Regulatory Alerts2023-04-03
Regulation on Transactions with Virtual Assets in the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan issued this regulation to establish comprehensive operational and compliance requirements for virtual asset service providers conducting digital asset transactions. It mandates standardized customer due diligence, precise data transmission between issuer and beneficiary providers, and risk-based monitoring of unhosted wallets to align virtual asset activities with national anti-money laundering and counter-terrorist financing laws. The framework further dictates secure information transmission technologies, cross-border business relation assessments, and internal control mechanisms to mitigate financial sanctions risks.
Share