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Interest in cryptocurrencies growing in Azerbaijan

17 February 2025 13:18 (UTC +04:00)

"We are observing an increasing interest in digital assets, including cryptocurrencies, in Azerbaijan," said the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov during his speech at the Al-Ula conference for Emerging Market Economies held in Riyadh, APA-Economics reports.

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He said that this tendency has has prompted Azerbaijan to accelerate the development of a legal framework for the regulation of digital assets in Azerbaijan.

T. Kazimov also emphasized that Azerbaijan has made significant progress in the regulation of the financial sector over the past three years, particularly in the areas of anti-money laundering (AML) and compliance: "Over the past three years, we have made significant progress, especially in regulatory changes related to anti-money laundering (AML) and compliance. We are trying to maintain a balance between stimulating the financial market and complying with international requirements. As a result of these reforms, Azerbaijani banks, particularly their correspondent networks in the United States, have significantly expanded."