Azerbaijan has completed a draft law to regulate virtual assets and submitted it for review, with the Central Bank expecting the legislation to be adopted before the end of the year.
Summary
- Azerbaijan has submitted a draft crypto law that would require all virtual asset firms to obtain a central bank licence.
- Licensed crypto businesses would face ongoing regulatory supervision along with AML and customer identity requirements.
- The proposal comes as Azerbaijan continues to avoid launching a central bank digital currency while developing crypto market rules.
According to remarks by Central Bank of Azerbaijan Financial Technologies and Innovation Department Director…
