BAKU, Azerbaijan, June 29. The Central Bank of Azerbaijan (CBA) expects legislation on cryptocurrencies in Azerbaijan to be adopted by the end of the year, Fidan Tofidi, Director of the Financial Technologies and Innovation Department at the bamk, said, Trend's correspondent reports from the event.
She made the remark at the “Digital Financial Agenda of Azerbaijan” event held in Baku.
According to her, the CBA has completed the latest version of the draft law regulating the crypto-asset market and submitted it to government bodies for review.
She noted that the virtual assets regulation framework represents one of the key outcomes of the Central Bank’s work, as this sector was previously unregulated in the country.
“The latest version of the virtual assets law, the crypto market law, has already been prepared by us and submitted to state institutions. If everything goes as planned, we expect the law on cryptocurrencies to be adopted by the end of the year,” she said.
Fidan Tofidi also said the CBA is continuing to roll out its Open Banking project.
According to her, the system will allow users to manage all their bank accounts through a single application instead of using separate mobile apps for different banks.
“All banks have already been integrated into the platform, and the number of fintech companies joining the ecosystem continues to grow. This is also creating a healthy competitive environment. Fintech companies are gaining the ability to develop new products and services by leveraging the open ecosystem.
The Central Bank is also preparing for its next strategic period, where key priorities will include the digitalization of the financial sector and the introduction of artificial intelligence technologies.
The regulator plans to continue ongoing projects, expand their scope, and develop digital maturity indices for the financial sector. The Central Bank has already assessed the level of digital maturity across the banking, payments, fintech, insurance, and capital markets sectors.
“We have obtained very interesting indicators and data. The next strategy will be based on real data and the results of this assessment,” she added.
