CBA creates new regime for regulating startups

30.09.2022,16:41


September 30, Fineko/abc.az. The Central Bank of Azerbaijan is creating special regime to regulate activities of startups and will monitor activities of these enterprises for one year, ABC.AZ reports, citing Central Bank’s general director Farid Osmanov.

"These are the legal foundations and organizational documents on electronic money and payment organizations, special regulatory regime (sandbox), enhanced authentication tools that we are working on, and what we are discussing with market participants, public associations and international organizations," he emphasized.

He added that the CBA will support startups for 12 months: "These startups will show their activities for 1 year within the relevant legislation, within any restrictions, the number of users, the number of transactions, etc. During this time, certain tests will be conducted. The regulator will also review this process and make certain adjustments. And after that, if it successfully passes the testing stages, it will already be able to enter the financial markets."