Azerbaijan is set to pass a new virtual asset regulation law by the end of the year, according to Fidan Tofidi, Director of the Financial Technology and Innovation Department at the Central Bank of Azerbaijan. The draft law, which has been submitted for review, mandates that all cryptocurrency-related businesses obtain a license from the central bank to operate. Licensed entities will be subject to ongoing regulation and must comply with anti-money laundering and customer identification requirements. This legislation is part of Azerbaijan's financial market regulation strategy for 2027 to 2030. In 2024, the Central Bank of Azerbaijan stated it would not issue a central bank digital currency due to a lack of successful examples from other countries. Binance's Director of Government Relations for CIS countries, Olga Goncharova, previously mentioned that Binance is in discussions with the Azerbaijani central bank about potentially participating in the development of the country's cryptocurrency market regulation framework.