Binance Will Advise Azerbaijan With Cryptocurrency Regulations

Binance, a cryptocurrency exchange, has offered to assist Azerbaijan in its efforts to implement legislation for digital assets.

This year, the major cryptocurrency trading platform has been active in the region, attempting to develop market presence and cooperation with authorities.

Binance, the world’s largest cryptocurrency asset exchange, is ready to assist the Central Bank of Azerbaijan (CBA) in developing mechanisms for crypto regulation, according to the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS), Olga Goncharova.

The Binance spokesperson noted that regulatory issues were discussed during a recent meeting with CBA officials and that in practice, both globally and in a number of CIS countries, central banks prefer to regulate cryptocurrencies rather than ban it.

“Introducing legislation will boost industrial confidence as well as foreign direct investment in the country,” Goncharova said. The executive stressed that Binance believes the crypto business has significant potential in the future, saying that traders in CIS nations are interested in its products.

“Even though crypto assets decreased this year for numerous reasons, we believe that the technology itself has held up and interest in it will only grow. “This technology tackles the problems that citizens face, such as banking services, at a low cost and even faster,” Goncharova explained.

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