Firms engaged in blockchain, cryptocurrency sphere in Azerbaijan may claim state benefits

Baku, Azerbaijan, May 23

By Huseyn Valiyev - Trend:

Companies operating in the blockchain technologies and cryptocurrency sphere in Azerbaijan may claim the status of a resident of the High Tech Park LLC of Azerbaijan’s Ministry of Transport, Communications and High Technologies, Director of the Department of Science, Technology and Information Society Development of the ministry Rashad Azizov said at the Bitcoin Pizza Day Baku conference.

This will allow the companies to use all the benefits provided for residents (tax and customs benefits), he said.

“As for the blockchain technology itself, first it is necessary to know what its application can give to Azerbaijan and to the IT sphere,” he noted. “It is useless to talk only about the need to use the blockchain technology without a specific goal. Knowing in what specific sectors its application is possible, one may think about the legal regulation of this sphere in the country. In this respect, public opinion can play an important role.”

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