Baku: The draft law "On Crowdfunding" has been successfully adopted in the third reading during today's session of the Milli Majlis. This development marks a significant step in establishing a legal framework for crowdfunding activities in the Republic of Azerbaijan.

According to Azeri-Press News Agency, the new legislation comprises 7 chapters and 23 articles, addressing the legal, organizational, and economic aspects of equity- and debt-based crowdfunding. It sets forth the requirements for the operation of crowdfunding platform operators and outlines the state's role in regulating and supervising these activities.

The law's provisions are set to come into effect six months following its official publication, providing a structured timeline for the implementation of these regulations. The draft law was subjected to a vote and was adopted in the third reading, signaling its acceptance and forthcoming enactment in the country.