Riyadh: “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.

According to Azeri-Press News Agency, Kazimov highlighted that this trend has prompted Azerbaijan to accelerate the development of a legal framework for the regulation of digital assets in the country. He underscored Azerbaijan’s progress in financial sector regulation over the past three years, particularly in anti-money laundering (AML) and compliance. The chairman stated, “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.”

The reforms have resulted in Azerbaijani banks significantly expanding their correspondent networks, particularly in the United States. Kazimov’s remarks at the conference indicate a strategic move towards integrating digital asset regulation into the broader financial regulatory framework of Azerbaijan, ensuring both market stimulation and adherence to international standards.