For quite some time, the Central Bank has been working on the draft law "On the activity of virtual assets and virtual asset service providers" that will regulate the cryptocurrency sector. This draft law will form the legal basis for the cryptocurrency and blockchain sector in our country.
According to Osman Gündüz, head of the Azerbaijan Internet Forum and director of the Multimedia Center, speaking to Medianews.az, the Blockchain Azerbaijan Center (BAM) has prepared proposals regarding the regulation of the cryptocurrency sector: "Some time ago, we had a meeting with the Deputy Chairman of the Central Bank, Vusal Khalilov, on this issue. After the meeting, BAM prepared proposals on the draft law 'On the activity of virtual assets and virtual asset service providers' and discussed them several times. The final version of the proposals has already been submitted to the Central Bank."
The main purpose of these proposals is — the transparent, innovative, and international standards-compliant regulation of the crypto sector, as well as the expansion of development opportunities for local startups and technological initiatives."
