Baku, Azerbaijan, Sept. 24
By Anvar Mammadov - Trend:
A special area similar to the free economic zone can be created for development of market of cryptocurrencies and blockchain technology in Azerbaijan, Marketing Director of Keepface Emin Veli believes.
He noted that such a special area would allow develop these technologies in the country, simultaneously controlling them and preventing various offenses.
"Today, it is necessary to support the development of the crypto market in Azerbaijan. This means that the market needs more favorable conditions. This can be achieved by creating a special zone, in compliance with international law, where all operations would be implemented using cryptocurrencies. In this zone, entrepreneurs and investors could be provided with certain benefits. This would attract different investors to us," Veli told Trend Sept. 24.
He noted that the reason for a conservative approach of the state to the cryptocurrencies is more related to security issues.
"Many people think the state wants to get some financial benefits, but it is not. I believe security is a matter of paramount importance to the state. No one wants cryptocurrencies to be used to finance illegal activities. This is a serious issue and it concerns everyone everywhere. Creating a zone will help control these issues," Veli said.
In general, he said, there are good prospects for development of the crypto market in Azerbaijan and this should be benefited from.
"If we are not late with making the decision, the country will be able to become a leader in the region. This will attract large investment into the country and make it attractive for entrepreneurs and investors from different countries," Veli said.
The Center for Study and Development of the Cryptocurrency Market and Blockchain Technology was established in Azerbaijan in early April 2018. The Center focuses on awareness-raising, preparation of proposals on regulating the market of cryptocurrencies and blockchain technology, as well as provision of consulting services in this area.