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© Kagirov Abdul-Hakim Akhmadovich, 2026 ◆ Document NK-HTML-001-EN/2026 ◆ Universal Copyright Convention · Geneva 1952 ◆ All Rights Reserved
Digital Platform · Republic of Armenia · 2026

Noah's Ark
Platform

Institutional mechanism for off-budget financing of the Republic of Armenia's national projects through tokenization of pledged real estate of residents and the Armenian diaspora worldwide.

See the solution → Owner Calculator
Key parameters
Pilot pool, 7-year cycle
€100M
Pool size
5.5%
Senior coupon
13.5%
Junior up to
4.4%
Owner extra yield
21
Process steps
HO-159-N
RA Law
K
Kagirov A-Kh. A.
Foreword from the author

Noah's Ark — a symbol of gathering and salvation

The vision for this Platform came to me at a moment when it became clear that a country's financial sovereignty and the well-being of its people are increasingly determined not through classical instruments, but through new forms — tokenization of real assets, mobilization of diaspora capital, and transparent digital registries.

The Republic of Armenia is a state with a thousand-year history and a seven-million-strong diaspora across the world. Armenia is one of the first countries in the region to adopt a comprehensive crypto-asset law modeled on European MiCA. This is a rare and fortunate convergence: legal maturity, diaspora readiness, technological foundation, and political will.

The Noah's Ark Platform brings together three parties that historically could not meet: the property owner in Armenia, the diaspora investor-compatriot, and the state in need of accelerated national project execution. All three parties win. No one loses.

With respect, Kagirov Abdul-Hakim Akhmadovich Author and rights holder of the project · 2026
Reality today

Three constraints that hold back Armenia's development

01

Budget is constrained

The pace of national project execution is limited by the budget revenue side and the conditions of international lenders. External debt cannot grow indefinitely; rates on external markets are high.

02

Diaspora is not engaged

Seven million Armenians abroad hold tens of billions of dollars of capital. Today there is no legally clean, transparent, and profitable instrument designed specifically for diaspora investment in the Homeland.

03

Sleeping assets

Hundreds of thousands of apartments, houses, and land plots in Armenia belong to owners who do not actively use them. This colossal "sleeping capital" is a resource for infrastructure financing without loss of ownership.

Three-fold solution

All three parties win simultaneously

The Platform unites the owner, the investor, and the state in one structure where each party's interests are realized without harming the others.

Owner

The asset stays with the owner — real estate is not sold and not pledged to a bank; only a temporary encumbrance is registered in the State Real Estate Cadastre.

2.75% annual coupon in Armenian Drams — paid monthly throughout the cycle.

Free insurance of the asset against force majeure — covered by the Platform as part of the program.

0% property tax for the period of encumbrance.

7–8% bonus of the asset's value upon return at the end of the cycle.

"Co-Investor of Armenia" status — officially confirmed by the government.

≈ 4.4% annual yield above alternatives without losing ownership

Investor

Senior tranche — 5.5% coupon, 7-year term, RA Ministry of Finance budget guarantee. Suitable for MoF, EBRD, World Bank, IFC, and conservative diaspora investors.

Junior tranche (ART) — up to 13.5% annually through pool NAV growth. Suitable for crypto-savvy diaspora and risk-tolerant funds.

Real collateral — pool of pledged Armenian real estate plus insurance plus state treasury guarantee.

0% capital gains tax on crypto assets for non-resident individuals in Armenia — an advantage over Georgia, Cyprus, UAE.

DLT transparency — every transaction and pool composition publicly verifiable in real time.

The most protected digital asset in the region, with double collateralization

State

Up to €1 billion in off-budget financing of national projects.

Without increasing external sovereign debt — funds are raised from private investors, not from IMF or World Bank loans.

Acceleration of national programs by 5–7 years — what was planned over 10 years can be delivered in 3–5.

Financial sovereignty — no conditions or stipulations from international creditors.

Armenia becomes a regional financial hub for similar structures — the model can be replicated in Georgia, Kazakhstan, the Gulf states, and the Balkans. The headquarters, IP, and regulatory expertise stay in Yerevan.

Long-term strategic positioning of the Republic of Armenia
Asset lifecycle

21 steps — from registration to return

Each step is mapped to a specific article of RA Law HO-159-N or to CBA Regulations 7/01–7/05 and is verifiable in the public legal field.

Pool formation

Owner registration

A real estate owner — RA resident or diaspora representative — registers in the application via Armenian national ID or e-passport.

HO-159-N art. 3, 32 · CBA Regulation 7/01 §§ 4–6
01
02
Pool formation

KYC / AML

Identity verification under AML/CFT rules. The procedure is performed by the bank-partner of the JV using its established infrastructure.

RA AML/CFT Law · Regulation 7/01 §§ 7–9 · FATF Travel Rule
Pool formation

Asset declaration

The owner uploads title documents for the apartment, house, land, or commercial property.

RA Civil Code art. 130–141 · State Real Estate Cadastre Law art. 17
03
04
Pool formation

Independent valuation

A licensed Armenian appraiser conducts a market valuation of the asset. The cost is borne by the Platform.

RA Law on Valuation Activities
Pool formation

Asset insurance

A partner Armenian insurer provides coverage of the asset for the entire cycle. Free of charge for the owner.

RA Insurance Law · partnership agreement
05
06
Pool formation

CFA1 issuance

The Platform issues a utility-token representing the owner's share in the pool: 1 CFA1 = 1 AMD of appraised value. Whitepaper per Regulation 7/04.

HO-159-N art. 3, 16(5) · CBA Regulation 7/04
Pool formation

Custody and encumbrance

CFA1 enters the Platform's custody escrow. A temporary encumbrance is registered on the asset in the State Real Estate Cadastre of RA for 7–10 years.

HO-159-N art. 16(3) · Regulations 7/01+7/02 · Civil Code art. 244–249 · Cadastre Law art. 27
07
08
Pool formation

Monthly coupon begins

Monthly coupon payments of 2.75% per annum in Armenian Drams begin. In parallel, the bonus of 7–8% accrues toward the end of the cycle.

RA Tax Code art. 134 · HO-159-N (CASP payments) · Phase 2 — 0% on coupon up to €10k/year
Tranche issuance

Whitepaper publication

When the pool reaches the target size of €100M, the Platform publishes a whitepaper per CBA Regulation 7/04 form, describing both tranches, risks, and the financial model.

HO-159-N art. 5–14 · CBA Regulation 7/04 in full
09
10
Tranche issuance

CBA confirmation

The Central Bank of Armenia, as the supervisory regulator, verifies the whitepaper's compliance and does not block the offering.

HO-159-N art. 6 · Regulation 7/01 § 30+
Tranche issuance

Senior Tranche · 70%

Issuance of a tokenized infrastructure bond: 5.5% annual coupon, 7-year term, RA Ministry of Finance budget guarantee. Buyers: MoF (20%), EBRD/WB/IFC (40%), conservative diaspora (40%).

RA Securities Market Law · CBA supervision
11
12
Tranche issuance

Junior Tranche (ART) · 30%

Issuance of an asset-referenced token under HO-159-N: price tied to pool NAV, target yield 10.5–13.5% annually through pool value growth. Issuer minimum capital 200M AMD.

HO-159-N art. 16(5–6) · Regulation 7/04 · Regulation 7/02
Tranche issuance

Funding the "Noah's Ark" Fund

The €100M raised is credited to a dedicated escrow account under dual control — RA Ministry of Finance plus an independent trustee.

RA Budget System Law · RA Government Resolution on the Fund
13
14
Project execution

Funding national projects

The RA Ministry of Finance funds specific national projects from the Fund — schools, hospitals, roads, agro-complexes, IT campuses — under the program approved by the National Assembly of Armenia.

RA Public Procurement Law · budget legislation
Project execution

Construction and independent audit

Government contracting agencies execute construction under Platform supervision and independent audit. Spending transparency through DLT.

RA Urban Development Law · Audit Law · IFRS standards
15
16
Project execution

Cash flow returns to the Fund

A portion of commercially viable projects (agro, tourism, toll infrastructure) generates cash flow that returns to the Fund for tranche-holder coupon payments.

RA concession law · PPP agreements · Phase 2 — smart-contract automation
Project execution

Pool NAV updates

Pool NAV is updated quarterly with newly delivered objects. Junior tranche price reflects the growth.

HO-159-N art. 21 (ART issuer requirements) · IFRS 13 (Fair Value)
17
18
Cycle closure

Senior Tranche redemption

In year 7, the RA Ministry of Finance combined with accumulated cash flow buys back the senior debt tokens at par. Investors receive principal plus all coupons over 7 years.

Securities Market Law · Civil Code art. 408+ · Phase 2 — redemption in CBA digital Dram
Cycle closure

Junior Tranche buyback

The Issuer (CASP) buys back ART at the updated NAV from holders wishing to exit. Some investors remain in the pool — it rolls over into a new cycle (revolving fund).

HO-159-N art. 22 (ART redemption right) · Regulation 7/04
19
20
Cycle closure

Encumbrance lifted, owner payout

Encumbrances on owners' assets are lifted in the Cadastre. Owners receive: their asset (which has been with them all along) + accumulated coupons of 2.75% × 7 years ≈ 19% + bonus of 7–8%.

Cadastre Law art. 28 · Civil Code art. 250
Cycle closure

Optional reinvestment

The owner may reinvest the asset in a new cycle with a higher tier-2 coupon and "Veteran Co-Investor" bonus. The next pool launches.

HO-159-N art. 16(5) · RA contract law · Phase 2 — automation v2
21
Calculator

What the owner receives for the asset

Enter the appraised value of your real estate — we will compute every component of income over a full 7-year cycle: coupon, free insurance, property-tax savings, bonus, and the total cash equivalent.

7 years
7.5%

Income for the entire cycle

Coupons at 2.75% per annum €38,50019.25%
Value of free insurance €5,6002.80%
Property tax savings (0.6%) €8,4004.20%
One-time end bonus €15,0007.50%
Total cash equivalent €67,500
Annualized yield equivalent ≈ 4.4% extra per year
Indicative calculation. The asset remains in the owner's possession throughout the cycle. The comparison is made against alternative instruments (bank deposit, rental income), net of associated costs and risks.
Pilot pool

Eight key parameters of the first cycle

A single pilot of €100M over 7 years — the evidence base for transitioning to Phase 2 with the Central Bank of Armenia as a counterparty.

0M €
Pool size
0owners
Owners ≈
0yrs
Cycle
0%
Senior coupon
0%
Junior up to
0M ֏
CASP capital
0%
Owner coupon
0M €
Platform revenue
Roadmap

Four phases — from preparation to scale

Each phase has a hard transition gate; the next phase does not begin without it.

Phase 0 · m. 0–6

Preparation

first six months
  • Establish JV with the Armenian bank-partner
  • International IP valuation (Duff & Phelps / Kroll / KPMG-VME)
  • Project documentation pack
  • Political alignment with MoF and CBA
RA Government Resolution on budget guarantee (subject to adjustment)
Phase 1 · m. 6–24

Pilot €100M

eighteen months
  • CASP licensing by the CBA
  • Pool formation from 500+ owners
  • Issuance of two tranches
  • Funding of 5–10 national projects
>80% projects on time · >90% Senior redeemed · NAV +15% (subject to adjustment)
Phase 2 · m. 24–60

Institutionalization

three years
  • Adoption of amendments package L1+L2+L3+L5+L6
  • CBA as counterparty
  • Digital Dram emission against the pool
  • Institutional investors €1B+
Package adopted · CBA executed first emission (subject to adjustment)
Phase 3 · m. 60+

Scale and replication

long-term
  • Expansion to movables, IP, equity
  • Regional replication: Georgia, Kazakhstan, EAEU, EU
  • Revolving cycles 2 and 3
  • Armenia as a regional financial hub
No-limit horizons
Exclusivity

Seven reasons there are no analogues

Each advantage is measurable and verifiable. The same combination in a single jurisdiction does not exist anywhere in the world today.

I

Regulatory clarity

Armenia's crypto-asset law is the most progressive in our region. Built on European MiCA — our Platform is immediately recognized in the EU and by investors with European mandates.

II

Win-Win-Win

In traditional finance someone always loses. With us — all three parties (owner, investor, state) win simultaneously. Structural rarity.

III

Diaspora channel

Seven million Armenians worldwide. Their savings — tens of billions of dollars. Israel Bonds raised $50B+ over 75 years. The Armenian diaspora, in proportion to its home economy, is even larger.

IV

Real collateral

Unlike speculative crypto-tokens, our instruments are backed by square meters of Armenian real estate, by insurance, and — for the senior tranche — by a Ministry of Finance guarantee.

V

Financial sovereignty

Funds without IMF, without external sovereign debt growth, without conditions of international creditors. Armenia accelerates national projects by 5–7 years.

VI

Two-phase strategy

In Phase 1 we launch within current law. In Phase 2 — after the model is proven — the amendments package restores the original elegance, with the CBA issuing Drams against the pool. Path to €1B+ annual turnover.

VII

DLT transparency

Every transaction — transparent. Every owner sees their asset. Every investor sees the pool composition. Every government action from the Fund — publicly verifiable. A level of transparency unavailable to classical financial institutions.

K
Kagirov A-Kh. A.

Kagirov Abdul-Hakim Akhmadovich

Aslan Kaa · Author and rights holder

Founder, CEO. Architect of the Noah's Ark Platform. Ready to lead the project from concept to industrial deployment in the Republic of Armenia and onward to replication in Georgia, Kazakhstan, EAEU, and EU countries.

Contacts for business correspondence

Get in touch directly

Available for meetings with representatives of the RA Ministry of Finance and the Central Bank of Armenia, investment funds, partner banks, and members of the diaspora community.

Website
www.aslankaa.com
Email
aslankaa@yandex.ru
aslankaa@yandex.ru
Phones
+7 (969) 795-55-55
+7 (925) 203-77-77
Languages
Russian · English · on request — Armenian, French
Social networks