...

Azerbaijan can learn Malta's experience in creation of cryptocurrency legislation

Business Materials 24 September 2018 20:58
Azerbaijan can learn Malta’s experience in creation of legal base for operations with cryptocurrencies and wide application of the blockchain technology.

Baku, Azerbaijan, Sept. 24

By Anvar Mammadov – Trend:

Azerbaijan can learn Malta’s experience in creation of legal base for operations with cryptocurrencies and wide application of the blockchain technology, Marketing Director of Keepface Emin Veli told Trend Sept. 24.

He noted that presently there are no lawyers who understand the issues of regulation of the crypto market not only in Azerbaijan, but also in the whole region.

"Therefore, it is not so easy to develop legislation. It will be much more effective to use the existing legislative model of any country with its subsequent implementation in the realities of Azerbaijan. The most advanced country in this regard is Malta, whose legislation is the most developed. The country is constantly modernizing it, focusing on trends. We have heard that work on formation of legislation is being carried out in Azerbaijan, and we look forward to results, because today the leading entrepreneurs are forced to engage in cryptocurrency transactions in Dubai, Delaware, Singapore and other cities. This may lead to outflow of capital from the country in a few years," Veli said.

He noted that the adoption of legislation will allow Azerbaijan to become a leader of the region in the field of cryptocurrencies.

Tags:
Latest

Latest