Azerbaijan developing legislation on startups

The idea of digital transformation in Azerbaijan will lead to digitalization in all districts, Deputy Minister of Digital Development and Transport Rovshan Rustamov said at the 5th International Banking Forum “Cashless Economy: Reliable, Safe and Sustainable” in Baku, Report informs.

“The ministry I represent wants to apply smart technologies. A startup ecosystem needs to be formed to promote fintech. We are already preparing a legislative framework and will soon submit it for public discussion. At the root of all this is the Absheron Valley, which will be the national analog of the Silicon Valley," Rustamov said.

Referring to the work carried out in the Azerbaijani territories liberated from occupation, the deputy minister noted that simplified technologies are used there for the convenience of residents.

He also noted that at the expense of Azercosmos company and other sources, databases have been formed and are being used: “The collection of these data continues.”