By  Trend

It is necessary to create law-regulating operations with cryptocurrencies in Azerbaijan, Ibrahim Alishov, chief executive director of Azerbaijan’s Financial Market Supervisory Authority (FIMSA), said May 17 in Baku at a conference titled “New Trends in Financial Technologies: Blockchain, Cryptocurrencies and Security.”

He noted that the use of cryptocurrencies creates certain risks to Azerbaijan’s security, and the formation of the law on cryptocurrencies will make it possible to avoid these risks.

“Formation of legal framework for operations with cryptocurrencies is a necessary step,” he added. “The FIMSA and other relevant structures have already started work in this direction. This step will allow us to avoid risks in operations with cryptocurrencies, both among individuals and in the public-private partnership sphere.”