This was stated by Fidan Tofidi, Director of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan, at the event "Digital Financial Agenda of Azerbaijan."
According to her, the CBA has completed the preparation of the latest version of the draft law on regulating the crypto asset market and sent the document to state bodies.
The document on regulating the virtual assets market is one of the important results of the Central Bank's work, as this area was previously unregulated in the country.
"The latest version of the law on virtual assets, the law on the crypto market, has already been prepared by us and sent to state bodies. If everything goes successfully, we expect that the law on cryptocurrencies will be adopted by the end of the year," she said.
Fidan Tofidi also reported that the CBA continues to implement the Open Banking project.
According to her, the system will allow users to manage all their bank accounts through a single application instead of using separate mobile apps from different banks.
"All banks have already been integrated into the platform, and the number of fintech companies joining the ecosystem continues to grow. This also fosters a healthy competitive environment. Fintech companies get the opportunity to create new products and services using the capabilities of the open ecosystem."
The Central Bank is already preparing for a new strategic period, in which one of the key areas will be the digitalization of the financial sector and the introduction of artificial intelligence technologies.
The regulator intends to continue implementing current projects, expand their coverage, and develop digital maturity indices for the financial sector. The Central Bank has already assessed the level of digital maturity of the banking, payment, fintech, insurance, and capital market sectors.
"We have obtained very interesting indicators and data. The next strategy will be based on real data and the results of the assessment conducted," she emphasized.