Control and regulation in the financial sector of Azerbaijan is experiencing a renaissance period, Togrul Aliyev, Director General of the Central Bank of Azerbaijan (CBA), said at the FinTech Summit held in Baku, Report informs.
The director general said that according to the new legislation, payment service organizations, electronic money institutions, institutions that manage virtual assets must submit reports:
"In recent years, a new law on payment systems has been adopted, regulatory and legal acts have been developed. Licensing and control mechanisms of electronic money and payment organizations have been implemented."
Aliyev also pointed out that more than 20 fintech companies have already applied to the CBA for a license: "They are currently under consideration. As you know, control begins with licensing. The Central Bank also checks everything with its own systems, internal control and other systems to prevent the financing of terrorism and money laundering. Every institution in Azerbaijan is required to have these systems.”