4SIM: Azerbaijan prepares new tax rules for cryptocurrency business income

Azerbaijan is gearing up to introduce new tax regulations for individuals and businesses earning income from cryptocurrency-related activities, said Fariz Jafarov, Executive Director of the Center for Analysis and Coordination of the 4th Industrial Revolution (4SIM), Report informs.

Speaking at the "Introduction to Digital and Metaverse Economy" panel discussion during the Chain Reaction 2024 forum, Jafarov highlighted Azerbaijan's proactive approach to embracing the digital economy. The country is actively developing electronic tender and visa platforms, financial solutions in the fintech sector, and creating new opportunities for retail trade, and small and medium-sized enterprises (SMEs).

"We plan to support more than 1,200 SMEs, enabling them to digitalize their operations more rapidly and expand their activities both domestically and in international markets," Jafarov stated.