BAKU, Azerbaijan, April 30. The Central Bank of Azerbaijan (CBA) has disclosed the objectives of a special regulatory regime, the Head of the CBA Department of Financial Technologies and Innovations Sahib Hasanov said at the presentation of the bank's "Special Regulatory Regime", Trend reports.
According to him, many countries have a special regulatory regime in place.
"The special regulatory regime consists of a set of rules governing the testing of innovative services and products by legal entities in financial markets within limited frameworks and under the supervision of the CBA," Hasanov explained.
He emphasized that the main goal is to create a platform to enhance financial inclusivity through the implementation of innovative products, testing of innovative products in the financial sector, risk control associated with the implementation of innovative products, and the joint formulation of regulatory frameworks with market participants.
"The special regulatory regime also offers new opportunities. These opportunities include reducing the time to market for innovative products, creating opportunities for investment attraction, eliminating regulatory barriers for innovative products, reducing compliance costs, identifying changes to be made to regulatory acts as a result of testing, and minimizing the impact on consumers from failed projects," he added.
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