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.