The Central Bank of Azerbaijan (CBA) has warned citizens about using the services of foreign investment platforms that are not licensed in the country, APA-Economics reports, citing the Central Bank.
It was noted that monitoring conducted by the CBA found that some foreign investment platforms are being promoted in Azerbaijan through internet resources, social media, training programs, seminars and other marketing tools, and that residents of the country are being attracted to these platforms.
The Central Bank emphasized that having a license issued by a regulatory authority of a foreign country does not give such a platform the right to provide or promote investment services in Azerbaijan.
Under the legislation, investment services in Azerbaijan may only be provided on the basis of a relevant license issued by the Central Bank.
The CBA recommended that citizens check whether a service provider is licensed to operate in Azerbaijan before using any investment service.
In order to protect investors’ rights, the Central Bank recommended that citizens entrust their investments only to entities licensed by the CBA as investment companies.
The list of licensed investment companies is available on the Central Bank’s official website.
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