Draft Law on the Crypto Assets Market Prepared
At the Central Bank of Azerbaijan (CBA), a draft law titled “On the Crypto Assets Market” prepared by the institution has been discussed.
According to the CBA, its Chairman, Taleh Kazimov, held a meeting with representatives of organizations that are not members of the Azerbaijan Fintech Association (AzFina) Public Union.
During the meeting, discussions focused on the institutional development of the fintech ecosystem, as well as opportunities to expand access to digital financial services and innovative solutions.
The discussions also covered the CBA’s priority areas and strategic initiatives supporting the development of the financial technology sector, including open banking, the distributed “Know Your Customer” (KYC) concept, and the draft law “On the Crypto Assets Market.”
In addition, the opportunities created by the Instant Payment System and the importance of a special regulatory regime were highlighted.
Participants also shared the challenges faced by their organizations, and the importance of strengthening joint activities and mutual communication was emphasized.