Azerbaijan is drafting an educational and informational document to ensure regulation of cryptocurrency and all types of virtual assets, according to Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (Azfina), Report informs.
He noted that there are serious questions regarding the transparency of income sources in the cryptocurrency sector, which creates new risks for financial inclusion and stability: "The most important issue in this process is public trust in the regulator - the Central Bank of Azerbaijan - and in the entities providing relevant services."
Abdullayev added that an initial approach has already been formed regarding stablecoins and subsequent stages:
"At present, there is a preliminary plan to prepare a fundamental regulatory document on stablecoins and other virtual assets. This process will be managed step by step, and we hope that in the future, a stablecoin regulated by the Central Bank will also be introduced."