More details disclosed on Azerbaijan's first crypto-currency broker company
A representative office of Buroka Technologies company will launch its activity in Azerbaijan till the end of January, Sabina Mammadli, head of the company's representative office in Azerbaijan, told Trend Jan. 15.
Buroka Technologies will mainly trade five crypto-currencies in Azerbaijan - Bitcoin, Ethereum, Ripple, Dash and Litecoin.
Mammadli added that documents for the company's registration in the country have already been submitted and regulatory issues need to be settled for further activity in the country.
"BITFORT company assists us in this issue," she said. "If there are no problems, we intend to launch our activity in the country by the end of this month. We intend to organize an international conference in Baku in March, where the speakers will touch upon the issues related to the blockchain, crypto-currency and etc."
Buroka Technologies has contracts with London's crypto-currency exchanges like Kraken and Bitstamp.
Earlier, Mammadli said that the company's goal is to develop crypto-brokering in Azerbaijan so that it would be easier for people to buy crypto-currency in the country, rather than outside the country. Until the end of this week, the company's website www.buroka.az will be launched.
ADB may assist Azerbaijan with strategic road maps
The Asian Development Bank (ADB) will study the possibility of rendering technical assistance to Azerbaijan within implementation of strategic road maps, the Ministry of Economy said Jan. 15.
This issue was discussed Jan. 15 at a meeting of representatives of the ministry with the leadership of the bank's Baku office.
Representatives of ADB were given information on the events envisaged in the road maps. At the meeting, it was decided that the bank will conduct repeated studies on selected areas for rendering technical assistance, and then will inform the Ministry of Economy.
Strategic road maps, which cover 11 main directions, were approved in December 2016. These documents are considered a new strategy of Azerbaijan's economic development until 2025 and in the subsequent period. They are designed to ensure competitiveness of the economy and increase of social welfare based on sustainable economic development in Azerbaijan.
ADB was founded in 1966 and 67 states are its members. The bank's headquarters is located in Manila, Philippines. Azerbaijan became an ADB member in 1999.
Baku Stock Exchange intends to expand derivatives market
The Baku Stock Exchange (BSE) intends to expand the derivatives market in 2018, BSE chairman Vugar Namazov said in an interview with Trend.
"The availability of derivatives is one of the factors attracting foreign investors," he said. "They need derivatives to insure against risks. We have the necessary technical base to intensify the derivatives market, but we need to improve it."
"We have already started to cooperate with our colleagues from the Istanbul Stock Exchange and Korea Stock Exchange to review their concepts of the derivatives market," he said. "A post trading system should be created for derivatives, as well as the market itself should be developed."
Namazov said that one must not forget about the development and expansion of other markets.
"Stocks and bonds are classic tools of the market," he said. "We should admit that we have not fully developed this segment of the market. To create the derivatives market, we must first create a base on which the derivative itself will be formed."
Namazov said that as for new tools, there is an interest in creating currency pairs with the Azerbaijani manat in the market.
"It would be very interesting for foreign investors," he said. "Currency pairs with manat could be very popular."