Azerbaijan may adopt cryptocurrency law by year-end

Azerbaijan could adopt legislation on virtual assets and crypto markets by the end of this year, Fidan Tofidi, Director of the Financial Technologies and Innovations Department at the Central Bank of Azerbaijan (CBA), stated at the Azerbaijan's Digital Finance Agenda event in Baku, Report informs.

Tofidi stated that the CBA has finalized the draft law on virtual assets and crypto markets and submitted it to relevant government bodies: "This is a significant achievement for us, as the sector has not been regulated until now and remains relatively new both globally and in Azerbaijan. We hope that if everything proceeds as planned, the draft law on cryptocurrencies and virtual assets will be approved by year-end. Our team is working actively and intensively in this direction."