are completed in seconds, assets can be used as collateral, and their management becomes more flexible and faster. However, incorrect tokenization only adds risks.

Dina Shmuley

Dina Shmuley, Independent member of the Board of Directors, Transservice Group, noted that DFAs represent a new economy of trust. She tried to forecast future stages of asset tokenization and highlighted three points:

• Expansion of DFAs circulation in Russia and beyond.

• Tokenization of real-world assets.

• Active adoption of tokenization in the e-commerce segment, when DFAs become an equal element of trade turnover.

Eduard Avetisyan

In his turn, Eduard Avetisyan, Founder and CEO, Bitcoin Armenia crypto exchange, spoke about the implementation of cryptocurrencies in Armenia. The speaker discussed cutting-edge trends in the crypto industry, specifically the growing popularity of stablecoins, in international settlements inter alia.

Sandor Hasznyuk

Sandor Hasznyuk, General Manager, Banking Circle Poland and head of crypto assets compliance, explained why dollar-denominated stablecoins dominate the global market and what drives the limited expansion of euro-denominated stablecoins, despite the presence of MiCA and a developed European payment infrastructure.

According to the expert, the key reasons for this do not lie in the technology itself, but are driven by the differences in regulatory approaches and the history of the crypto market's formation: “Looking back 8-10 years, almost the entire crypto industry was built around the dollar—trading pairs, cross-border transfers, liquidity. The dollar has been, now and heretofore, the basic accounting unit the market relies on,” noted Sandor Gasnyuk.

Jérémie Becache

Jérémie Becache, Sales Director France & Caucasus, Fireblocks, identified three waves of the financial sector digitalization: RWAs (real-world assets in cryptocurrency), classic crypto assets, and stablecoins. The speaker noted that many large financial institutions are currently converting their traditional financial assets into digital crypto formats. Moreover, with the cryptosphere development being a real honeypot for criminals, security becomes a key trend today. Therefore, maintaining reputation is a matter of existence for crypto companies today.

Andrey Varnavskii

Andrey Varnavskii, Head of Digital Assets at Ingosstrakh – Investments, noted that the DFA market in Russia is developing but is not yet unified. He noted that its infrastructure remains fragmented: “There are about 18 operators on the register, each of them dealing with its own group of issuers and its own group of investors. No uniting. No one will voluntarily give away their clients.”

Artyom Harutyunyan

Artyom Harutyunyan, web3 evangelist.

Founder, the founder of Blockstars, and co-founder of Web3 Armenia Foundation, criticized the current development model of fintech and regulated cryptocurrency instruments. According to him, the key goal of Web3 and cryptocurrencies is to free users from the constraints of the traditional financial system, not to integrate into its rules.

“Crypto and Web3 weren't designed to make payments a bit faster. Their goal is to bring back control over their own funds to people. To free people from situations where their money can be frozen, they can be asked for explanations, or charged fees just because that's what the bank decided,” the speaker noted.

“Blockchain and smart contracts. Tokenization. Cryptoassets”

Summarizing the discussion, Artyom Harutyunyan said: “Fintech will have to choose: either it will keep tightening controls and fall behind, or it will embrace the principles of Web3—user freedom, privacy, and no excessive restrictions. Success will come to those who choose the latter.”

The session “Startups. Their role, place and prospects in the modern digital economy of Armenia. Strategy and marketing for a successful startup project. Impact of the venture capital – its performance and effectiveness” was moderated by Narek Vardanyan, Co-Founder and CEO of TCF and Prelaunch.com.

Narek Vardanyan

Narek Vardanyan, Co-Founder and CEO of TCF and Prelaunch.com moderated the session.

The panel discussion focused on the role of startups and venture capital in shaping the country's digital economy. Participants analyzed the impact of technology projects on the development of regional markets, innovation support tools, and approaches to building sustainable startup ecosystems. Special attention was paid to investment raising strategies and the conditions for the growth of new technology companies.

Representatives of venture funds and the technology sector participated in the discussion:

Dias Yermaganbetov

Dias Yermaganbetov, VC with Big Sky Capital, highlighted key aspects of venture capital development in emerging markets and its role in supporting startups.

Narek Vardanyan, Co-Founder and CEO of TCF and Prelaunch.com, focused on product-market fit and tools for testing new ideas.

Hayk Grigoryan

Hayk Grigoryan, Chief Investment Officer, SharpeMachine, presented his perspective on venture capital financing mechanisms and factors influencing the activity of the startup ecosystem.

Arsen Baghdasaryan

Arsen Baghdasaryan, SVP, head of Armenia and Georgia business cluster at DataArt, participated in a discussion on the development of technology projects and corporate solutions.

Artyom Shamtsyan

The session ended with an exchange of opinions on the current state of the market, the prospects for the technology sector, and areas that could influence the future development of the ecosystem. Among the session participants was Artyom Shamtsyan, CEO, DINNO. Experts noted the importance of regular dialogue of investors, technology companies, and government agencies, as well as the significance of cross-industry platforms like FinnoWay Armenia for discussing market changes and sharing experiences.

“Startups. Their role, place and prospects in the modern digital economy of Armenia. Strategy and marketing for a successful startup project. Impact of the venture capital – its performance and effectiveness”

How the situation is changing and what to expect in the future—experts discussed these issues during the session “Cybersecurity. Modern Cyber Threats – Have We Reached the Point-of-No-Return? Information Security”.

Komitas Stepanyan

Komitas Stepanayn, Technology and Cybersecurity Director, Central Bank of Armenia, moderated the session. He analyzed in detail the operational and cyber resilience of the AI-accelerated financial system: “from box-ticking to business advantage”, inviting the session participants to share their perspectives on these issues.

Tatiana Deshkina

Tatiana Deshkina, Product Portfolio Director, VisionLabs, focused her presentation on the practices of secure implementation and use of biometric ID. The expert paid special attention to protection against attacks in the context of the company's implemented cases. The examples include countering video deepfakes, the effective use of cybersecurity tools to prevent attacks on biometric systems, and more.

Sergey Tairyan

Sergey Tairyan, Group CISO, Digitain, analyzed defense and attack methods in the era of artificial intelligence and post-quantum computing. The topic of his presentation was “From phishing to post-quantum transactions: a new financial security architecture”. According to the speaker, “in the next few years, we’ll see the emergence of security systems where artificial intelligence and humans work hand in hand.” The speaker paid special attention to the potential of quantum computing for implementing a fundamentally new level of cryptography—post-quantum encryption, etc.

Nikolai Dosh

Nikolai Dosh, CBDM, Fuzzy Logic Labs, specified global trends in cyber fraud. Those include:

• a significant increase in losses from cyber fraud in recent years;

• humans remain the primary vulnerability;

• the merge of cross-industry services and facilities enables hybrid attacks;

• the industry-wide need to modernize anti-fraud systems to address current fraudsters’ attacks.

The speaker also identified three key trends that continue to gain momentum:

• illegal use of personal data (a 10.5-fold increase in 2024 compared to the previous year);

• fraudulent investment offers;

• social engineering.

Svetlana Kasatkina

Svetlana Kasatkina, FRX product owner and Anti-Fraud analyst, Compass Plus, dedicated her presentation to modern fraud prevention methods and the capabilities of the company's products, including data exchange between different anti-fraud teams. She focused on FRX, a new cross-channel fraud prevention system from Compass Plus.

The company offers various software rollout models: on-site, through outsourcing to one of Compass Plus's processing centers, or a flexible combination of these options.

In conclusion, the speaker summarized that antifraud should help businesses by making them more efficient, rather than being seen by them as a hindrance

Samvel Martirosyan

Samvel Martirosyan, co-founder of CyberHUB-AM, CISO at eqwefy, in his presentation “The Human Firewall” tried to answer why social engineering is the main threat to Armenia's financial sector.

First of all, the speaker mentioned the people's lack of trust in law enforcement agencies, which means that as few as one in 100 fraud victims reports the incidents to the police—a problem he noted in many countries worldwide. Secondly, he emphasized the fact that today, it is primarily individual clients, not banks, who suffer losses from cybercriminals. Finally, another factor is the confidence of victims in the exclusive culpability of the bank from which their funds were stolen with the victims’ own assistance.

Alexey Ordin

Alexey Ordin, Digital Attaché of the Trade Mission of Russia in Armenia, Ministry of Industry and Trade of the Russian Federation, analyzed SASE and SD-WAN as the foundation of the digital state's cyber resilience, emphasizing the potential of these technologies for Armenia.

“Cybersecurity. Modern Cyber Threats – Have We Reached the Point-of-No-Return? Information Security”

A reception for delegates and an evening entertainment program crowned the first day of the PLUS-Forum.

Evening Program

The International PLUS-Forum FinnoWay Armenia is a new, highly effective, cross-sectoral platform for productive business communication of market participants and professional experts, serving as an impetus for the development of the region's economy.

The PLUS-Forum is aimed at high-quality and effective networking, finding partners and clients, consolidating efforts in scaling services, and promoting the expansion of communications in the international market. And, of course, it facilitates communication between top managers and specialists from a wide range of industries and sectors.

PLUS Group Team

The PLUS Group team keeps working energetically to implement large-scale, ambitious projects and develop international collaboration.

We invite you to our upcoming events:

· International PLUS-Forum “Digital Uzbekistan”, Tashkent, June 17-18, 2026

· International PLUS-Forum FinnoWay Armenia Nov 13-14, 2026

· International PLUS-Forum “Payments and Cash Circulation”, Moscow, September 8–9, 2026

· International PLUS-Forum “Digital Tajikistan”, Dushanbe, December 2, 2026