Restrictions may apply to virtual asset service providers

12:50 - 28.02.2024

February 28, Fineko/ Azerbaijan may impose restrictions on activity of virtual asset service providers (cryptocurrency exchanges, cryptocurrency wallets, etc.) that do not comply with or evade the requirements of the law.

ABC.AZ reports that this is stated in the response of the Financial Monitoring Service to a request to block access to OKX and ByBit crypto exchanges.

"Virtual asset service providers, being a financial institution, have the status of a person with obligations. Persons bearing obligations must apply measures to comply with customer requirements (identification of customers and their beneficial owners and verification based on documents) in relation to their clients with whom they establish business relations, have an internal control program to effectively combat the legalization of criminally acquired property and the financing of terrorism," Service says in the statement.

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