Azerbaijan Plans to Pass Virtual Asset Regulation Bill by Year-End, Crypto Firms Must Hold Central Bank License

CoinFeed June 30 news, according to Bits.media, Azerbaijan Central Bank's Fintech and Innovation Department Director Fidan Tofidi stated that the country's virtual asset market regulation bill has been drafted and submitted for review, expected to pass by year-end. The bill requires all crypto asset-related businesses to obtain a central bank license to operate, and approved participants will be subject to continuous supervision and must comply with anti-money laundering and customer identification compliance requirements. Tofidi said the bill is part of Azerbaijan's 2027 to 2030 financial market regulation strategy. In 2024, the Central Bank of Azerbaijan had said it would not issue a central bank digital currency because it 'does not know of successful cases in other countries.' Previously, Binance CIS Government Relations Director Olga Goncharova revealed that Binance is discussing with the Central Bank of Azerbaijan the possibility of participating in the formulation of crypto market regulatory mechanisms.